All Forum Posts by: Brad Hammond

Hey @Account Closed, I think your best bet is to talk with the owner directly.  If he would be willing to owner finance for a few years, that might be your best option. Ask him what he needs and craft an offer that exceeds his needs/wants.  

Hey @Niklas Hilmoe, I'm not a flipper though I represent them. As an agent, I can tell you that homes on busy streets or frontage roads are more difficult to sell. Since markets are cooling down, you might want to factor that into the ARV.

@Jeff Pollock, you might be better off looking just outside Portland city limits since the rules are more relaxed.  

Hi @Rachel Verdoorn, I don't use an online application because I haven't found one that asks the right questions to me.  For example, I want to know if the applicant smokes/vapes, and has ever had an eviction filed upon them.  I think it would be helpful to add custom questions to an application.  Not sure if that is possible but that is my experience.  

Hey @Michael A Silva-Sampaio, the lender isn't going to knock on your door to make sure you are living there.  I think that as long as you have the intent to have that property as your primary residence, that should be fine.  I would make sure that you have all the utilities in your name and have the house hacking address as your primary address.  There might be something in the loan docs stating you need to be present for X amount of days but your lender would need to care and prove that you were not.  

Hi Kayla, that's a bummer about your house.  If you are at all thinking about selling, now might be a good time.  Since it is very much a seller's market right now, slightly less desirable properties will sell better now than they will in a buyer's market.  

To answer your question, if your plan is to rehab the property, I would recommend doing it within driving distance so you can keep an eye on it.  Yes, you can totally manage a rehab remotely but it is a little harder.  Plus, the appreciation you will get out here will eclipse any cash flow you get from cheaper markets. 

Hey @Hunter Stubbs.  203K loans sound great on paper but they do have some issues.  

1. In this seller's market, if there are multiple offers, a 203k loan will not be as strong as a conventional loan.  

2. All the work needs to be done by a licensed contractor.  

3. Most contractors won't want to do 203k work because there is more paperwork and they don't get paid till the end of the project.  Maybe your lender has a list of contractors they've worked with in the past.

4. Not all lenders do 203k loans because they are more work and take longer to close.  

Hey @Robert Hart, thank you for your service!  There are a lot of nuances to house hacking a multi-family property.  That is what I specialize in and I would be happy to talk about it with you.  Message me if you want to jump on a Zoom call. 

Hey @Adrian Lopez, check out airdna.com and see what your property would pull in.  Once you have that info you can compare it with another investment option.  

I think the work of selling the property should be compensated separately from the deal itself.  I think that negotiating a lower commission from the agent would be fair for everyone though.