All Forum Posts by: Luke G.

I have a lead on a house through my mailing campaign that my wife and I are considering purchasing for ourselves.  What I am curious about is the financing.

Say the agreed purchase price is $400k and house appraises for $500k.  Will the lender consider loaning on $500k and we keep the difference or is that unlikely?

If above option does not work, would it be beneficial to purchase the house with our cash and rest with hard/private money and then shortly after the cash purchase get a conventional mortgage on it?

Thank you!

Sounds like a solid plan. Good luck with the sale!

Hey Mike, I am new to the Asheville area however I have 5 years landlord experience from Illinois where I recently sold my rental. I am also on the look out for multifamily here as well. 

If you find something you are interested in, I will be more than happy to give you my "boots on the ground" opinion. I have been driving/learning the neighborhoods like a madman and it is one of those towns where 2 blocks one way or the other can mean A+ vs C- neighborhoods. 

I am also open to partnerships and love being a landlord. It is one of my strong qualities. I do also have my own capitol to invest so I am not looking for an unfair partnership ;)

Edit, since this is somewhat my own fear...I am a man of integrity and I would NEVER steal a deal from someone. If you wanted me to give you an opinion on a certain deal, nothing more. For what it is worth. 

Hey Keith Prescott That sounds like a very attainable goal. Please consider me for any properties that you are looking to pass up. My wife and I will be in Asheville by mid November for good!

Thank you guys for the kind replies! I will be sure to reach out after we settle in Jeremiah Bridges Don Harris

Hey Neal Little sorry to hear about the tough times but it sounds like you are getting through it. My wife and I will be settling in Asheville in November. I will reach out to connect once we are all moved in. Thanks!

Christian Cascone thank you for the restaurant recommendation. I think I love food more than passive income so I will definitely try it out!

517 e washington blvd lombard il 60148 The flip part was not the intended exit strategy as this was going to be our primary residence however even as a noobie I still had to get a decent deal. Purchased for $212,500 in 2014 Over the 2+ years invested around $60k Under contract for $302,500 Remaining mortgage of $193k We had 2 offers within 24 hours of listing and just signed the contract earlier in the day. All the maintenance, staging etc worked! Wish us luck that everything goes smoothly! As far as the networking...It was a hot day so I decided to get some oysters and while sitting at the bar, eating my dozen, I hear a gentlemen few seats over start talking about vacation rentals, corporate housing, and about the 30 day limit on vacation rentals in some cities. I sat there thinking I need to take action and introduce myself however a little voice full of excuses/justifications in the back of my mind was saying "not worth it, you are moving to NC shortly anyways, what good does it do to network with someone here in chicagoland." And then I snapped myself out of it and told myself that you always take action, do not pass up ANY opportunity. As he was finishing his sentence about the 30 day minimum I chimed in with a "the hotels are getting pissed off" followed by walking up and introducing myself. We immediately felt each other's energy and passion for the business. It did not matter that he was very experienced and I have only dabbled. He immediately ordered me a beer and we chatted for a few minutes and will be meeting up for dinner in the near future! Get out there guys and do not pass up any opportunity to speak with fellow investors and everyone in general. 2nd success story is my townhouse. I realized with the move to NC I would prefer to just liquidate every attachment I have to IL and start fresh after the move. I had a hurdle to overcome to be able to sell it. I have tenants in there on a lease until 2018 and it was keeping me "stuck" from selling it. With what I learned through BP, yesterday I offered them a $2k incentive to move out early and today we are signing a contract that I had my attorney prepare that has them vacating by 10/31/16! Since yesterday I have already scheduled a cleaning lady to clean tomorrow, staging to be performed Monday morning and Photos to be taken Monday afternoon. I am also meeting with my agent on Monday to go over the details and paperwork. Should be listed by mid next week! Purchase price $112k in 2011 Invested about $15k over the years PITI $909 Association $180 Rented for $1750 Estimated sale price $180k Remaining mortgage $86k The past few days have been so liberating and I have felt like I am on fire. I just had to share my joy with you guys! Did I mention I am also expecting to close on the sale of my business next week as well! Needless to say it is all happening baby!

Very good discussion here. I am also quite interested in the VR market in similar areas. Wife and I are moving to Asheville by 11/1 and looking to start searching for hidden gems. I will contact you guys once I am in town and can offer value.

Very inspiring read! I have made my decision. The closing of the sale of my business is around the corner, wife and I just received a above list offer on our sfr/live and flip here in Lombard, IL and in a couple short months we will be moving to Asheville, NC. I am excited and nervous about the full time real estate venture ahead! All good feelings and vibes!