All Forum Posts by: Greggory Kowalkowski

Thank you for sharing that.  All of our rentals are long term so far, I just keep having deals fall into my lap that make me think "hmm...that might make more sense to put on Air BnB".

How do people comp Air BnB income for a house they are buying that would potentially be used to rent on that site?  Is there an online scraper tool that pulls sales data from neighborhoods?  Do people just guess? 

Hi all,

We recently bought and fixed up a house within a few blocks of a university.  The economy of the area makes it a no-brainer to target students.  I'm just wondering how successful landlords screen student tenants in these situations.  Most all students would have no credit and are often renting their first place so no chance of an eviction on their record.  Is it even worth doing background checks?  Confirm their standing with the university?  Parent Co-signers?  100% gut feel?  Looking for advice from those with experience in this situation.

Can 203k loans be done for LLCs and commercial loans?  And who do I approach about the repairs escrow method?  The bank?  Or the title/escrow company?

If the property will appraise for more than than the purchase price, though, can't we do what Lynette was talking about?  Or are you essentially talking about the same thing?  We're trying to continue to build a relationship with a local bank but if you have someone that will do a loan our bank won't do, please pass that into along.  Thanks.

Lynette, this is essential what I'm trying to learn about.  How do I go about starting this?  Will the title company know what I am talking about?

Appreciate the idea, Charlie.  

 Thanks for the idea.  We're continuing to work with a small, local bank that doesn't always open these types of options up for us but I am going to find out what they suggest tomorrow.

To be clear.  We're not doing it the first way... Just trying to figure out the proper way to have incorporated properly and if anyone has any experience doing a deal like this above board.  Spare me the ramifications of doing it fraudulently, that is not an option.

We have an opportunity to buy a good deal and a seller who's willing to work with us on a complex closing.  The summary is we can purchase it for 85k but tell the bank we close at 110k so the seller who's a friend can hand us back $25k cash after closing which will cover the rehab costs.

Obviously this is a tad shady and I know the podcast covered something of this nature a few weeks ago. I know we are scratching the surface of a good idea but does anyone know of a safe, legal way to do this so the $25k shows up on the HUD form and comes back to us at closing?

The house should appraise 110k easy.  Any ideas/suggestions or things to look into would be greatly appreciated.