All Forum Posts by: Cory Lucas

Hey all, my name is Cory Lucas, and I'm new to BP as of a few months ago (was looking for podcasts to listen to on my way to and from work, boy did I find some good ones :-D, full time father, part time Registered Nurse :) Kidding, I work full time as a Nurse, but my one true passion that is unquestioned in my life is being a father. 

I ventured into the world of Real Estate a little over 10 years ago and tried to flip houses with my father, it ended very poorly (bankruptcy). My wife and I are going to be getting back into it and will be looking to buy and hold with rentals to ultimately be able to retire either with some certainty and/or early, I'd also like to change career paths and become a Flight Nurse, but it's a pay cut so I'm unable curretnly. We have formed our LLC named Coral Property Management, her name is Valarie (Cor for Cory and Al for Val) kinda clever I thought, she gets the credit.

Anywho, we have most things in line, we are currently getting our camper fixed to sell and we will need to sell our truck as well and then we will be ready to buy! Unless a good deal that works with our current situation comes along, I try to look daily. Otherwise I am adamantly educating myself, podcasts on my drive to work, reading daily, analyzing deals, and continuing to put things in motion to have the business ready to go once we are! 

I look forward to connecting with you all. Talk soon, thanks for taking the time to read

Hello?

Should I post this in a different forum?

Hello all, first thanks for taking the time to read, and thanks for any and all advice in advance...

Looking at a 1BR 1Bath house in a rural town in the Midwest, priced at $23,000 and it comes with a mobile home on the property. Mobile home has a tenant who's been there a year and a half renting on a month to month basis at this point at $275/month, the house is vacant, but was recently rented at $475/month as of 2 months ago. Low end renovation I'd say $2,500 and high end $10,000, haven't really crunched those numbers yet as we are going back for a 2nd look tomorrow. Thoughts on the deal? Questions for me to ask about the deal? 

The financing portion, was planning to do a conventional loan, however in talking with my banker he now says the terms are 5 years at 5.45%, I was prepared for a 10-15 year loan as I thought that's what we previously discussed, so now my numbers don't look as good. Seems low on the years, I haven't really talked to a ton of banks just yet, thoughts there? We have an LLC formed that we plan to get the properties placed under, seems like I should be able to get a longer term than that though? We have great credit and great income and have the 20% down payment ready to go

As for the offer I'd like to do the 3 option method that I've heard Brandon talk about, so my thoughts were to come in at $17,000 with a conventional loan offer and then throw in a seller financing deal ($21,000 purchase price, $150/month and paid in full in 3 years) and a 3rd option of a deferred down payment? I'm unsure as to what may be a good way to present that and/or what good terms would be? Obviously if I can lengthen the terms with some seller financing if I am only going to be able to get 5 years that would be beneficial. Thoughts there? Also the realtor I'm working with, in the business for 14 years said he's never done a seller financing deal in case someone gets sued, seems like seller financing is a good option if it works for both parties? 

Trying not to make this too long, I have a ton of questions though, but I'll stop there for now :-D but please let me know what questions or info you may need/have for me to help clear things up. Truly appreciate any and all feedback, this is my first post so I'm excited to make connections with you all

@David Ounanian Great! Potentially looking at the 15th or 22nd of January then?

Curious for those that have formed an LLC before purchasing, how long do you have to wait to quit claim it to your LLC if you purchase it in your own name to have more financing options? And when you do quit claim to the LLC do you then have to obtain new financing? I tried flipping houses years ago, it went poorly, everything was in my name and had to file bankruptcy, so now I'm looking to get back in the game and have formed an LLC to cover myself should something go awry. Thanks in advance for any help, good post Melinda

Any idea when you may do another? I'd love to attend, but have been unable to do so for the last two...