Omg you are god sent truly helped me out of a stuck place . I’m wondering now since your video has changed and the market has changed , what has changed for you within the last two years and or is everything g pretty much the same ? Thanks for sharing
New subscriber here, great video! In my 20+ years of landlording (Maryland), I have only had one lender work with me. Lenders hate non-owner-occupied properties, and if it's a condo, forget it. What has worked are personal loans, maybe the interest isn't deductible, but remember that MD has some of the highest costs in the country when dealing with mortgages and title companies. I have bought 42 properties, sold 10, and rent the others. The biggest mistake new investors make when buying is simply paying too much and not understanding cash flow.
Hi this is Greg in Michigan. Here was my first deal I made on a cabin when my wife and I were broke and had no cash and our credit was just ok. We drove up north and stopped into a small realestate buisness open on Sunday! I asked the realitor if he had any land contacts listed. Immediately he said no there aren't many people willing to take them on with all the risks! Now I am not one to give up and I said ok sure so how many of your current listings are a year or more old? He looked at me and said well let me see. He came up with about 10. I said can we look at them? My wife was pulling my arm saying what are you doing we can't afford it and let's not waist his time! I turned to the realitor in his empty office on a Sunday and said do you have time? He said yes as Sundays here can be very slow! In the car we followed the realitor and my wife says why are we even looking when we can't afford anything! I said just look at the cabins and you will see what I have thought up on the fly! We looked at each of the 10 places and I asked my wife so which 2 did you like the best? She told me the two and I said ok let's go back to these two again and we all did. Then I said now which of these two do you like best? She chose the 2 bedroom 1 bath log place butted up to woods on a big lot! I liked it as well! We all went back to the office and I said ok here is my deal! My wife and I are newly married and she is a new RN and I told him I worked for a car dealership at the time. I said we really like the last place and I know if it's been listed for over a year and the owner may listen to all offers as he probably hasn't had any in a long time! I said here is the offer. The listing price was only $25000.00 as it was small but very neat & clean! I said I am going to offer a contact. The realitor says he won't take one! I said I know! Show him my offer anyhow! My offer will be full price! I will give 20% down but split into 4-6 month payments along with my monthly payment of $175.00 . I said our payment will be 7 days early each month or he can pull the contract! I said I will offer 8% interest on each payment! I asked when are his taxes due? He said in the rears! I said divide them by 12 and I will pay them with each monthly payment so he can't be stuck with unpaid taxes as he will have them early now! I said we will not be able to change, or add on or even cut one tree down until he is paid in full so it stays the same! I said a key will be left at the realitor office for him and with a phone call anytime even if we are up he can come inspect the cabin to see its being kept up and not changed, or damaged in any way, or he can pull the contract! I told him up to 6 months if he ever did have a better offer even if we are on time with rent and compiled with everything he can refund our money minus the 8% interest he can keep and sell it to his new buyer. I said he can call us to tell us he wants to inspect it even if we are not there as well! The realtor says very interesting as you have eliminated every concern and a full price offer & 20% down payment split into 4 and taxes are paid up front now and he can inspect it anytime or sell within 6 months if he wants. He said to me so where did you come up with a deal like this? I said just now as I know every reason people don't want a contract so I had to eliminate every one of his fears! He said well I will call the owner and verbally present it and told us to go get lunch. My wife says so what is going on? I said I just gave them a offer! She says WHAT!!! We don't have any money!!!! I said as she tends not to pay attention to financial things you will see! After lunch we drove back to the office and walked in to see the realitor smiling! He said well I spoke to the owner and his only question was taxes! I said did you tell him we are going to pay them each month up front including the monthly payment! He said ok I missed that part! He said hold on and called the owner back and explained the taxes. He hung up and says to my wife & I congratulations on your new cabin shaking our hands! He told me he has never heard of a offer like mine and called it a extremely creative loan! He told me he planned on using it again for some of his older listing as he thought it was genius! I said no when your broke and young if you don't think way out of the box you stay in the box! On the way home my wife says so let me get this straight! That place is ours?? I said yes! She started crying lol! Everything to her is out of reach lol! My last name is Goetz (Getz) . I always joke around telling her Greg Goetz what he wants! She tells me oh shut up! The owner came up to sign papers and give us keys a few weeks later. He said can I just stop off to the place one last time before you take it! We said absolutely! He said he wanted one last drink of the water? I said there is bottle water here! He replied no you will see! The water at the cabin is the best coldest water you will ever drink! He was correct as the water was great! When we got there giving the seller his time to have his water we walked in and I saw everything still in it! Furniture, TV, VCR, dishes cups glasses silverware beds blankets even money in drawers! It had everything still there and the lawnmower and rakes shovels in small shed and much more all still there. I called the realtor and said he forgot to empty the place! He said no! He left it all for you both! I was dumbfounded! I have bought 3 other cottages since then and I actually bought a produce market and a greenhouse with no money years later. I made a offer to lease it for $500 a month for a year and if it made money then that year of rent went towards our down-payment and we continued paying the $500 each month! My wife was stunned as I made the deal and she says you have never owned or ran a buisness especially a produce market & Greenhouse! She didn't want anything to do with this until months later I had her come up to a very busy market with 12 employees the principal of the towns wife running my greenhouse for me! I named it Countyside Mkt & Greenhouse. We sold milk, eggs,cheese bread seasonal things like Easter lily's at Easter and much more . My wife drove up to see how cool it was and me of all people running it and she wanted to jump in to take part as she saw it was booming and local people loved it and recognized her as one of the owners now! Many years have passed and I'm 60 now & retired at age 50. Traci my wife is 54 and she now runs a Cardiac Pulminary Rehab Unit now! We have had 4 places up north and 5 homes in the middle of Michigan. The home we have just built 2.5 years ago is around $400k. I joke with my wife as her favorite saying when I wanted to buy anything was we can't afford it! It was👉 Next Year maybe! ..I say to her now it's next year!😎🤙 When I see a wall I start digging under it, or look for a way over it, or around! I never turn and walkway if I really want something! My saying is there is always a way! ......You just have to figure it out!
Yes I am Tony And I have done several Seller Carry-backs(Seller Financing) as a seller and as buyer as well even use Hard money lenders as well. If u need some teaching on it I would be happy to help. Thanks
That's what I like to hear! We can add these great tips to the current methods we're using now to continue growing our rental properties. Thanks for sharing the information!
Subscribed! Quick question, I want to own several rental properties but I figured working in an environment that handles renters would give me a first hand experience on the market. Do you suggest working as an entry level leasing agent or project manager to learn the business? Thanks in advance for your response 😀
You forgot partnerships and using boarders income to help qualify for a rental, these are very conventional ways of buying property, you have to be eccentric think outside the box.
Are you aware of any programs for mixed use buildings? My new LLC is having trouble getting mixed use loans. I have excellent credit but it seems like banks don’t lend for mixed use
Not really but you just need to make sure the lender you choose to work with can do business in the state in which you purchase a home. Also make sure you choose a Realtor there who can really help you find the right area and property that will be desirable and keep your property rented with little vacancy.
Hi, I've always wanted to get into rental property and or Airbnb. I come to you never owning a home before and I'm wondering how you would recommend I finance? My credit score is in the low 700s (which I'm working on) and I wouldn't have a lot of money for a down payment. Do they still do zero down anymore? Would you recommend it?
So would I be eligible for a bank loan for rental property if I am on disability? I have some money saved but have very little monthly income? What would you suggest? Thanks!
Hi the heloc interest expense can only be deducted from your primary residence loan and not applied as rental property expense? Since now there’s limits on mortgage interest expense, I hope we can deduct against rental property!
