All Forum Posts by: Clay Smith

you can always get a master lease and sandwich it. You can manage it if the owner "leases" it to you and you sublet.

Find an investor with five turn key rentals. Have a bank finance 75 to 80% of a purchase. Have the seller carry back your down payment as a second mortgage. Now you have five cash flowing rental. Make sure you can manage the debt. The bank might want money in the account for 3 months payments. Or, 5% down from you. Get creative. Have seller give you cash at close for "repairs". Use that as operational funds. This will only work with small local banks doing 5 year arms. Not the big banks.

LG&E has a landlord program to prevent utility shut off when tenant cancels a service. Here are some helpful websites for you.

https://ky.joportal.com/License/Search

http://portal.louisvilleky.gov/codesandregs/mainse...

https://louisvilleky.gov/government/public-works

http://www.jeffersoncountyclerk.org/land-records.a...

http://www.msdlouky.org/programs/crssite/fpindex.h...

I had to pay to get into the built pva. Unless you have an agent, bank/lender, or inspector with access. 

In Shelbyville I would want a better price than compared to Louisville. Less buyers means higher DOM, old homes cost more to fix. Might have to use different/new contractors.

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Metal - old tags

Louisville, KY. 

Just really putting this out there for people I already know. I have been scaling up and now have room to work with another private lender. If you have 80k or more and are interested in working with us, we would like to walk you how our process works.

If you are new to Real Estate Lending that's OK as well. We will work with you to explain away the risk; and provide references. 

went good. There are 5 people participating. We have all the scope of work's created, 2  budgets done, and work has begins on Jan 10th for one of the projects.

This is a mentorship/apprentice opportunity. I have three flip houses and therefore can take on 3 apprentices. 

Work starts Monday the 26th. We complete a scope of work, make a budget, and a materials list to present to our private lender. 

One at 10am (Germantown), 12:30pm (Beachmont) , and 3pm (PRP). I will show you how it is done.

You are required to use Excel, Lowes.com, Dropbox, and the Internet to compile costs, item#'s, and a scope of work. Requires a camera/phone, computer access, flashlight, measuring tape, vehicle, and pen & paper.

I am putting you to work for free. I will provide a list of repairs, you will put it together, and in return you can be a part of a flip from start to finish. You will see a budget, scope of work, order of operations, be able to ask questions, and build a resume. In the end you will have a completed project to show lenders your experience.

Week 1 will take 4 to 6 hrs of work. 1.5hr on site, the rest at home. The following weeks may involve running materials, meeting contractors, or being involved in project management. Not required to do physical labor.

Contact me if you want to be a part of a flip. Must be available and make time. I am not promising full time work or pay. I am completely taking advantage of the fact you are new or wanting to learn.

Message for details and I will reach out by phone.

I would offer her....

1)  0 down, you fix property and sell. You keep profit, she gets 40k or more.

2) wholesale it

3) buy outright, fix, rent, finance out of it.

For me, a contract for deed is only worth pursuing if one condition is met.

Assuming the property is rentable or will be made so; IF (REPAIRS + DEPOSIT + DOWN PAYMENT) < (BANK REQUIRED DOWN PAYMENT + REPAIRS + CLOSING COSTS) then it is a deal.

What does this look like? Generally the property needs to be in good condition. Typical distressed sellers are because house is rental grade finishes, long DOM on MLS and unable to sell, or tired/unwilling landlord.

Low money down. Generally I want to put down less than I would using a bank. We have a local bank at 10%, everyone else requires 20%. Use whatever figure is relevant to you. So for this house, 8k (20%) at a bank would buy me a 40k house. Add 1k for closing with appraisal costs. 

If it is a non-performing asset, and needs 10.5k like your above scenario it is better as a wholesale or cash purchase. Renovate, make it perform again, and then finance it.

I find very few contract for deed opportunities land in your lap without looking for or recognizing one immediatley.