All Forum Posts by: Travis Beehler

I've found certain members of the family all of a sudden start to think that it's ok to come at me asking for loans when they haven't spoken to me in years.  They have zero collateral, have been known to do as little as possible in life to make their own lives better, and want to make others pay their way.

Those people are always told a very firm No.

I'm working my *** off full time, have a baby on the way, working on building my portfolio, and have about an hour or two a night to myself if I'm lucky to relax, before I have to do it all over again.  So, I'm not about to start handing money out to people who are clearly users.

I'd say take a look at the lease.  Does it talk about the ramifications of breaking the lease on the tenants side?  That would be the first place I'd look.  Generally, you'll want to stick with the lease though unless circumstances are extreme enough to warrant the breaking of it.

I don't have a definitive answer either as I don't have that much data to go on, but 3 years seems to be my average so far.

 Ah nice!  Yeah, most of the places I look (Zillow, mls, etc.) if they advertise seller financing, the place is usually a dump with bullet holes in the walls and blood stains on the carpets. :)  I think I might just give that a try!  Thanks!

 Nice!  You're EXACTLY where I was when I went into this deal.  Over 100k a year, 818 credit score, $51k in cash, and 25% down.

How has owner financing been treating you?  Have you been able to find lots of people who are in a position to do that?  How do you find people who can do owner financing?  What are the terms you typically use?  Feel free to PM me that if you don't want to share publicly. :)

Thanks!  Have a good weekend!

 US Bank?  Because that's exactly what they were wanting.  $160k deal, $65k cash to get the loan.

 Indeed!  I had so many obstacles in this deal, I started to have doubts.  It's easy to say "Hey, I got $35k in my account, I could pay off everything and have zero debt", but then I'd have no income from the investment.  My friends either think I'm nuts, or they all of a sudden want to hitch their wagon to mine.  :)

Hey all!

I've been in the middle of a 4 SFH deal for months now, dealing with multiple banks, more crap than I care to remember, etc, etc. I cared about this deal because after it's all said and done, for my $32,000 + closing costs, I'll be earning around $1,700 per month net. I currently own 2 rentals (Sold one a few weeks ago to pay for this deal), and this was going to be my "catalyst" deal. At the moment, I'm earning around $500 a month net across both rentals I currently own. Respectable numbers by any measurement. If I had rolled my profits into another downpayment for my next place, it was going to take me quite a while (more than a year, not quite 2).

This deal brings my total net profits to around $2,200 per month, dropping my projected income replacement day by almost 2 full years!

This journey has been VERY trying at times.

My first commercial bank got bought out and would no longer loan to out of state investors.

My second bank wanted 25% down, plus 6 months worth of reserves for the properties, plus 6 months worth of reserves for my other properties, plus 6 months worth of reserves for my primary residence (even though it was a commercial loan), plus 6 months worth of my credit card payments, plus the tax returns of the seller, plus the lease agreements with the current tenants.

A third broker I was dealing with didn't understand for some reason I wanted it to be a commercial loan even though I repeatedly told him so.

A fourth banker finally got it, was responsive, and reasonable. They are the bank I'm using.

Finally got paperwork in today, signed, notarized, and sent off to FedEx about 2 hours ago.  As of tomorrow, this deal is done, closed, and I get my first rent payment on Saturday.  The houses are fully occupied.

So, all in all, it sucked at times, but with perseverance, it'll be worth it!

 :)  Thanks!  Have a good weekend!

 Yeah, I originally thought that when I first got into rentals.  I even went so far as to ask if he wants to get in on some deals, and benefit from what I've got set up and going.  He would always pass, and then turn around and buy a shiny object.  Usually an Apple product.  Now that he's seeing my success, and how my rentals are now equal to half my paycheck (after this deal closes here in a week), I think there's a hint of jealousy, and a lot of dismissal of my hard work.