All Forum Posts by: Collin Corrington

Use the calculators in the Tools section.  It'll help jog your memory on what all needs to be added in. 

I've got an old neighbor that does Foundation.  He's not always the cheapest but he is very trustworthy on what exactly needs to be done.  Message me for contact info

I agree with the buy out.  I'd find some local apartment complex that has a great $99 move in special.  Tell them you'll pay the  $99 and another $500 for a moving truck if they're out by ________ date.  I bet they can get a month or two free if you find the right deal.  That way you're only out $1,800 and they feel like they won too. 

I'm in SA and know a good apartment locator if you don't want to do the leg work.  

FHA is going to want to know where you got the money. They're nosey like that. Plus, with no income you're probably not going to get any Government backed loan. Or really any loan for that matter. I'm afraid you're going to have to wait.

As for investing in a pandemic, I say do it.  However, you might want to make some real estate investor buddies and do some bird dogging or wholesaling to raise some capital while you guys work on getting steady income.  

Hope that helps. 

A house that big you should be able to house hack.  Get some roommates and share the cost. 

I think you did the main part by hiring an attorney to draw up the paperwork.  Each state is a little different so that was smart. 

Head down and go!  I have a feeling there are going to be a lot of absentee owners that will get tired of their rental property with all this.  Not investors per se, but more of the people that have rental properties more by accident than design. That's my focus. 

Sure!  Whole, meaning I get all my original investment back out. And then some, meaning some jingle on top of that back in my pocket. 

I think that everyone thinks that creative finance means coming up with different ways to purchase a house.  And yes, that is part of it.  However, if you get the house and can't get your money back out you aren't able to reuse that money for your next deal.  An example would be to buy a rent-ready house and put $20,000 down.  You may be cash flowing $300/a month but that $20,000 is tied up for 5.5 years until you break even. Yes, there is some market appreciation that may happen but if that's your only $20,000 then you're stuck onwing only one house

Sometimes you have to get creative to get your money out. I think in podcast 360 or 361 a mobile home investor said he likes to have all his money out in 10-12 months at most. That may even be long by some people's standards. That's where the BRRRR strategy and flipping come into play. I do some owner finance deals and I have to leverage that note with a bank to get my cash out (a creative way).

Once you get your money back out the investment technically has an infinite return if you continue to control the property. That's what makes the BRRRR strategy so powerful.

O.k.  That's two.  I'm going to start looking for more that I can offer owner finance too.  

Was the MLS listing stating that they were open to owner financing or did you propose it?

Love it!  Smart deal.  Negotiating the interest rate down to 4% is brilliant.