All Forum Posts by: Phil Morgan

If I was stil in town we could go to Lefthand and think it over lol 

That’s what I thought too but I was searching the transcripts and didn’t see him talking about giving the seller 3 options. I’ll have to listen to it and see. 

I have been searching like crazy and I feel like I am making things up now.  Awhile ago I heard a podcast with someone who said they did almost every deal with owner finance and always gave the seller 3 options.  First was a cash offer second was a partial finance offer and third was a full seller finance offer at their asking price.  I know this was touched on briefly on the last podcast but that was what made me think of it.  Now I have been searching and can't find that podcast and cannot remember who the guest was.  Any help here??

@Andrew Postell Thank you for the reply. I have a bunch of 1-4 unit properties and a couple 8 unit buildings that I am looking to put together into one portfolio loan. Up to this point I have financed all of them with 53rd with conventional loans using myself and my partner as guarantors on all of them.  We are looking to put them together and obtain a non-recourse portfolio loan and have the properties stand on their own and not on our back.  This is the situation we are looking at right now.  Does this make sense to you? 

Thanks

Is a non-recourse portfolio loan a thing? I am asking because I have a few buildings that we purchased using normal bank financing which that we would like to transfer into a portfolio loan. I know non-resource only applies to larger loans but since this group of properties total over a million dollars it might quality. Has anyone does this before?

Geez, what neighborhood is this in? I’ll have to reinforce this with my tenants. 

Hello, looking to talk to any local investors using funds from a self directed IRA. This is a strategy that interests me but I want to sit down with someone who has done it successfully instead of just hearing a sales pitch from someone wanting to set it up for me. Looking to either use it to finance flips or for buy and hold. I have a partner with a large 401k that we are looking to use in the business but not sure where it would make the most sense. Is this a strategy that anyone on here is using on a regular basis? Would you be willing to chat about it over drinks? Please reach out!

Thanks 

Check comps in the area, this will give you a good idea. Based on my 5min searching on apartments.com in Lynhurst, I noticed more than half of the SFH listed had AC so I would definitely pull the trigger. It's a big selling point for a lot of people and they most likely will pay a little extra for the convenience.

Welcome Mike!

Watch what parts of Lorain you invest in, some are pretty bad.  Do some market research and drive the area before you waste time working  a deal that will come back to bite you.  You may have to expand your area or raise your budget a little to get properties that won't consume all of your time.  I have property in Amherst but I also invest in areas like Parma, and Wadsworth where I don't lose sleep worrying about my tenants.

I enjoyed the first few webinars I saw and being a pro member I can still find some that are helpful.  The issues I had were that, as someone stated above, there is a lot of time spent thanking people for "likes" and "shares" and funny beard comments that it takes away from the content.  

Also the webinars are almost always geared towards first time buyers and investors.  You can only do so many how to by your first deal or what to know before you buy your first deal webinars.  After doing a couple deals I slowly fell away from the webinars and focused on the podcasts where they interview people who have had success already, not people looking to start.