All Forum Posts by: Eric R. Dehner

Hi All,

I'm looking to get in contact with a lawyer who can help draft a legally binding document for a private money loan.  I've searched the forums and it appears all advice ends with 'find a lawyer and specifically a real estate lawyer'.  

I have a friend who's willing to loan me cash with a hold time of 1 year before I can BRRRR to conventional financing. I'd like to give him piece of mind by setting up a formal contract. Through the forums I've heard it's best to find a lawyer in the state you're buying. For this SFH it will be South Dakota.

Any recs out there?  

Thanks

Eric

@Shaun Weekes

With all the units you own in Indiana have you every come across something like this?

@Dan H.

@Dan H.

@Dan H.@Dan H.@Dan H.

@Dan H.

@Dan H.

@Dan H.

@Dan H.

Thanks Andrew!  Good info here.  Really appreciate it.  I'll keep you posted on the outcome 

Hi All,

The investment I'm looking to purchase has a single family home in the front (4 bd 2 bath) and a duplex (2 x 2bd 1 bath) in the back. Two buildings on one property. This type of property is unique to South Dakota. I just got off the phone with an appraiser based out of Sioux Falls who does appraisals around SE South Dakota. He said he's seen this type of property from time to time and every time the owner goes to get a loan on the property through conventional means (Fannie/Freddie) it's dead on arrival. He said it's nearly impossible to find a sale within the last 12 months on a property of similar specs (no comparables = no loan). In the end he's seen banks have to hold the loan in house because they were unable to sell it.

Is there a way around this issue? 

Could the property be looked at as a triplex? 

Could the appraiser look for comparables for the front house (4 bd 2 bath) and comparables for a duplex (2 x 2 bd, 1 bath)  then add those together to get an appraised total?  

Thanks,
Eric

Thanks I appreciate the insight @James Kats

@James Kats

Thanks @Mike D..   

Hi All, 

The investment I'm looking to purchase has a single family home in the front (4 bd 2 bath) and a duplex (2 x 2bd 1 bath) in the back. Two buildings on one property. This type of property is unique to South Dakota. I just got off the phone with an appraiser based out of Sioux Falls who does appraisals around SE South Dakota. He said he's seen this type of property from time to time and every time the owner goes to get a loan on the property through conventional means (Fannie/Freddie) it's dead on arrival. He said it's nearly impossible to find a sale within the last 12 months on a property of similar specs (no comparables = no loan). In the end he's seen banks have to hold the loan in house because they were unable to sell it.

Is there a way around this issue?  Could the property be looked at as a triplex?  

Thanks,
Eric

@Cameron Brulotte

For my ADU I've used rotatingroom.com for quite some time. It caters toward med students but we recently had a nurse finish a six month contract with us. She found us on RR. We got exactly what we asked for price wise. If your place is furnished most will pay what you ask.

Hi Gang, does anyone have a good check in/check out checklist for new renters? A document they can use to help guide them when leaving the property at the end of the lease? What to clean etc. If you have in an editable form (word,excel) that’d be super helpful.

Thanks,

Eric