All Forum Posts by: Chase Luckett

Hello, I am 22 years old and negotiating my first real estate investment. I live in Owensboro, KY. I have some questions that I would love feedback on.

My grandparents own a rental property and I am negotiating buying it from them through seller-financing. Because I read How to Invest in Real Estate With Little to No Money Down, I know that the only down fall to seller financing is the due on sale clause. However, my grandparents have the home paid off and their only worry is the monthly rent they were getting to pay some bills. That number is $800/month.

Details on the home: 1580 square feet, 2 bed & 2 bath, they were charging the previous tenant $750/month (too generous in this market I know)

Expenses: $335/mo on utilities & $800/mo on the mortgage

Questions:

1. What is the best way to find comparable rent rates?

2. I have a friend and his girlfriend that are starting a family that want to live there. Is friends and family discount viable? I do have other options for tenants.

3. Is it better to include the utilities with the rent or for me to pay them out of my pocket?

Those are my main questions as of now.

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Originally posted by @Rob Bergeron:

Originally posted by @Chase Luckett:

Originally posted by @Rob Bergeron:

Harry Borders is a great resource. I work with a lot of wholesalers. Lots of ways to do it within legal parameters.

I have reached out to him. How do you help wholesalers?

I have a site called The Louisville Network for wholesalers to send out their assignable contracts.

Awesome, I am looking into it along with bookmarking it now.

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Originally posted by @Rob Bergeron:

Harry Borders is a great resource. I work with a lot of wholesalers. Lots of ways to do it within legal parameters.

I have reached out to him. How do you help wholesalers?

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Originally posted by @Kevin Hart:

@Chase Luckett wholesaling is legal in KY if done the right way. As long as you have the property under contract and make it clear that you are marketing an "assignable contract", you will be golden. Just don't be like some of these guys around here who are just trying to market other people's deals or they are trying to market properties off the MLS. That will get you shut down pretty quick by the real estate commission. Also, in my experience, traditional residential realtors, who are not investors themselves, tent to not like wholesalers.

I understand better now! That also makes sense why traditional residential realtors wouldn't like wholesalers. Thank you for the information.

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Originally posted by @Stan Holmes:

@Chase Luckett I really have not looked into wholesaling here in Kentucky. I think the first place to start that conversation is with a Attorney. They should be able to answer that question better for us.

Thank you for the information!

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I am curious as to the legality of wholesaling in Kentucky. Is it legal and do I need a business license in order to not run into any legal trouble? Also I would love to chat with anyone who has wholesaling/real estate investing experience in Kentucky. Realtors I have talked to seem to be squeamish about wholesaling. They were older so I guess that plays part in their responses. Any help would be great thank you!

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All Forum Posts by: Chase Luckett

Chase Luckett has started 2 posts and replied 6 times.

Post: First Deal Questions

Post: Realtors with wholesaling experience in Kentucky?

Post: Realtors with wholesaling experience in Kentucky?

Post: Realtors with wholesaling experience in Kentucky?

Post: Realtors with wholesaling experience in Kentucky?

Post: Realtors with wholesaling experience in Kentucky?