Frustrations working with a NON-INVESTOR FRIENDLY AGENT(s)!!
Yes, I have to admit that working with this one real estate firm, the agents (2) to be exact have no idea what Owner Financing is! Maybe I’m not explaining what I’m trying to do; there is a property in Trenton NJ, Single family (asking ($19,900) foreclosed on the market for more than 63 days as of this recording the property was taken back by the lender according to Zillow. I inquired about this property on Thursday March 29th, I told the agent what I’m trying to accomplish.
I want to buy this property as-is I’m offering $8,000.00 (needs some work) put it back on the market as-is but carry the note for 7-10 years, I want 10% down payment, and the buyers credit can be in the 600’s as long as there is no evictions and I would get a residential mortgage loan originator to make sure they can afford the monthly payment. Unless I’m wrong, there is not a bank out there that would finance this property at $19.9k, and needing repairs. (see my offer below)
So I explained this to the agent(s) one of them said I should repair the property, I said that is not my intention of doing, I’m promoting homeownership (I don’t want to be a landlord), the risk is all mine I have to find a buyer who is willing to make repairs, the agent(s) are representing the lender, I told both, they can represent me on the sell side so they can cash in the commissions from both sides! The second agent asked why am I bumping the price up, and I said, again, that I’m willing to carry the note for the buyer.
Almost two weeks later still no resolution on the property so I’m not interested anymore, so the next time is just buy the property and find a agent to sell it for me. the next thing I’m doing is try to find me an investor friendly buyer(s) agent. For Investors, we always hear how important is to find someone that knows the process of buying investment properties, but I heard and read if you are working with a agent/realtor ask if they are investors themselves. If not then keep it moving to find other agents and ask the same questions. You might ask where can I find an investor friendly agent?
Here are my choices of places to meet.
www.biggerpockets.com - online forum, and on occasion they have a live events in a city near you.
www.meetup.com - real estate clubs galore on this site, and some live events.
www.nationalreia.org - hub for investment clubs. Most have monthly meetings.
The property in NJ
Here is my offer
Asking $19,900.00
I’m offering $8,000
My selling as-is price is $25,000
10% down= $2,500.00
Owner financing for $22,500
New owner’s Payment to me- $329.63
Owner has to pay taxes & insurance
The breakdown:
Term 96 months
Interest 9%
Sell price $22,500
Payment $329.63
If I calculated this right, the owner’s total payment, interest taxes & insurance =about $600.00/mo
(Exact amount $589.63) Less than the average rental of $1200.00 per month.
Oh well, didn’t work, but let’s keep on keeping on!!
“keep the momentum going, Good things will happen”
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