All Forum Posts by: Nate T.

Make sure to check out how "landlord friendly" a state is before investing there. Some states make evictions very difficult.

My wife got a NACA loan. It was a long and tedious process. She had great credit and income and it still took 9 months! But the loan was great -- $0 down, $0 closing costs, low interest rate (slightly lower than market).

There are no income limits, which is amazing, but in order to qualify you can't have any ownership in any other properties whatsoever.

If the rent is legitimately $1100/mo or more I'd say that's a decent deal. But do check on HOA rules regarding renting. There may be a reason you don't see other rentals in the area.

If you're pretty sure you want to refi in one year, then take the max interest rate up front so your closing costs are minimized. Otherwise you will have 2 sets of hefty closing costs which is painful.

I have purchased properties for HIGHER than retail a number of times. Why? Because I could buy subject-to or with seller financing, and get great cash flow. Guess what, the sky did not fall. I knew I would have to hold long term but that's what I wanted to do anyway.

There's nothing wrong with paying full retail as long as the terms fit your needs.

I never do showings and never do open houses. I give out a lockbox code to potential tenants after a verbal pre qual and after they text me a photo of their ID.

If you're not comfortable with that, then as previously suggested set all appointments for the same time on the same day.

I don't believe there is an exclusion for mortgage interest when sending out 1099-INTs. If you read the IRS instructions it says to send them to anyone to whom you paid $10 or more in interest. There is an exemption for corporations, which is why you don't have to send one to Wells Fargo for your mortgage interest. But for a private lender I believe you do have to send them. And your private lenders are not likely to send you 1098s, unless they are professional lenders.

 There are a lot of bad property managers in Phoenix. I have had some really bad experiences as well, and now I manage my own properties. But there is one property manager that I feel good about referring. Feel free to contact me if interested.

I remember when the Phoenix market doubled in 4 years, about 10 years ago. I really wish I had sold all my properties at that time. I don't know anything about the Colorado markets, but that kind of appreciation is not sustainable, and what goes up does actually come down, despite the usual euphoria to the contrary.

I did evictions myself for a few years, but looking back that was very inefficient because attorneys only charge $125 here in Arizona, plus the court costs. Total cost for the whole process is about $225 and then another $113 if we have to get the constable out to remove the tenant. Hopefully Maryland isn't too much more.

Thanks @Brian Gibbons and @Bill Gulley!

I am not interested in being exempt.  I have used a licensed originator for the seller financed loans I've done.  I'm just trying to understand the rules, which seems pretty difficult at this point.

I am considering getting a mortgage license to be able to process my own seller financed loans.  Good idea? Bad idea?

I'm also interested in finding out more about the TIC solution that you mentioned in another thread (Bill). Is there somewhere I can find out more details on that?