All Forum Posts by: Vonetta Booker

I can never unsee that. Ever.  Thanks.

@Gagan Johal, I wound up listing it with the agent on my property  management team, since I work full time & don't have the time to do the listing myself. It's been on the market for about 2 weeks & although the tenants couldn't afford it at this time, it's now under contract with another buyer. ☺

Thanks, @Account Closed! :-)

Greg S., I'd see it as a win because if they were interested, had proof of funds, etc & were in a position to buy it then it could be done quickly, no turnover, no one has to move, etc. Mind you, the offer would be at market rate anyway, for them as well. If they weren't interested, then it would simply be listed.

Thanks, Robert.  To my knowledge, there isn't a local equivalent to TOPA--I just wanted to give them first dibs in general since they like the house, have been good, on-time-paying tenants & it would be a win-win for everyone. 

I own a SFR that I'd like to sell shortly, as most of my capital is tied up in it. It's currently being rented by good tenants--I'd like to see if they'd like to buy the property first before putting it on the market. My property management company has taken care of everything from screening to now, rent collection, repairs, etc.--so they've never even met or talked to me.

Should I approach them/introduce myself when I ask if they want to buy, or like everything else up to this point, should I communicate through my PM? (I'm thinking the latter wouldn't be in their best interest if there's the possibility of losing a property, though).

Thoughts?

Hey, BP--here's my dilemma:

I'd love to continue investing in buy & holds, but most of my money is tied up in a flip last year that didn't sell in time, so I wound up renting it out and doing a refi to pay off my HML. It has a decent cash flow & good tenants, but after carrying costs & other expenses, I don't really have any extra money of my own right now for both a down payment on the next investment property and keeping my own reserves intact. (The plan was to use a HML, requiring 20% of the purchase/rehab costs, for the BRRR method.)

So, I figured I’d bounce some ideas off my fellow BP-ers to make sure I’m not either missing a solution--or about to jump in over my head with anything.

I've already refi'ed my investment property at 75% LTV, so I figured a HELOC for an additional, smaller amount (enough to help w/ a down payment) would be out of the question...correct, or no?

I thought about using a Lending Club, Uplift or friend/family loan for the 20% down payment--but I'm afraid of overleveraging myself with paying monthly interest rates on 100% financing (of course, the goal would be to quickly flip or refi the property ASAP). But is it even possible to have those loan types in 2nd lien position (after the HML's 80%) anyway?

OR, should I just wait until my tenants’ lease is almost up (late summer/early fall) and approach them about possibly buying the house (or I put it back on the market), and use that capital to start over with future buy & holds?

My head's kinda spinning right now in terms of what to do...it's a little frustrating because after hearing all these "50 doors in 5 years!" examples, I feel like I'm at a standstill, that things are taking longer with this REI thing than they should. But I'm also trying to be as realistic & smart about things as possible.

Thoughts & feedback as always are welcome!

I forgot to mention that one thing I am doing is focusing more on direct marketing for potential deals where the owner might be interested in owner financing...so, there's that as well. :-)

Hey, BP--here's my dilemma:

I'd love to continue investing in buy & holds, but most of my money is tied up in a flip last year that didn't sell in time, so I wound up renting it out and doing a refi to pay off my HML. It has a decent cash flow & good tenants, but after carrying costs & other expenses, I don't really have any extra money of my own right now for both a down payment on the next investment property and keeping my own reserves intact. (The plan was to use a HML, requiring 20% of the purchase/rehab costs, for the BRRR method.)

So, I figured I’d bounce some ideas off my fellow BP-ers to make sure I’m not either missing a solution--or about to jump in over my head with anything.

• I've already refi'ed my investment property at 75% LTV, so I figured a HELOC for an additional, smaller amount (enough to help w/ a down payment) would be out of the question...correct, or no?

• I thought about using a Lending Club, Uplift or friend/family loan for the 20% down payment--but I'm afraid of overleveraging myself with paying monthly interest rates on 100% financing (of course, the goal would be to quickly flip or refi the property ASAP). But is it even possible to have those loan types in 2nd lien position (after the HML's 80%) anyway?

• OR, should I just wait until my tenants’ lease is almost up (late summer/early fall) and approach them about possibly buying the house (or I put it back on the market), and use that capital to start over with future buy & holds?

My head's kinda spinning right now in terms of what to do...it's a little frustrating because after hearing all these "50 doors in 5 years!" examples, I feel like I'm at a standstill, that things are taking longer with this REI thing than they should. But I'm also trying to be as realistic & smart about things as possible.

Thoughts & feedback as always are welcome!

That's the thing, though--you're not forced to offer anything.  If you've done your numbers and they allow for x amount, then that's your offer, period. Better to stay within the numbers that make sense rather than get emotional & buy way too high just because you wanted to win, lol. Because that's when you lose! 

I think "highest/best" is often a bunch of crap to hype buyers up into a bidding war--I say, let the others overpay.