All Forum Posts by: Kasey Gourley

I will reiterate what everyone else has said, it depends on the state, but it also can depend on the property and how utilities are metered. For example, I looked at a SFH that was being used as a MFH (3 separate units) and only had one electric meter so the landlord was having to pay the utilities. This isn't to say that some of the utility cost can't be passed on to the tenants though if the current rates are a little below market and have room for a bump.

@Matt Leavell I am only wanting the seller to finance 15-20% and I plan to put down 5%. I need a bank to finance the difference. 

@Devan Mcclish thanks for the advice. I found a local bank willing to entertain the deal and others moving forward, so now I need to get a few offers accepted. 

Thanks for the the advice @Leo K. . I spoke with a small local bank that will entertain the deal. I am structuring in a way that I put down 5% of the purchase price, the seller carries a note that is about 15% of the purchase price paying a flat monthly rate over 40 months, and the bank finances 80% of the deal. No guarantee the seller will accept or entertain the deal, but I have to start somewhere and in the process I have learned that I can buy with low to no money down, the process and analysis of structuring a unique deal, and the banks requirements. I am sending the bank all the necessary information as well as the cash flow rental model I built to analyze deals that showcase assumptions, income statement, projections, cash flow, debt service, and ROIC (cash on cash return).

@Luka Milicevic I would definitely love the portfolio lender referral. I am always looking to increase my network and increase my options as I continue to look at investments and structure deals. PM with the lenders details.

Thanks for the the advice. I spoke with a small local bank that will entertain the deal. I am structuring in a way that I put down 5% of the purchase price, the seller carries a note that is about 15% of the purchase price paying a flat monthly rate over 40 months, and the bank finances 80% of the deal. No guarantee the seller will accept or entertain the deal, but I have to start somewhere and in the process I have learned that I can buy with low to no money down, the process and analysis of structuring a unique deal, and the banks requirements. I am sending the bank all the necessary information as well as the cash flow rental model I built to analyze deals that showcase assumptions, income statement, projections, cash flow, debt service, and ROIC (cash on cash return). 

@Josh Braun are you creating all of your leads through a marketing campaign and driving for dollars or are you using wholesalers and your network to find off market deals?

Hello BP! I am from the Nashville, Tennessee area and new to REI. I have been educating myself in every way possible over the last 3 months. I have now decided to jump in head first and I have been making offers on buy and holds, as well as flips; all of which a higher offer has been accepted, but I have held my ground for good reasons on ensuring my analysis and numbers work and I get the return I expect given the riskiness of the property. I have recently come across a duplex I want to make an offer on and the sellers agent mentioned the owner has another duplex two doors down he would be willing to sell as well in a package deal (likely at a discount to get rid of both). I want to make an offer to buy both, but I wouldn't have the 20-25% down most banks would require so I am making an offer in which the seller carries a note on the property for 3-5 years. My question is, this being my first deal, how do I approach a bank with this deal? Do I disclose the seller taking a second mortgage? Would it be hard to get the bank to loan me the money (I have great credit, a good job, and a masters degree aka quite a bit of student loans)? Any insight would be greatly appreciated! Thanks

Hello BP! I am from the Nashville, Tennessee area and new to REI. I have been educating myself in every way possible over the last 3 months. I have now decided to jump in head first and I have been making offers on buy and holds, as well as flips; all of which a higher offer has been accepted, but I have held my ground for good reasons on ensuring my analysis and numbers work and I get the return I expect given the riskiness of the property. I have recently come across a duplex I want to make an offer on and the sellers agent mentioned the owner has another duplex two doors down he would be willing to sell as well in a package deal (likely at a discount to get rid of both). I want to make an offer to buy both, but I wouldn't have the 20-25% down most banks would require so I am making an offer in which the seller carries a note on the property for 3-5 years. My question is, this being my first deal, how do I approach a bank with this deal? Do I disclose the seller taking a second mortgage? Would it be hard to get the bank to loan me the money (I have great credit, a good job, and a masters degree aka quite a bit of student loans)? Any insight would be greatly appreciated! Thanks

Hello BP! I am from the Nashville area and new to REI. I have been educating myself in every way possible over the last 3 months. I have now decided to jump in head first and I have been making offers on buy and holds, as well as flips; all of which a higher offer has been accepted, but I have held my ground for good reasons on ensuring my analysis and numbers work and I get the return I expect given the riskiness of the property. I have recently come across a duplex I want to make an offer on and the sellers agent mentioned the owner has another duplex two doors down he would be willing to sell as well in a package deal (likely at a discount to get rid of both). I want to make an offer to buy both, but I wouldn't have the 20-25% down most banks would require so I am making an offer in which the seller carries a note on the property for 3-5 years. My question is, this being my first deal, how do I approach a bank with this deal? Do I disclose the seller taking a second mortgage? Would it be hard to get the bank to loan me the money (I have great credit, a good job, and a masters degree aka quite a bit of student loans)? Any insight would be greatly appreciated! Thanks

Jamie Parker would love to connect and get more information on the wholesaling masterminds meet up!

Matthew Anderson I would definitely be interested. Please keep me in the loop! Are any of you REIN members to the Nashville club?

Joshua Nunnally I would also be interested in knowing where your lot is? I am new to real estate investing and looking for my first investment.