All Forum Posts by: Shawn Thom

I love owner finance, but not knowing the conditions of your underlying loan I can't advise you do it.  Do you have a due on sale clause in your loan?

+1 for erentpayments.  Only thing I don't like about them is that they don't remind you when the last scheduled payment is pending. You have to remember to extend it yourself (or maybe I'm missing something).  Other than that, its awesome.

@Lisa Foreman  I agree.  I believe Dave's classes and book are more designed for debt abusers and those that could not control their spending.  Once being there, what I learned from him was freeing.  Having taught it I saw people who were in the same position I was originally in.  If they applied his principles, they got on a path to better financial stewardship. Once you learn how to manage money and debt, debt is now one of many tools you use.  I have to keep myself in check often as I always want something that is a little outside of my financial grasp.  Darn those new shiny objects that try to convince me they need to live in my garage.

You didn't mention if this rental lot had a house on it already or if it was just a lot.

I think a vacation place is something you do after you have a few income producing rentals under your belt.

I am trying to set myself up to be prepped for a vacation place when the market turns.  From my experience 2nd homes (vacation areas) are the first to go when economy turns.

If you use hard money say it's a loan.

I've never found an independent bank in Dallas area that didn't have some sort of program for LLC. I do not call credit unions or big banks like chase/capital one. You need to call small banks and ask for their portfolio lender. Some will have floating terms and a few will lock it in for a while. I've never found a 30 year fixed.

Drive up and down 635 and/or Preston and call every bank you see.  I know of 5.

Your in Dallas, finding a portfolio lender for your needs is not hard. Drive down 635 and call ever multi story bank that's not a big bank like bank one etc.

If I'm getting a good deal I don't care what my wholesaler makes. I do care if he is pushing a 70% deal into an 80% deal because he is getting greedy and pushing up price because he thinks he can get away with it. You didn't mention projected rehab cost but if the end buyer is truly a business person, it may not matter.

If nothing else a generic remodeling permit will be required.

on your first question, for your first flip, i'd stay awy from a full gut.  I think it would be pretty easy to underestimate the amount of work and time it would take you.