All Forum Posts by: Dustin Davis

@Austin Durham it's tough to give you a good answer here because there are so many options that will work... Why don't you see if they will carry the note and do an owner financing? That way you'd be keeping the P&I in the family... I'm all about paying family first if possible... Obviously have a lawyer draw up the documents and possibly find a 3rd party payment company to manage the loan. 

From a banking standpoint, you not knowing anything and not having experience will make it difficult to find financing through the traditional methods... Essentially they want to know that you know what you are doing and that their money will be secure if they loan it to you. If you do find someone to loan on it, most likely they will want to bust it out as separate properties and draw up 11 different loans since they are all SFRs. Depending on the lender you're looking at 15%-25% down as well as .5% or 1.0% origination and fees for title work and appraisals... 

This one is a tough nut to crack in your situation and I think the best and first conversation you should have is with your grandparents on what you all can do to keep it in the fam... On a side note this isn't the best deal and it would all depend on location, condition, and value add on whether it would be doable. 

Friendly remind of the meetup this week! Remember there is a new location!!!

@Bryan Loyd @Beau Fugitt 

What @Greg M. said... It's been covered extensively. 

Try @Paul Younger as well... He helped us set up a seller finance deal. 

@Marlina Eckel I don't know much about these companies or would rather not say what I've heard but can give you a good guy we've recently run onto by buying an apartment complex. Shoot me a PM if you'd like his contact.  

@DEAN MCDONALD Lenders Title, ask for Brandi, tell her I sent you. @Paul Younger should be able to help you for attorney services... He's on BP but it may be faster to call him at his office. 

@Christian Huttema it's served us well so far! Do a search for the NWA Meetup and you should be able to find it... We will be at Puritan Uptown on the 27th. 

@Marlina Eckel you might read up on ARKANSAS and the rules/laws in place. I believe if you knowingly buy from someone who’s not on the up and up you get dragged into the mess as well, I’d urge caution. I’m currently on my phone so it’s hard to paste links but if you go back through my recent posts you’ll find some good information posted by @Randy Thomason and @Mark Rogers on the subject.

@Randy Thomason thank you for the more detailed explanation. Very good info there and I hope all those folks running down the "no risk Guru get rich quick method" read this and think twice. @Henry Washington @Ryan Blackstone

@Zack T. welcome and congrats on your close!!! Hope to see you at the next meetup! Make sure you come to the right location as I've moved it!