All Forum Posts by: Luke Trovinger

Hey @Jason James! Have you thought about house hacking the duplex? If you get a loan on the duplex, it looks like renting one unit would at least cover the mortgage, and you can get in for as little as 3.5% down. You'd likely even be able to purchase the single family as an investment also if that's of interest. Best of luck!

Hey @Nataliya Isupova! A RE attorney definitely wouldn't hurt to make sure you're covered, but reach out to a local title company and see if they'll assist. Before I was an agent, I had a similar situation where we used the standard state contract and the title company to transact the deal. Best of luck!

Hey @Brian Dennis! Although unlikely, you could call around to local banks and see if they would allow an appraisal via the income approach as opposed to the comparable approach used with 1-4 units. I haven't heard of this before, but might be worth a shot from a spit balling perspective. Hope you find something that works for you! Best of luck!

Hey @Allan A Ramirez! If the property appraised for $155,000, that would be the full value of the property. So it would have appreciated to $155k.

The refinance would pay off the original loan, and leave this new loan in place. In this scenario, it sounds like the LTV was high enough to not only pay off the original loan, but also allow for "cashing out" of $5,000. You are correct that the cash back would allow him to pocket the money or put towards the mortgage if desired.

Hope that helps!

@Nathan Faselt I'm definitely a fan of the clip together flooring, LifeProof is in this category

Hey @Brook Tekle! I haven't used skip tracing for a mass amount of properties, but the local assessor or White Pages does the job on a small number of them. Best of luck!

Hey @Nathan Faselt! Check out LifeProof LVP at Home Depot, it's on the pricier side but looks great and is sturdy.

Hey @Chris K.! LegalZoom is quick and simple, if that's what you're looking for.

Hey @Tyler Walters! Congrats on getting rolling. I personally don't have any experience on the LLC questions but since you're looking into BRRRRing check out the book that David Greene wrote on the topic. Really awesome info in there! Best of luck!

Hey @Wade Bartels congrats on the deal! Any advice on the best way to get rid of the smell in a property from this experience?