All Forum Posts by: Chase Caudill

Hello I close on a a four unit in two weeks. I locked my interest rate and I understand you normally can't get out of that rate. However I'm just trying to see if there are any stipulations to get out of that locked rate? My appraisal came back low and the loan amount and down payment are now changing because of this. I'm hoping this can allow me to change my rate and snag a lower interest rate.Not sure if this is possible or not, but I can't find information on it anywhere. 

If the lease they provided is two years old that would worry you? I’m just trying to look at it from a legal point

Hello everyone, I have my first 4 plex under contract and I’m planning on house hacking it. Two of the units are supposedly on month to month leases. Tomorrow is my last day before I lose my earnest money and the owners haven’t provided proof of month to month leases. They provided the old lease that has expired, but no proof there is even a proper lease in place right now. This is a big red flag for me, I’ve asked multiple times and haven’t gotten anything back. Looking for advice. This is an A neighborhood if that helps. 

Hello everyone. I’m looking at getting a property in a smaller city with about 25,000 people in it. The deal on paper looks great. But in a couple of my real estate books I’ve read it stated that 1bed 1bath units have high vacancy rates and turn over tenants a lot. Does anyone have input on this topic? I would greatly appreciate it! 

no it would be from my personal savings for the down payment 

Purchase Price 147,000 with 25% downpayment 8 percent interest rate

Duplex that was built in 1920, but seems to be in good shape

Rents range from 1000-1150 per side, so I went conservative with total rents at 2100 total

vacant 6 percent

maintenance and cap ex 8 percent

property management 10 percent

water and sewage is around 150 dollars per month

taxes 1700 for the year

insurance got quoted at 680 for the year

Projected cash on cash return is around 12 percent 

am I missing some numbers to account for? please let me know what you guys think about the deal

 Thank you for your feedback! The rising interest rates does have me scared, so in 5 years who knows where they could be. I think if I put some money actually down on the property to get it to that 72k after five years might be my best move.

Thank you for your feedback! The rising interest rates does have me scared, so in 5 years who knows where they could be. I think if I put some money actually down on the property to get it to that 72k after five years might be my best move.

Hello everyone!

I have a seller financing question for everyone. I'm excited to get my first seller financing deal on the table, but it has some contingencies I'm just ignorant on. The break down they are offering is a 120,000 dollars 15 year fixed loan at 3.5 interest and zero down payment. The part I'm not sure about is, after 5 years they want me to pay the remaining balance on the loan through a different lender. Basically I would have a traditional loan for the remaining amount after five years. The main question I have is for the refinancing part could I switch it to a 30 year loan and would it require a 25 percent down payment? I just haven't done enough research on refinancing and seller financing to feel comfortable. I hope this all made sense. Any type of information would be great. Thanks everyone!

What interest rates seem to be fair right now? I keep getting quoted for 5.5 percent for multifamily properties. I know there are a lot of determining factors, but I feel its high. Everyone I follow says they are getting interest rates in the low fours. Im just wanting the lowest rates to make my numbers work better. Any advice would be great.

-chase