All Forum Posts by: Tyson Hosey

@Tom S. I agree. It seems like the seller is pretty motivated to get out of the property, not sure why. Everything seems ok from what I can tell. I might look into the tax lien side of things to make sure that isn't an issue. 

Should I look at putting in a clause that allows me to pay off the loan early without penalty?

Also, my property manager would handle the transaction as they are a real estate company by trade (Property Management is a division of their company), would that be the same as if I were to purchase it through the traditional market (this is an off market deal)

I've been following the thread, and I read the "Processes" for Missouri tax lien sales. I'm a little confused, are you really only using this to find free-and-clear properties? Seems a bit of a headache if you get one that has a mortgage owed on it. Do you just assume the mortgage at that point, along with the tax lien?

Suzanne Griffiths I'm working through my property manager that manages both a property that I own, and the potential property. I asked him to look around for any properties that were in my price range. So my PM would be the agent, and I haven't had any contact with the seller other than through him. As far as I can tell my PM has been pretty up-front with information, so I'll present him with the offer and see what he can do with it.

Suzanne Griffiths that's a fair point.... so propose the deal and see if it sticks?

Suzanne Griffiths lease expires July of 2017 with a renewal option, taxes and insurance would be under $100 each, so I would estimate adding $100 to my expenses for TI, management would be 10%, maintenance, repairs and vacancy would be 40%. Essentially would be cash flowing around $300. However, I'm really wanting to make sure that this is an attractive deal for the seller. The numbers look ok for my side of it, but I want to make sure that it works out well for them too.

Thanks @Tom S.

The house is currently rented by a tenant, placed by my property manager who just did rehab on the property, so no rehab is imminent. It's estimated value (for that market, actual appraisal will be requested) is close to $69,000. Currently has a 1 year lease in place for $815 monthly.

Hello @Patrick Hamm I just moved to ABQ recently and am in the same spot as you are: Own one rental property looking for ways to acquire more. I'd love to chat with you and see what experiences we could toss back and forth! Feel free to send me a colleague request and we can introduce ourselves.

Hello BP friends! I'm trying to secure a property from a fellow investor who is looking to offload a property in a market that I'm very familiar with. My Property Manager brought me the potential deal, but I'm struggling to find financing for it, so this is what I've come up with. Please let me know if this is a solid deal.

Seller (if willing) would carry note for the balance:

38,000 purchase price

10% down

5 year balloon at 5%

$190 monthly payments

Balance due on payment 60

Any and all input is welcomed and appreciated!

Thank You!

John Wanberg I'm looking to hold it long term. I've asked in passing about the seller financing piece but never put together a proposed offer. That is another avenue that I could pursue.

@John Wanberg I would pay that to an HML. However, the property already has a tenant in place with recent renovations. The seller is looking to unload for that price, which is actually a good deal for the location. The problem is capitol for the buyer (me) and at this point I'm trying to get creative, since the banks won't fund the purchase (but will fund the refinance), HML's wont do it because it isn't a flip, and PML's won't do it because it's too low of a dollar amount and too quick of a turn-around.

I'm probably pitching this incorrectly to HML's. They might do it if they understood the full transaction, but they just hear "buy and hold" and they immediately say "we don't do buy and hold transactions"