All Forum Posts by: Stephanie Sellers

Hi Will! I'm still learning myself but I think one of the bigger benefits for the seller to do seller financing is that they do not have to pay huge capital gains tax as if they sold the property straight out. However this is only a benefit if the owner actually had large appreciation on the property or they bought it low and rehabbed it which would also cause large gains. So maybe next time you approach another seller you can mention this and it might help. Good luck!

Welcome Matt! This is definitely the place to be to learn. I'm new also but just in a few weeks I've learned so much and I'm really thankful I found BP!

Have you considered looking for deals that are seller-financed? You'll have some kind of down payment (or whatever you negotiate) but it doesn't tap your credit at all. I'm new here also and I think these deals are harder to find but with the right marketing tools and research I do believe they are out there. Listening to the podcasts has helped me a lot so maybe start there until you find the right niche for you to move forward (closing on my 1st deal this month after spending time just listening and learning) Best of luck from central mass :)

You make money when you buy, I wouldn't buy or commit to buying at retail price if you are trying to be an investor. I would only do this deal for around $150K or less based on the current rent.

Sorry just realized you are planning to flip! But for your future buyer you might want to keep the rent numbers in mind or it might be hard to sell unless it's owner occupied.

Hi Omar, What do you think the rents could be? I'm new here but when I've been looking at deals I've been trying to use the general 2% rule. So if you offered $550K (what it sold for last June) then do you think you could get monthly rents around $5,500 each side? The 2% rule is pretty generic but it seems to cover the idea that you'll have other expenses like insurance, taxes, a property manager, repairs etc. I would say if you can't get it to cash flow at all with those extra expenses then it would be kind of risky unless you are planning on making it your primary residence, but still, you might be able to find better deals out there. Good luck :)

Welcome Matt from Central Mass! I'm just 2 weeks new to bigger pockets but I already have my first accepted deal, so honestly I'm amazed at how helpful all the material has been and also the people! I would like to get my real estate license as well but currently I'm a property manager for a contractor and also his office manager. I've learned a lot on that side of things and hoping with my first deal closing this month that I can actually get started. I originally read Rich dad Poor dad in 2001 so this has been a long time coming :)

What online program are you doing your classes through? I haven't been able to do any local classes in my area (Worcester) because of my work schedule so online would be helpful.

Thanks! And specifically I'm looking at a deal for a 3/1 SFH in Fitchburg which is a C area for $55K but needs $10-15 in work. So I don't think it would rent for $1400 but maybe around $1200 could be possible after the updates.

Hi, I'm a newbie from central Massachusetts hoping to have my first deal to fix up this winter. I've been practicing at analyzing deals and I'm wondering if the 2% rule (where the possible rent should equal about 2% of the purchase price), should be the actual purchase price of the deal or the purchase price plus the immediate repairs you will have to make in order to make it rentable?