All Forum Posts by: Wendell De Guzman

Derek, your number is correct.

NOI does not factor in debt service. Cashflow does.

Your biggest unknown in this deal is the WATER ISSUE in the BASEMENT. What is causing that issue? If it has been recurring for the past 20 years, could it be structural in nature? If it is, you're looking at a $20,000 fix.

Here's what I would do if I were in your situation:

1. Offer $80K subject to 2 contingencies:

  a) Financing
  b) Inspection

2. Get a professional property inspector

3. Figure out with the property inspector what could be causing the water leak. Then, get quotes from GCs or basement experts on how much will it be to repair the water leak?

4. Based on #3, you can RENEGOTIATE the deal.

Example: Let's say, the basement fix will be $10,000. Then ask for a $10,000 price reduction.

Makes sense?

I was able to buy my $6M (100+ unit) apartment complex with only $5,000 of my own cash. Good thing I didn't wait until I have $100,000. You can listen to how I did it in my podcast - http://Biggerpockets.com/show65

That advice (to save $100K before starting to invest) is like what biologists say about bumblebees. "They are not aerodynamic and not supposed to fly." Good thing bumblebees didn't listen to those biologists.

So - NO: you don't have to have $100,000 to start investing. You can start investing right now where you are. Work in finding a good deal and the money will follow.

Thanks for the mention @Leo B.

@Darius Smith, were you able to get funding for your first fix n flip?

Let me know if you still need help.

If you can have lunch with an experienced real estate investor (bought 169 apartment units, have done over $20M worth of transactions), what are the questions you will ask him?

What if you can present a deal to him and ask him if the deal makes sense or not?

What if your deal makes sense and he can even help you FUND the deal?

What is the price you're going to pay to have lunch with such an experienced real estate investor?

How about FREE?!

Tomorrow (Jan. 11) - Wednesday at 12 NN CST, I am giving my first VIRTUAL Lunch (and you don't even need to pay for my lunch). Why am I doing this? I see so many BP members have the same questions over and over and I want to help answer them via this virtual lunch. Newbie investors also struggle with analyzing deals. I can help with that too.

I can have lunch one on one with anyone interested but I charge $250 for my time (1 hour) and you pay for my meal. However, I don't have time to do that...even if you pay me.

So let's have LUNCH - virtually. And it's FREE!

During this virtual lunch, you can introduce yourself, ask me questions, even present deals to me..all while you're having lunch, even if you're thousands of miles away from me. This first ever Virtual Lunch will also be simulcast through FACEBOOK.

Here's the LINK to register:

https://app.webinarjam.net/register/34665/b751920c...

See you tomorrow at NOON.

P.S. If you want to join through Facebook, "LIKE" our page - http://Facebook.com/TheDiligentWholesaler and log in at 12 NN tomorrow.

Yinan,

One option is do a JOINT VENTURE with the seller. You put up the cash to FIX the property. The owner just wait until you're done with the rehab but agrees to deed the property to a land trust. (once the property is sold, you pay off his mortgage)

A mortgage lender can't call the loan due if the property is transferred to a trust (usually). Now, as most people said - as long as your title search is clear, then title insurance is not needed. Keep in mind, the seller, is still an owner of record (more precisely, the land trust where the owner is a beneficiary - is the owner of record).

I am not an attorney and the above is just my personal opinion and obviously is not legal advice. The way land trust and JV agreements are handled in your state could be different from where I am.

If you want more details, send me a private message.

Generate $1M CASH

Do you want to invest in TURNKEY RENTAL properties do NOT have the 20% downpayment required by the banks?

or Do you want to invest but your credit score is stopping you from qualifying for a conventional mortgage loan?

We have 10 TURNKEY houses in good neighborhoods in Chicagoland (southwest suburbs) that we're selling with OWNER FINANCING in place. And there's even an option for investors who don't have perfect credit!

Here's the typical scenario with these turnkey houses:

3 bed/2 ba/ 1200 sqft
Rented section 8 for $1500/month
Market value if you can buy CASH or qualify for conventional mortgage: $130,000
Your PURCHASE PRICE (with Owner Financing): $140,000
Repairs: $0
Appreciation rate: 3-5%/yr

Here are the terms of our OWNER FINANCING:

5.5% interest
INTEREST ONLY payment
Downpayment Options:

1. If your credit score is 680 or better, your downpayment: 10% of purchase price (ONLY $14,000)

2. If your credit score is below 680: 20% downpayment (only $28,000)

Balloon payment due in 4 years (Jan. 2021) - that should be plenty of time for you to either SELL the property or get your credit improved and get the property value up so you can REFINANCE out of the owner financing.

If you're interested in FINALLY BUYING A TURNKEY property in 2017 to start earning PASSIVE INCOME, email me your PROOF OF FUNDS (e.g., bank statement showing you have at least $14,000) at [email protected].

Once I receive your proof of funds, I will email you the details (numbers, addresses, pictures) and a Purchase Contract that your attorney can review that stipulates the details of our OWNER FINANCING.

Thanks and may the year 2017 be your best year in real estate yet!

Do you want to invest in TURNKEY RENTAL properties but your credit score is stopping you from qualifying for a conventional mortgage loan?

or Do you want to invest but do NOT have the 20% downpayment required by the banks?

We have 10 TURNKEY houses in good neighborhoods in Chicagoland (southwest suburbs) that we're selling with OWNER FINANCING in place. And there's even an option for investors who don't have perfect credit!

Here's the typical scenario with these turnkey houses:

3 bed/2 ba/ 1200 sqft
Rented section 8 for $1500/month
Market value if you can buy CASH or qualify for conventional mortgage: $130,000
Your PURCHASE PRICE (with Owner Financing): $140,000
Repairs: $0
Appreciation rate: 3-5%/yr

Here are the terms of our OWNER FINANCING:

5.5% interest
INTEREST ONLY payment
Downpayment Options:

1. If your credit score is 680 or better, your downpayment: 10% of purchase price (ONLY $14,000)

2. If your credit score is below 680: 20% downpayment (only $28,000)

Balloon payment due in 4 years (Jan. 2021) - that should be plenty of time for you to either SELL the property or get your credit improved and get the property value up so you can REFINANCE out of the owner financing.

If you're interested in FINALLY BUYING A TURNKEY property in 2017 to start earning PASSIVE INCOME, email me your PROOF OF FUNDS (e.g., bank statement showing you have at least $14,000) at [email protected].

Once I receive your proof of funds, I will email you the details (numbers, addresses, pictures) and a Purchase Contract that your attorney can review that stipulates the details of our OWNER FINANCING.

Thanks and may the year 2017 be your best year in real estate yet!

We are about to start this webinar in about 20 minutes.

See you guys there.

https://app.webinarjam.net/register/34665/fd33700398

How would you like to buy just 4 houses in 2017 ALL with NO CASH COMING OUT OF YOUR POCKET?

In my upcoming webinar this THURSDAY, (DEC 22) at 12 NN CST, I will discuss 3 ways to raise the cash to buy at least 4 houses in 2017. These 3 ways are:

1. You can BORROW the money - yes, even the downpayment (I will show you how to do that)

2. You can EARN the money through wholesaling and a "twist" to wholesaling that makes it faster and with no risk which I call "wholesale facilitation"

and

3. You can use CREATIVE FINANCING techniques like buying houses "subject to", or with seller financing or with lease options

I will cover 1 and 2 during the webinar tomorrow and if you listen in, I will give you links to a series of videos so you can learn #3 as well.

Here's the LINK to sign up for the webinar tomorrow:

https://app.webinarjam.net/register/34665/fd337003...

This webinar is FREE. If you can't attend the 12 NN webinar, I will also have another webinar at 8 PM also on Thursday, Dec. 22.

See you there!