All Forum Posts by: Lincoln Slonaker

I have a deal that I am currently working on and I would love to get a second opinion. Anyone with some experience in the BRRRR method and/or owner financing would be a huge help to me. If you're interested in a phone call or a email correspondence about the property please reach out. I have all the numbers and wont waste your time. Thank you!

Im looking for anyone in MT that currently invests or is looking to invest to converse with. Whats your opinion on the states strong markets and weak markets? What is your favorite strategy to invest in our unique state? I personally think there is a big opportunity for short term rentals in my hometown, Kalispell. With crowds flooding in during the summer and fall for glacier national park. Plus recreation on Flathead lake and its surrounds attracting just as many people looking for adventure. One might think that a state like this might have a serious offseason in the winter. Personally I think that if you buy in the right location (close to ski resort) the winter months can be just as booked! I also think Kalispell hosts a great opportunity for mid term rentals. Its leading employer is the Medical industry, and as we all know mid term rentals are huge in markets like this! With traveling nurses and workers to combat the growth of the city its a perfect environment. Kalispell also just recently passed Bozeman in the fastest growing MT city. And with a population of only 26K theres tons of room for growth and property appreciation. I think what happened to Bozeman and its home prices will happen in Kalispell and they have already started to happen! Let me know what you guys think and if you would like to connect to talk more. 

 I just hope my comps are correct. Because its a smaller town multifamily only sells 10-12 times a year. 

 Thank you for such an in depth response! This is an owner financed deal so I plan on using private money to pay for renovations. As far as cash to close I have an 8k downpayment with a 125k purchase price. These terms were just agreed on last night. It will be a 30 year loan with a 7% interest rate. How does that change how I should look at this deal? Its also tricky because its a smaller town with comps but not extremely recent comps. the only very recent I could find was a smaller 3-plex for 230k. 

 I didn't notice the missing information! I found this property off the market and the owner is willing to finance it with a wrap around mortgage (her lender is okay with it also). 7% interest is correct. We have also agreed to a downpayment of 8K. The property was purchased by her in distress in 2017 for 145k. It apprised for 150 at the time. I have also found sold comps that range from 250-300K. We have since settled on a purchase price and it is 125K. Thank you for such a good response once i really appreciate it!

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@Julian Colvard

  I will look into that and see if its a possibility. thanks for the response! What are your recommendations with owner financing?  

Could I possibly make my payments on their mortgage through escrow? also why does it typically go unrecorded? thanks for such a fast response. @Chris Seveney

I have a question regarding deed to contract agreements. I am a first time investor and still learning especially when it comes to owner financing. If the current owner has a mortgage out on the property how can I get this place locked in still? I talked to a real estate attorney and he said that there is usually a clause preventing any secondary loans being held on the property. Hopefully I just misunderstood him because I was not aware of that. Thank you for any information!