All Forum Posts by: Ethan Board

I created an LLC for my rentals, all of my properties are in my wife and my personal names. If i deed them all to my LLC how do i know if the bank will call or not call a due on sale for the loan since the owners technically went from me to my business??? Thanks for any help

0 Votes

If you want to list it with me in Owensboro feel free to reach out 2709032909

0 Votes

With Seller Financing from your grandparents on a house thats paid off more than likely they won't have a due on sale clause. Thats more for if you're doing a subject to deal where you take over a mortgage of the seller. which the seller, your grandparents, don't have a mortgage since its paid off.

Best way to find market rents? Call local property management companies, link up with a local meetup (we host one in Owensboro), get in contact with a local Realtor with investing background(myself). are just a few options.

anymore questions feel free to reach out! Congrats on getting started in investing find me on facebook etc and get with me and we can talk etc!

I'd give a discount if the numbers work for you, I personally don't do business with family but its up to you on a personal level.

I'd highly recommend you, the landlord, not paying utilities. Always get the tenant to pay for them. If you paid for them they would keep it hot in the winter and cold in the summer running your bills way up. In Owensboro you can call the utility company and get it switched all from your phone.

0 Votes

@Guillermo Lithgow start by reading and listening to podcasts. I started by selling my house and buying a duplex and househacking it.

0 Votes

@Tim Bee mine were bought 2-3 years ago. I’m at 200-300 cash flow each door that’s with piti all escrowed into mortgage

1 Vote

Im always up to talk real estate in in Owensboro KY hit me up anytime to talk, message me on here and i can send my phone number or get with me of facebook whatever. I'm here to help!

0 Votes

Quote from @Paul Lovely:

One way would be to utilize the BRRRR strategy to temporarily use private and/or hard money loans to purchase and renovate a distressed property, rent it out, and then refinance into a conventional loan afterwards based on the property's after repair value (ARV). This would allow you to use the mortgage from the refinance to pay back your private/hard money. If the ARV comes in low or you go over budget such that you'd have to leave some money in the deal, you could either sell and likely still turn a profit, or find a private money lender to close the gap for some kind of equity split. If you have the ability to get a HELOC or HELOAN or could do a cash out refinance on an existing property, these funds could also be used.

I like the use of the HELOC. I have 4 doors, could you do one HELOC on all properties or would i have to get multiple HELOCS on each property? They are not in an LLC just my name(i house hacked each property)

0 Votes

Quote from @Patrick Drury:

@Ethan Board
I have seen people do it multiple ways depending on the deal. If the deal is phenomenal, they might be willing to give you private money for the purchase with 0% out of pocket. I have also seen people get a loan on a property and get private money to fund the down payment, so they are out of pocket for nothing. That will obviously come with a higher rate and some points. Typically Private money is on short time frames like hard money. With that said you would refi within in 6 months to a year if that's the case. Although, that doesn't mean there aren't people that could be lending out money privately for 20-30 years. The only thing is that private money is typically a higher interest rate. So even if you could hold private money for 30 years, I would rather not pay such a premium for so long.

That makes sense I appreciate your response!

0 Votes

@Larry Turowski so say you have 80k in a heloc you can use. You use 20k on a down payment for a long term rental. How do you pay your heloc back after you acquire the rental? Just refinance? Also what if I took 80k heloc and put 20k down on 4 100k properties how would I pay my heloc back? Thanks for any input

0 Votes

If buying and holding rentals for long term. How would you use other people’s money to get one? Would you use it as a down payment or rehab costs or ______? Then if your mortgage is for 20-30 years how do you pay that private lender back out of that? Or is using private money for long term not a good idea? Looking forward to any response. Thanks!

1 Vote

All Forum Posts by: Ethan Board

Ethan Board has started 8 posts and replied 32 times.

Post: Deeding title over

Post: Single Family Home For Sale - Owensboro, Kentucky

Post: First Deal Questions

Post: What should be my first step

Post: What's your average net income per rental property?

Post: Kentucky Rental property

Post: Long term rental help

Post: Long term rental help

Post: QOTW: How did you / are you financing your investment properties?

Post: Long term rental help