All Forum Posts by: Marcus Holloway

 Thanks for the info! This gives me a good start. I've already reached out to an attorney. 

This gives



This gives

I've already reached out to an attorney. 

I understand a lawyer may be the best suited to answer this question but I thought I’d put it in the forum.

My partner is fairly certain he’s headed towards divorce.

We own a small portfolio together in an LLC.

How are the assets in the LLC affected by his divorce?

Quick post. Today one of my tenants asked if he could renew early for the same rate. Young couple, never been late, not problematic. Hell yea you can renew!

I was thinking with the current market that my chances were pretty good but you never know.

Our property is about $100-125 under market in the area so I also thought about raising the rent. We still cash flow even at the lower rate.

This Is our 3rd tenant but he’s the first to ever renew. Gotta tell, as a newer investor, it felt pretty good to get that text. I feel like I’m honestly providing a quality home and the security of another year of income gives me a lot of confidence that I’m doing something right.

Funniest thing? When I first started (3 years ago), I thought I'd actually be able to quit my 9-5 after I got 3-4 profitable rentals. L-O-L. 

I'd be interested. Haven't been to one since pre-pandemic. 

All of the above. 

*5. Start and secure generational wealth. 

On our first deal, there were a lot of trial by fire situations. Most of the situations, for me, that had the largest learning curves all involved dealing with contractors. We learned very quickly that we needed to grow a network of contractors and not put all of our eggs in one basket. In hindsight, our 1st GC treated us pretty good and didn't gouge on pricing. We were really fortunate in not being taken advantage of going into a full gut rehab as 1st time investors.

On our 2nd project in a different market, we weren't so lucky. We had to fire multiple contractors that had every intent on taking advantage of our lack of experience. Get good references, check reviews/previous work and get multiple bids on everything. 

I understand there's a difference between land contracts and deeds. I just don't understand why it's so convoluted here at the last step. The home appraised for much more than the remaining balance of my loan. I have a tenant in place. The land contract is recorded with the county showing I have an agreement with the current owner. I've proven 12 months of payment. Seems like getting a loan for the current balance, to get my name on the deed, then starting the refi process over is a huge waste of time for all parties involved.

 It's been a nightmare. I've never taken more than 24 hours for any document they've asked of me. The current owner owns the property free and clear and we have a signed agreement for payments and amortization. The payments are facilitated by a turn key company here in Indianapolis and they've provided everything we've asked for. 

Hey BP, 

I'm in the underwriting stage of what is now been a 4 month refi process. I'm using a private lender. I started the process by explaining to the lender that I'm seller financing a property in hopes of BRRRRing it into a 30 yr fixed. 

Long story short, the underwriter doesn't want to close because I have a recorded land contract instead of deed. I explained the deed is still in the current owners name until I pay off the seller financing and the land contract gives me legal ownership until that time. 

I explained this in detail when I began the application process. Now they're acting as if this something they've never seen before. 

This is my first time seller financing a deal but I was under the assumption this is a very common deal in the investment realm. 

Has anyone else had these issues and or overcame them? 

thx