All Forum Posts by: Ashley Thompson

@Brian Gibbons
That's good to know- thank you!

@Tristam Griffith
I think part of the issue is that we can't afford 25% down at this time, which is why we have to use creative financing. I will never say no to reference materials, though - I need to surround myself with resources! I'll PM you. Thanks!

Nice job! It's beautiful!

@Tristam Griffith
Thank you for your reply!
Would including an agreement in escrow to deed the property back in case of default be sufficient recourse? My husband said they included that as part of the original deal.

@Jay J.
Thank you for your reply! Yes, it's an LLC. We are putting $7000 down from our HELOC, which is as much as we can afford right now. There is work that needs done on the property, so we'd have to be creative with where we pulled additional money from. A good suggestion, though.

@Brian Gibbons
Thank you for your reply! According to my husband, there is already an agreement in escrow to deed the property back in case of default. After further discussion, my husband and I both agree that we are not comfortable signing our personal names to the property. Like you said, there will always be another deal. I told my husband, too - if the seller can't find a buyer, who's to say that in 6 mo he doesn't contact us back wanting to accept our terms. Who knows!

Hello All!
My husband and I are still relatively new to the real estate family and game. We have been using creative financing options to this point in order to maximize opportunities and due to limited financial resources of our own.
We have what seems to be a great opportunity to buy a triplex in Salem, Ohio via seller financing; (my husband and I analyzed the numbers, taking into account cap ex, possible vacancy, management, etc. and it is a great opportunity numbers-wise.) My husband called me today, however, concerned because the seller's agent presented new qualifications today - on the day of closing! She said that the seller's attorney instructed him to only agree to seller financing if the land contract was in my husband's name, not his company's name. This makes me anxious because, as I understand it, the whole point of putting contracts in the company's name is to protect our family finances. 
Thoughts?? Do we scrap the deal? Or is it still worth going for?

Wonderful! We purchased the e-book immediately after hearing the podcast with Amanda Han. It's a great resource!

Hi, Latisha

I recommend listening to the Bigger Pockets Podcast #9, Using Hard Money Lenders to Grow Your Business:

https://www.biggerpockets.com/renewsblog/2013/03/1...

Ann Bellamy speaks directly from the hard money lender's perspective on what she and many other hard money lenders look for from those to whom they lend. From what I remember, she recommends the "both and" approach re: running numbers while simultaneously researching lenders.

Hi, Donna

Are you planning to live in the home? Or will it be a rental or fix/flip? In the case of investment properties, we've had great experiences so far in using partners to help finance properties.

My business partner (/husband) recommends listening to the Bigger Pockets Podcast #109:

https://www.biggerpockets.com/renewsblog/2015/02/1...

Honestly, I haven't listened to that one yet, so I'm about to. 

I'm new to the game, too. Personally, I feel I have gained SO much from listening to the Bigger Pockets Podcasts. It's a fantastic way to learn at your own pace. From what I've read on the forums, this is exactly where you should be. Welcome to the family!

 I agree with Joe Splitrock's recommendations. The vanity appears (from a distance) to be in good condition and neutral (which will be important for renting in the future.) Is an extra 6" of counter space really going to be worth hundreds of dollars in material/plumbing costs? However, if doing so can be qualified as what prompts her to sign a (higher) second year lease, it may be worth it (taking into account what kind of tenant she is, how long it would take to find a new tenant, what rent is.) If it's more space she's looking for, I think the over-the-toilet medicine cabinet/shelving is a great compromise and doesn't require any plumbing work, i.e., less risk, comparable reward.