All Forum Posts by: Brady J.

I have an offer on a property that has current renters thru June 2019. Am I right that the lease the tenants have with the current property owner will need to stay thru the rest of the lease terms? I would not be able to have a new lease signed once I would take ownership?

Just seems like a confusing concept to me that I wouldn't have an agreement between myself and the tenants while they would be staying in my property. 

Hello,

I'm looking at transferring a property out of my name to my LLC. From my research it looks like I need to file a quitclaim deed with the county clerk. I'm more concerned with how this affects financing, so something I will work with my bank to see if they will work with me. Anything else I should be aware of from those who have maybe gone thru this process before? Thanks for any feedback!

Brady Johnsrud

I'm new to real estate investing and analyzing a couple different deals. One of the deals is seller financing with a balloon payment after 3 years. I like this deal as it'll give me a little more time to build up cash to make the 20% down payment in a few years while I work on a more traditional deal now. During these 3 years because I'll be paying a premium interest I'll only be cash flowing around $100 a month after accounting for repairs, vacancy, capital expenditures, etc. Once I own the home and have financing with the bank I estimate I'll be cash flowing around $330 a month. I read a lot that the magic number is cash flowing at least $300 a month on your property. How would you more experienced investors see this deal? Obviously not a lot of cash flow early is my main concern but I'm looking to build my portfolio at this time. 

 LuAnn, thanks for the reply! Would like to learn more about this real estate group. Can you let me know when/where you meet? 

As a new real estate investor I've been trying to learn more about seller financing. One question I have is does a seller financed sale typically require any kind of a down payment? Are they typically down without one? 

Hey there Bigger Pockets!

My name is Brady Johnsrud and I live in Moorhead, MN (right across the state line of Fargo, ND). I recently graduated from college and have bought a home with my wife Halle in Moorhead that we reside in. I work as a Senior Living Manager running the operations of an Assisted Living and Memory Care facility. I recently caught the real estate investing bug from my realtor who I bought my home from. I have started listening to the Bigger Pockets podcast and reading books on the topic as I research my local market and hope to make my first rental property purchase soon. 

My goal is to accumulate enough properties to gain financial freedom and allow my wife and I to travel. 

I've already learned so much from Bigger Pockets and am excited to learn more! Thanks for reading!