All Forum Posts by: Ethan Hamilton

And no I'm not asking the lender who Bank of Nebraska sells my loan to for permission.  I've found that generally asking for forgiveness instead of permission tend to work pretty well in business, especially when it comes to lenders...they've got a rule for everything even though they generally just concern themselves with getting paid principle and interest on time every month.

@Kyle Godbout my lender doesn't service their own loans, so they are apathetic about me quit claiming the deed.  To me it's much like buying something subject to, does the lender automatically execute the due on sale clause if you're paying on time every month?  No chance, there isn't muc incentive to do so if you're current and they don't need the capital.  

@Kevin Finken they aren't loaning to the LLC directly, they're loaning based off the combined income of my wife and I and are loaning us the money directly. After a month of the loan being in our name do we quitclaim the deed to an LLC.

Kind of unrelated here guys, but as long as I have the attention of all the Omaha Wholesalers, I'm looking to buy anything SFR or multi family in midtown or west of 72nd, preferably south. 3+ beds, 1.5+ baths, 1+ garage. Prefer 1950's or newer. I'm an agent and have reviewed everything on the MLS so looking for off market deals. Anything that needs work or turn key up to 300k for bank financing or 150k cash. Let me know if you have anything that might meet that criteria! PM me if you want to add me to your list!

Cheers,

Ethan

I would consult the lender ahead of time before utilizing them to make sure they green light your plans. I work with Bank of Nebraska and have never had an issue. Shawn would be able to give better guidance on the LLC's but I have each property in its own LLC, little less cost efficient, but should something catastrophic that even the umbrella wouldn't cover, I only lose 1 property instead of 4 in my case, so it's worth the added cost IMO.

@Kevin Finken, I would suggest purchasing in your own name, maintaining an umbrella insurance policy as Kyle mentioned which extends to your LLC(s) (1MM would be a good start) and then quit claim the deed after you make your first few payments or when the loan gets sold. This would be one of the only ways around Commercial financing while at the same time getting the legal protection of an entity. If you haven't set up the LLC yet I'd suggest Shawn Ilg who is on BP. Very affordable and he could also do the quit claim inexpensively. Hope this helps! I've had success in personally going this route on a few occasions.

DRI Title is who a lot of investors use

Love baking that into my lease that it will be paid for by tenant within 7 days of move out or will be deducted from their damage deposit for leases here forward.  

Welcome to BP Christopher Moore!  Ask away in the forums or search by keyword, chances are you aren't the only one with the same question!  Best of luck!

Hey @Matthew Smith I work with a few different investors in the area as an agent.  Happy to pass along additional individuals who might also be able to fill the gaps for you.

Carpet land does a great job.  They're at 108th and Maple