Looking for Advice!

Is the seller willing to do a L/O?

Are the pmts up to date?

What is the interest rate on the owner's loan?

What are his pmts including taxes and ins?

Is the buyer going to make large enough monthly pmts that the loan will be paid off in two years or are they going to have a balloon pmt at the end of the two yrs?

Karen

Not Really a Lease Option But willing to hold the note but my concern is he still owes 58,350 on the loan.

The payments are up to date.

Don't really know what the interset rate is.

Total payments all included are $625 a month.

They should be able to refi this out but that is also a concern how do I draw up a contract to explain all this?

And make it a GOOD deal for all Parties?

Jay C

The only way that he can hold the note unless he is going to pay off his mortgage somehow is by doing a L/O or something along that line.

Hi DG Family

I have a question. I am finally ready to make offers (and I'm so excited) have my pre-qualification letter and ready to go, just want to make sure I am making the right move, please advise on my next step.

Thanks

Shelby

Sounds like you are ready to start looking at homes? It has been a few days from when you posted this. Get an agent that can help here is a couple of thinks to look at.

HOW TO FIND AN AGENT
• Realtor.com: search by agents in your area
• Craigslist.com:
• Real Estate for Sale
• By Broker
 “fixer upper”, “handyman special”, “investors wanted”, “income property”, “cash buyers”, “investment property”, “fixer upper”, “equity”, “motivated seller”, etc…..
• Call Brokerages
• Ask – 2 best agents that work with investors? Who would you work with?
• “I’m a RE Investors getting started in this area. Do you have anyone in your office that works with investors?
• Websites: Keller Williams/REMAX/Coldwell Banker
• Free Magazines
• Referrals from other investors, family or friends
• REI Clubs
• Open Houses
Agent should be:
• Investor friendly
• Willing to work
• Available for you
• Multiple Offers 25/1 – Matt’s Script
• Trust
• Long-term relationship
• No shotgun or lowball offers – strategic offers only
• Reassure
• Set expectations
• Follow through
• Team – we’ll work together
• Know the market
Types of questions to ask Agent:
• “How many deals have you done this year and last?” Purchases and sold’s.
• “Where are you seeing the most activity?” Location and type of deals.
• “Do you have any experience with REO’s?”
• “What type of property do you have the most experience with?”
• “Can you send me comps as well?”
• “Are you a buyer? Do you invest?”
• “Do you work with other investors?(Or are you currently working with investors?)”
• “Are you willing to make multiple offers at a discount?”
• “What marketing techniques are you using to find really good deals and also to sale property quickly?”
Have your agent hand pick listings – Best situation to accept a lower offer, and finding motivated seller by looking for the following keywords such as below:
• As-Is, TLC, Handyman Special, Vacant, Expired, DOM, Price Reduced, Need Repairs, Wholesale, Discount, Below Market, Equity
• Bank owned/REO (Bad debt for banks)
• Estate Sales (expense for families – tax bills, upkeep etc)
• Owner Financing/Lease Option

Giving Agent buying criteria:
• “Convey what your buyers have already told you…Location, Size, Price, etc…..
• “Hey, I’m new to investing, but I have been talking to buyers over the last 2 months, I have 17 buyers so far, I know what they want and when they want to purchase, I’m just having a heck of a time finding enough deals. I’m calling today hoping that you might be able to help me out.”
• “Do you have any listings you could send me right now that I could buy, fix and sell and make $20 to $25K NET profit?”

THANK YOU SO MUCH FOR THIS INFO. I HAVE FOUND A GREAT REALTOR WHO IS INVESTOR FRIENDLY, THANKS TO YOUR ADVICE. READY TO MOVE FORWARD.

THANK YOU.