All Forum Posts by: Chad Pore

@Jonathan Taylor

Thanks again for taking the time to answer questions. Awesome information you’ve given me. We have never even spoke to anyone regarding a seller finance. Being short capital to start with I was thinking this my be the time to go for it. Still need to see what the seller is needing.

Retired? Want passive income?

Or need cash for something else right now?

Hmm maybe is afraid with everything going on trying to sell before anything bad effects the value?

Thanks for your knowledge and information. Was looking at one property and saw 4 more same owner, figured go for all!!! Lol thanks again.

@Jonathan Taylor hello, My name is Corey Pore. My brothers name is on this account as he, my father and I created an LLC and began REI.

1st thanks for your time. I have a chance at a FSBO that is showing me 5 properties. We already have one rental completed and cash flowing and also have just purchased two others and have begun the rehab on them.

Unfortunately we don’t have a lot of capital for down payments and our current lender doesn’t give us anymore than what we have put into a property when we refi.

So my question is, do you have any good advice on trying a seller finance?

Wondering if I should suggest seller finance on the portfolio or try each house as its on entity with the seller?

Also trying to think of the best terms to suggest to the seller?

Have never done a seller finance before.

Thanks again for your time sir!

Hello,

I am looking to see if anyone has a template they use to provide the appraiser showing what rehab work will be done so the appraiser can provide an ARV for loan purposes. Thanks for any feedback.

Chad

@Todd Rasmussen thanks for the feedback and info. We obviously need to do some more shopping around.

@Michael King thanks for the feedback

@Bernie Neyer thanks for the feedback. I will need to review this a couple of times, but I figured this was a sticky issue. Basically, we want to move the property into the LLC and have discussed a Quit Claim Deed, but we really feel like we need to purchase some of the equity in the home so my parents walk away with some cash.

The only reason we did the LLC was because the three of us were going in together and it made more sense.

House is located in Wichita....... As there are not many left in Greensburg and honestly, I wouldn't want anything to do with housing in Greensburg. Too expensive here.

@Bill Brandt Wow. We have one in Kansas instead for only $34K and ACV with a smaller deductible and it is $900/year.

@Chris Mason thanks for the feedback

Hello,

Here is the scenario:

Set-up an LLC with my dad and brother to begin buying/owning real estate. We are in the process of BRRRR'ing or first property.

My dad and mom have owned a single-family rental home for over 15-years. We would like to buy the property through the LLC. The catch is, we only want a loan for 2/3rd of the value as the other 1/3rd would be covered as my dad's share of the purchase. So basically, we are looking for loan options to loan around $50K-ish on my parent's $80K-ish rental property without requiring any additional down payment. My parents would walk away with the $50K and the house would be owned by the LLC with an $80K+ value and is currently rented for $825/no.

Any thoughts or direction is greatly appreciated.

Chad

Hello,

I am curious what insurance others are getting on their SFH rental properties? I have seen a number of posts where people mention they are paying $50-$75/mo on properties over $100K. How is this being done. Here are a few of my questions:

What is your deductible?

What are your liability limits?

So you have replacement value or ACV?

Are you insuring it for a specific dollar amount?

Our quotes have come back much higher so any insight is greatly appreciated.

Chad