All Forum Posts by: Jacob Kline

@Robert S. Amazing

@Andy Mirza exactly, that’s why it didn’t make sense to me. I make sure everything I prospect has at least 30% equity for that reason and as far as I can tell there are no other leins or anything.

The payoff would show any and all debt owed to the bank though, right?

Also how would I confirm that the seller is telling the truth about having no other debts tied to the property?

Thank you!!

I am talking with a motivated seller, very easy seller to talk with and seems willing to accept any reasonable offer. He has 60% equity.

He is telling me that the bank is “telling him things” that seem to make him feel that his hands are tied and cant sell.

Is there anything the bank could do, which would not allow him to sell?

Would the bank be herding him away from selling so they can take it?

Thanks

@Luke McCann were you able to execute on a couple deals?

@Frank Patalano only thing holding me back right now is the seller. I have a deal and waiting til Tuesday to see the condition of the homes with my contractor, this will be make or break.

When an owner is potientally willing to finance, what can I expect? And what kind of deal should I be shooting for (in terms of interest rate)? Never dealt with this before. My credit score is 729, I’m 22, and my only income to date is from my own business which I started about 18 months ago.

The numbers I recieved so far are a comp range, the low range is 525k and high is 620k for a portfolio of 7 rentals. Ideally I’d like to put 60k down which would be around 10%. With owner financing what could I expect to get in terms of interest rate?

Are there any benefits to get a mortgage versus owner finance?

Any help is always appreciated!

Thank you

@Lance Alotti that’s more or less what I’m getting at. I’m new to this and it’s not the easiest to determine what a property will need in terms of repair.

@Jeremy Holcomb me as well! Shoot me a PM brother, would love to talk!

@Caleb L. Great advice also! I’m located in Florida.

Interesting, so you typically would raise rent when needing to set aside an extra 5% for cap ex?

Another question for you, would you ever raise the rent of a current tenant at property you just purchased?

@Jeremy Holcomb thanks for that advice! I factored the #s with 5% for repairs. Might bump that to 10% and if I don’t use it, profit!

Also, would there have been a way for you to know that the roof was weak on that home? Or it was just a mistake of not having enough cap ex set aside?