All Forum Posts by: Brett K.

I know this because I was an appraiser for 16 years.  

Mahmoud,

You don't want to use SFR properties as comps for multi-family. You need to use other multi-family properties. Preferably with the same number of units, build quality, and salient features (e.g. separately metered).

Edwin, 

I'm not sure I can help because I don't know what 'cashed off' means.  In my market I've seen people develop relationships with other investors who will partner on deals.  I've seen people use "private money" meaning they are borrowing money, usually for 6 months to a year, from an individual and then they get a bank to refinance the property to pay off the 'private money'.  A good hard money lender can help get your momentum going too.  

Road trip!

Peter,

I don't see the light at the end of the tunnel on this one.  I could be wrong and I'd love to hear another perspective.  

Can you acquire a home if the owner has filed for Chapter 13?  It's possible but you can't hide from the courts.  When title is pulled the pending litigation will be discovered and there won't be a transfer of ownership until it's approved by the court, administrator, etc. 

Does it matter if the property becomes a short sale?  This implies the owner will sell the property for less than the mortgage balance.  This would be a good time to step in to try to buy the property outright if the price is right.  If you were "subject to" in this scenario, well it would be awkward.  Did you record your interest at the courthouse?  

  "Would the only reason a bank may call the loan due is if the property potentially can sell on a short sale for more than what’s owed on the principal?"   OK, there's a contradiction in your question but I think I understand.  The lender is going to call the note due if the owner falls behind on the payments.  The 'rules' are spelled out in the mortgage but they usually try to work with a borrower that seems to earnestly want to catch up on payments and has the means.  They don't only foreclose when they can recapture the balance of the mortgage.  Often the lender takes a financial loss too. 

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I am.   Thanks for asking David.  

Welcome to BP.  It's a great community. 

I agree with your hesitation on Portland.  Here's a good discussion from a few months ago -  Louisville's Portland neighborhood

I like Mike's thesis.  Thanks for sharing. 

A year from now you'll wish you had started investing 10 years earlier. I have to agree with Mathew that you make your money when you buy.  And Walter's warning to price property like an investor (and not a contractor) is valuable.  I've also seen contractor's buy a property and then get too busy to start on it or they try to work on it between jobs.  The problem with that model is that the carrying costs can significantly eat into your profits.  

Jordan mentioned KREIA and I concur but you should also come out to one of my meetups if you get a chance.   They are much smaller but the networking is great.

Thanks a million for the perspective.   It makes more sense now.