All Forum Posts by: Philip L.

 How are these holding up, I spoke with lowes customer service today and they said they will last 15 years but looking online it is suggested that furniture board only lasts 5 years max

@Wendy Patton Hi Wendy yes if you could give me some names and numbers I will give them a call thank you that would be very helpful 

@Jason Bott thanks for getting back to me I appreciate it

@Jason Bott - the one today was - $110,000 coverage - location is Fort Gratiot MI - $2000 deductible 
Landlord insurance no content I have the renters put my LLC on their policy

Currently my insurance cost for each house is around $800 year, called around today but couldn't find anything cheaper 

Any top tips for reducing the cost of insurance I currently have 3 SFH in Michigan

Thanks @Kenneth Garrett

Yesterday I agreed to purchase a house in Michigan sale price is $110,000

The seller is asking that I pay $40,000 upfront to eliminate the current mortgage then the remainder $70,000 on seller finance for four years 
can be longer as the seller likes the idea of a regular income.

The seller doesn't want any connection to the house and ideally wants to be just a lender. We talked about what else could be used as collateral and I suggested my business but I am not sure how to structure the deal.

I currently have an LLC that has:
1 rental with $80,000 equity  
$26,000 cash in the bank
+ if we do this deal a property valued around $110,000 

I'm thinking that I could draft a promissory note from the business that states the agreed terms 
Or should it be the seller owns a % of the business until the $70,000 is paid in full

Would love to know everyone's opinion of the best way forward.

@Carl Millsap yes it is an investment property - thanks for replying its been very helpful

I have the option to buy a house as follows 

Sale price $110,000
$40,000 Down
$70,000 loan

The seller says he is happy to fiance the $70,000 at 7% this is fine by me but what is the best way to structure this deal? or maybe the question is what are the options?
The seller has suggested a land contract as he would then have the house as collateral if we defaulted on the payments.

Any help with this would be highly appreciated 

Hey @Felix Torres setting up facebook ads and getting quality leads is the easy part for me as I do social media marketing for a living - if you can convert the leads into sales this would work well for you, if your still trying to find your first few deals then it might be cheaper to drive for dollars to get started.