All Forum Posts by: Ali Clark

I have a seller who wants to sell four townhouses for $360k. He's not interested in owner financing but i really would like to grab the property. I have house backed but I never looked into if connected townhouses were eligible for an FHA house back. I feel like their independent deeds might give me some issues. Has anyone ever tried this idea?

Hi guys, 

I wanted to create a bit of a story time thread to help me understand the best way to build my rental portfolio. (Direct advice is also welcome). Currently I am house hacking a duplex and working toward purchasing two more, as I sell one of my single family residences.  I wanted to know you guys process for getting more mortgages and continuing building your portfolio. As I have read, there is an individual mortgage cap of three so I’d like some advice on how you guys structured your purchases so I don’t suddenly hit a brick wall that I didn’t see coming.
What did you do?

Can I message you? I think I can do it but i have no clue how to approach the bank with such a deal.  

 I thought about it for a few more seconds and it sounds genius! Request the seller to finance 10% then give the bank the adjusted price to finance 75%? That would definitely work on this property I think. 

 I think i’m playing checkers and you are playing chess. Can you break this down a little more for me? I’m not sure how I’d come one the two sources of debt. Do you mean after the seller financing or structure them at the same time? 

Hi all,

I’ll save you the details of why the property I am looking at works and get to the point. This is my first post so forgive me if I am not following the usual conventions or standards but I think I woke up with a good idea and I wanted to run the feasibility of it by experienced investors. 

Currently I am looking at purchasing an 8 Unit building in the state of Alabama. All financing options through banks require the ugly 25% down payment which I can just barely afford. This property happens to have an owner willing to owner finance however! I like the idea because I can put less down and have some cash left over for any problems that might arise down the road. The basic terms of the deal are: 15% down with a five year balloon and a 7% interest rate. 
My question is will I be able to refinance an 8 unit property easily after let’s say year one (which would save me the extra money down up front)? This would be my first commercial property purchase so I’m not sure of the usual conventions. I will be calling my bank to see what they’d advise as soon as I get back in the country but I figured I’d ask everyone here. 

Hey all,

So I just closed on my duplex that i’m owner occupying. I’m moving in right now but I’ve also been getting job offers to move out of state. I work as an engineer so it’s common for companies to ask you to move to some random remote location.  I was wondering if anyone had any experience leaving their recently purchased owner-occupancy for work. Does the bank usually give you a bit of problem with this? I think in the terms it specifies that I should stay there for a year but can there be flexibility if I have a new job?