All Forum Posts by: Todd J Killian

Steve, right! I said I have it under contract and am looking for a buyer.  It would be great if you added some assistance instead of being critical.  I am asking for help here!  

I have a multi unit in Columbus, Ohio under contract but I have not gotten much traction on buyers and feel I am missing something.  We are looking $385k purchase price and with monthly rents at $4375 when all units are rented. The rent is below market, so it could be raised.   What is a buyer looking for on something like this?  What is considered a good deal?

@Remington Lyman wouldn't I have to buy the house before listing it on the MLS?

Usually need cosmetic fixes, $1-3000 in work.  I recently had one where it was carpet and paint.   For 20K under market value I would think that is a good trade off.  

As I am marketing for sellers, sometimes I find sellers that are willing to sell at a discount.   The discount is not a wholesale type of discount. The sellers are willing to sell 15-20% off of market value.  I can find no other use for these other than someone who wants to buy and hold the property...as-is.   I think I could do a wholesale type deal where I get a finders fee but I am not sure if that is good enough for a buy and hold investor.  Does anyone have insight on if I can market these deals on an assignment?   

I have done subject to with slimmer margins than this.  I would pull the trigger in this deal in a second.  You don’t sell it on an option at market price, you increase the price, maybe $239k. Figure out what the rent is in the area.  You get a monthly spread on the rent too.  Get $15k or more from the tenant buyer upfront, monthly spread and another 15-30k on the back end. 

First off, the bank doesn't really care about who is listed as long as they are the primary listed on the insurance.  These large banks have thousands of individuals working in cubicles, just hoping to get to the next smoke break or to then end of day.  They are not there looking for notes they can invoke a due on sale upon.   The bank has the money out making money, they want that note paid, not a note stopped for a "due on sale" clause. 

You can even go as far as tell them, if I don't pay this, you are going to end up with a foreclosed house.  "I will be working with you, please send all correspondence to me."     And this goes for the 'due on sale' too, if someone tells you they are going to enforce that, tell them you will stop paying the mortgage and they can foreclose.  In many states that takes a very long time.  They will be receiving nothing during that whole foreclosure process.  At that point, they will most likely say "Todd, please keep paying the bill."   

You will want to get the insurance changed to your coverage and have the old insurance cancelled.  The mortgage servicer can still pay your bill from that escrow account.  Also, look into having the seller sign that any balance in the escrow account at account close/payoff.  You can send that to them, but you may have to call them to get it actually issued to you.  

Julian Mcclurkin what ever marketing you doing to find deals, keep it up. Also, tell people (outside of bigger pockets) what you are doing too. They will tell you when they are selling or they know someone who is, before it hits the market.

Eco, Just joined in November, no deals yet but I am in the Columbus market too. Seems to be a no meet ups for bigger pockets members in Columbus. Something I hope to get going this year. Todd