All Forum Posts by: Greg DuPan

Good afternoon all.  I came across a deal to purchase 3 SFHs from a seller. I talked to a bank today and they are saying I would need 3 loans to purchase them and with that would come the costs of 3 loans (which I would prefer not to pay).   What is your experiences doing similar deals? Is there a better way to go to finance the purchase of these houses?  Thanks for your help.  

Matt,  I have a very similar situation.  Can you send me the information also?  My property is in the cleveland area.  thanks,  GD

@Matt Motil

Update as of Mid-March 2016.  Lease option didn't work out as now I'm in the process of evicting them.  The flip property has been on the market for about 3 months, many lookers, no offers.  I'm thinking to cash out the property and rent it.  Any recommendation on companies to work with locally (NE Ohio) for a mortgage?  Thanks,  GD

Thank you all, that's a lot of info. to consider.    I'll post a follow up once the final deal is made.  

@Matt Motil

@C. Timothy Murphy III

@James Wise

@Brian Gibbons

@Mark Nolan

@Dell Schlabach

@Justin Windam

Matt, thanks for the info. Can you refer me to a good real estate lawyer in the area to assist in preparing the paper work?  GD

Hi all, this is my first post, been reading tons on BP.  I have a couple rentals and decided to do a flip this year.  Its just finishing up (next couple weeks) and one of my tenants approached me about purchasing the property.  They have the income but poor credit, and the tenant has already started to work with a local company to repair credit.  A 12 month lease with option would work perfect for this situation but reading on BP it just seems like a lot of risk to me (in Ohio). Also I would like to get as much out up front as possible but have read its normally ~5% for option. I would like more around 20% but then I will run into equity limits, so I may as well do a land contract.  I'm looking for any suggestions on how to structure this sale.  Purchased for 24K cash, ~10K rehab (and a ton of my time), recent sales of comps are ~55-60K.  Thanks in advance.