All Forum Posts by: Jacob Stevenson

I host a meet up and we are looking for a speaker for our next event.  The group voted to focus on creative financing.  Anyone interested in being a part of our event or have a recommendation for who we should ask?

We invest in all three states and there is very little difference, all landlord friendly for the most part.  Iowa has a few more renter rights we deal with when it comes to pets.  

The markets you are looking at are very different when it comes to demand, tenants etc.  We have properties in Le Mars and it is very different from what we experience in Sioux City even though only 35 minutes away.  

Got the deal done.

5 on contract, no money down.  3 through traditional financing.  Two properties purchased at market value and one well below market value on the traditional financing.  Able to refi that one purchased below and pull most of my down payment out, using 30k of that refi to reno properties.  

Collected first month rent and excited for the next opportunity!  Starting a meet up in Sept in my area. 

 We're hosting a meetup September 12th at Jackson Street Brewery if you're interested in meeting some investors in the area.  Social hour starts at 6:00.

When is the next one?

I have an agreement to purchase a portfolio of 8 properties.  One residence was owner occupied.  Three properties still have mortgages on them.  The seller is focused on getting enough money in the first year to pay off their new owner occupied property and second to limit their tax obligation.

This is what I am currently thinking we want to do, but I AM OPEN TO IDEAS!  I purchase three properties with traditional financing to get the seller the cash they need to pay off their new property, from what I understand most banks won't let an owner sell a house with a mortgage on contract, so it seems to be the only option on those properties.  On the other five, I purchase on contract with zero down.  I purchase the formally owner occupied house for as much as possible (how much above appraised value with a bank let me buy a house for?) and adjust the other properties I am purchasing in year one to limit the capital gains of the owner as much as possible.  How much can I adjust prices without any issues?

Thank you for any advice!  First time purchasing a portfolio AND doing owner financing!  Excited to make it happen!

Find yourself some investor friendly agents in multiple Midwest cities and start comparing opportunities.  You will find something that fits.

Anyone else have any advice?

Most of our deals are 15 year.  We like being a little more conservative and if a deal is good at 15 years, when you have the option to extend it, it looks really good.