All Forum Posts by: Account Closed

@Denyse Dar that’s facinating. I haven’t gotten to the point where I’m searching out of state, primarily because I’ve been targeting rehab. I actually just signed a contract on a house in North Phoenix to do the corporate rental thing on a new build. Love that model!!

For our of state I’d love to target the model lease backs of the developer/builder. Does your company do that? I know it’s growing in popularity out here. I’m going to hit the connect button, it sounds like we have a few things to chat about.

@Charlie Cameron same boat 100%. I have a full time job and am making the transition so it’s key that I have the training available on my time. Appreciate the insight!

@Eric Severson this is a people business 100%. You’d be shocked at how often a bond over golf, football, steak, or music can get you to the closing table. With that in mind, there are situations where it makes sense to have the buyer make direct contact with the seller. There’s no one size fits all approach. Generally I don’t advise it unless the buyer is a master in negotiation tactics because I don’t want my buyer to overpay simply because they had too many beers and let something slip that put them in a weaker negotiating position.

@Eric Severson it’s illegal for agents to receive kickbacks from a mortgage broker. Just FYI...now whether or not it happens is another story.

@Eric Severson first and foremost....seller financing isn't something most people are in a position to do. Market rate in phx right now for this scenario is about 20% down with 6-8% interest which only makes any sense if you can't qualify for a conventional mortgage or don't want the debt to hit your DTI. It's simply not an option to the average Joe who is lucky to have 15% equity in his property.

A couple alternate approaches...this first being a “subject to” offer. You come in with the cash they need and assume their mortgage payments while issuing a performance deed. The second being an incentivized offer where maybe you come heavy with the cash on the front end to buy down the rate. Both of which you’ll need to explain to them in GREAT detail so that they are comfortable that you (or your agent) know wtf they are talking about. :)

Instead of approaching the sellers expressing what YOU want (seller financing), you might try phrasing it in a way that solves a problem for THEM. Maybe they are tight on time, maybe they are low on cash, maybe the don’t have the resources or skills to fix up the property to get it to a place where it is marketable. Whatever that need is, you need to discover it before you ever start talking about what it is that YOU need.

@Eric Severson challenge accepted brotha. I’m a realtor. Quiz me on your creative finance questions....

@Denyse Dar what can you tell me about the market in Des Moine?

@Charlie Cameron I am currently considering making the switch to eXp. I'm out of Phoenix and I have heard both sides of the coin. What's been your experience so far? Hows the exp world training archives?

@Michael Lowe my advice is simple.....

Don’t take financial advice from people who are not in the financial position you wish to be in.

I’m lucky enough to be able to say that even my 3 year old niece polished silverware for one of my first rentals. You need to CONVINCE them that you know the risks and rewards.

@Tyler Pearson I think you have to ask yourself what the underlying cause of the huge housing shortage is in Phoenix. In my view it’s a lack of new builds at an affordable price point. So how is that being countered? What part of the valley has the land cost metrics to most easily support the entry level housing development? When houses are built there and the demand for that area increases, what will it do to other markets? How do jobs, and wages, and corporate perception playing a role?

Though I am a real estate agent I do understand that renting has its purpose.....If you’re throwing $1000 down the drain on rent or $1000 down the drain in interest...it’s apples to apples (especially if you can’t itemize). As with any kind of investment you have to pick your spot based on your own contingency plans.