All Forum Posts by: Tanner Sherman

I purchased a home for BRRR, took a loan out on it. It's cash flowing $400/mo, and we just received our first month rent. We want to move it to my wife's LLC, and out of our personal assets, this was purchased for her growing REI business. How long do we have to hold it before we can take out a loan based on the cash flow of the home and move it to her LLC?

@George Paquette

I have found with seller financing that the owner usually has an important item that they are focusing on; it could be the price, down payment or interest rate. I would feel them out and see what they are most focused on and build the deal around that. 

For example; the price is $300k but talk to them about putting down x% as a down payment and y% for an interest rate and see how they respond. If the property has minimal deferred maintenance; I would shoot for 5%-15% down and a term of 10+ years (see how long they will go) with no pre-payment penalty. If the property needs serious attention; I would try and deduct this amount from the down payment and tell them that you will put a clause in the contract that states the work will be completed within x months.

I am looking at a property to BRRRR for $300k and I threw it out to the owner to owner finance it. She said yes and for what terms? I wanted to get some ideas that people have received for owner-financing and to see if you would share the terms?

@Marcus Auerbach thank you again Marcus for your thoughts. If you happen to know PM or RE agent in Omaha, I would appreciate you sharing. Thanks again. 

@Tanner Sherman I'm getting $550 for 3 years plus $850 set up fee.  The location is right by the major military base in my area.  It is very prominent, but since it's considered a rural location the cost is less than half of what it would be in town.  I've done some polling of military members and more than half respondents were able to tell me what the current featured advertiser is at that location.  Also, there are no other visual distractions nearby.  I noticed in town, that the concentration of advertising is overwhelming. I think this spot's an opportunity. I'm going to go for it!

@Sam Romain I know you're right. I'm going to start with this one and add on more locations along the same path.  When driving into Minneapolis, I noticed Kris Lindahl had dozens of billboards on the interstate I was traveling on. It caught my attention!