All Forum Posts by: Bob Willis

I assume this is a short term rental? If so I have someone in that area that could help you. Feel free to message me. I use this person for my STR near that area.

Why not keep the law office in place? I would think that would be a more stable, long term tenant.

The requirements for lenders who lend to owner occupied properties are much more stringent. That's why you see HML who only work with investment properties. Two entirely different worlds. Are there some that do both, probably.

Who's telling you you don't have time? Stop listening to that person. House hacking does not take a lot of time, finding roommates and collecting rent. If you don't have time for that you don't have time for going to the movies, reading a book, working out. 

Can you use private money or hard money lenders for this? Or are they not willing to do this? Also, what are the plans, are you going to sell after rehab, or rent? 

Yeah what @Ned Carey said about private lender is what I have thought, someone you had a previous, personal relationship of some kind with. But I do get the sentiment of the original post.

 It's 5.59%

I am looking at an 8 unit apt building. The seller is willing to finance at 4%, interest only for two years (this is at 65% LTV). Can anyone share what kind of current rates and terms they are seeing? Just wondering if it is worth looking around and lock something in from a traditional lender for a bit longer. Thanks.

I had someone reply to a thread I was on a while back who only invested in new builds. The strategy being there is little to no capital expenditure in the first few years. They were able to buy condos (I believe) that cash-flowed for them from the beginning. I think the key to that is finding the areas where you can do this. I think even with turnkey purchases there is danger in potential large capital expenditures with things like HVAC. I bought a turnkey completely remodeled place in 2019 and spent $7,200 last summer on a new AC for it.

Funny you posted this, I was just thinking about this the other day. It seems to me that you need to be someone out there hustling for leads, with a good website, and it appears ChatGBT agrees (for the most part).