257: Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers
Description
The “Rookie to Real Estate Investor in 90 Days” series is back, and we’re checking in with three mentees as they go from newbies to high-net-worth through real estate! Our mentees have been busy over the past couple of weeks, so Ashley and Tony dropped in on them to see how their rental property progress was going. They touch on how to make a lowball offer, pushing past the fear of getting an offer accepted, where to find motivated sellers, short-term rental markets, and seller financing Q&As.
First up, Brandon joins us as the newest real estate rookie on the show. He’s yet to get his first deal done and is still looking to buy a property, but he’s finding that the price isn’t matching his profits. Ashley and Tony walk Brandon through how to make a lowball offer and why you should always submit a price that works for your numbers. Next, Lawrence shares how he’s been on the hunt for a seller-financed deal and is looking into new ways to find motivated sellers more likely to sell at a discount or with flexible terms.
Finally, we hear from Melanie, who had a bit of property panic as she searched for more short-term rental markets to add to her list. After some research, she’s settled on a solid one and is currently looking for properties to make offers on. Her only question is how and why she should go for seller financing. Ashley and Tony give her all the details you’d need before going into a direct deal with the seller.
In This Episode We Cover
How to make a lowball offer and why your price point should always reflect your profits
What to do when two offers get accepted (and how to fund both deals)
Seller financing 101 and why (and why not) it’s worth pursuing for an investor
How to find motivated sellers in your market by looking through the MLS
Why you should ALWAYS send in offers (even if they seem unrealistic)
Short-term rental markets and how to measure lead time when looking for deals
Promissory notes, how they work, and risks/benefits of signing one with a seller
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls
Connect with Brandon, Lawrence and Melanie:
Brandon's BiggerPockets Profile
Lawrence's BiggerPockets Profile
Melanie's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-257
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