All Forum Posts by: Joe Butcher

Good...that works out better for me!

Is this still on for tonight? I have some concerns about the weather.

There are several discussions about this already...just do a search.

It is tempting sometimes to want to join some program under the assumption that it's going to make everything easy, or someone is going to provide you with some sort of guidance.

But always keep this in mind: All the information about REI that you could EVER want is FREE....and it's right here on BP or at any of the local REI clubs, of which there are a ton in DFW.

@Will Barnard Not a problem. I know this thread has taken some wild turns but it's full of good information. I was happy to see some of the BP rockstars and heavy hitters join in.

I pretty much look past anything that isn't directly RE related. People get very passionate when they have strong opinions, and I think REI attracts some real strong characters, so it's par for the course.

By the way, if anyone is interested the seller wants time to think about my offer and wants to look at other offers as well. I will say I felt very confident when I was talking to him, and I am feeling more informed than ever. Even if the deal doesn't happen, much was learned.

Every call I take, every offer I make, every seller I go visit is a step forward.

Im not claiming to have it all figured out by any means, but I really feel like I am advancing.

As far as the original topic of motivation.....I think I will know it when I see it.

Thanks again to EVERYONE who joined in here.

This website has TONS of info on just about any RE legalities in the state of TX.

Just look at the menu on the left hand side.

http://www.lonestarlandlaw.com

Excellent reply, @Bill Gulley

Agreed about the offering 30 year financing to a 65 year old. I tried that on another potential seller, and yes he laughed. Now that I am getting a little more perspective on negotiating terms, I think I may call him back with a more appealing offer.

As for this deal, this gentleman is about late 40's. I think I may be able to appeal to him with a shorter term and a lower interest rate, or a lower price and slightly higher interest. I am going to write out these scenarios so I can see the details a little better....I like how you referred to this as a planning game, rather than a numbers game....I will take that into account.

I also did mention to him the deferring of gains....his eyes kind of lit up when I said it, as if he hadn't really thought about it before.

Thank you so much for all that information!

Hey Christopher, welcome to BP. Please consider attending the BP meet up Thursday December 5th @ Champs in Las Colinas.

Best REI group in town with zero sales pitch.

Send a colleague request to @Kathy Armstrong to keep up to date.

@Shaun Reilly I followed @Will Barnard 's advice to "make the SF the good guy."

I offered 30K cash.

I hope this works out!

Even if it doesn't it was a really good practice run.

I was wondering if just using an online amortization calender was ok?

I was using this one: http://www.amortization-calc.com

Thanks @Will Barnard @Bill Ham @Shaun Reilly

Well I went and spoke with the seller. He declined the cash offer.

But he is willing to do a seller finance. He and his brother own the property together, so his brother has not approved it. Here are the numbers and I hope I explain this right.

The house is worth about 65K according to comps. It has a long term tenant in it who pays $750. It is section 8 by the way.

He would SF it to me for 45K, with 5K down, 30 years at 4.5% interest.

I would actually keep the property as a buy and hold.

Of course we didn't sign anything and I told him that if he wanted to change any of the terms that it would affect the price, the DP or the interest.

Anyone want to chime in here?

Great replies, everyone. I like @Jerome Harrod II 's idea about thinking from the seller perspective of "whats in it for me?"

@Matt Devincenzo thanks for the reply. I was also thinking that an attorney would be the first one to contact and can tell me if an RMLO is necessary or not.