All Forum Posts by: Chris Davidson

@Patty Nisbet congrats on taking the leap. Hopefully a little less won't ruin your plans. I would just get it posted asap, and in the meantime be doing market research to figure out what will be an appropriate price. Being close to a hospital and far from downtown would make me think MTR could be better over STR.

Check out Furnished finder, Facebook, Zillow, AirBNB, VRBO, and what ever else might be possible. Figure out your market and rates before you try direct bookings. Advertising on platforms will give you good feedback on how many are seeing the ad and price point where direct bookings will take more effort on your part marketing, and could be an option once you understand all the legal components and processes.

Keep crushing it!

@Jacob Munson way to plan ahead! It sounds like you are going to be on the right path. Save as much as you can as having more funds will give you more flexibility. Prices will change, but with the long lead time you have really start tracking the area and see which parts are trending the direction you want and will have the properties you are looking for. 

Don't worry about loan type right now you are two years out just get funds built up. If you are going 2 or less units I would avoid FHA incase you want to use it for a quad later you wouldn't have to refi it. With 200k salary and two years to build up your funds you should be in a good spot and be able to float a owner occupied conventional.

Keep crushing it!

@Garrison Pelfree find the nastiest property in the nicest area you can afford to get and fix up. Turn it into one of the nicest houses and move on to the next after a couple years and sell before you lose the two out of 5 exemption, and roll those tax free funds into another project.

@Timothy Heck if your mother wants to hold/ carry a note she can do seller financing. That just means she isn't going to get the full purchase price at closing. However she will get it according to the terms that are agreed upon. You could reach out to a local credit union and see if they have loan product for it. If wells turned your buyer down it is either your buyer or non financeable condo for fannie and freddie products. 

Hope that helps!

@David Dokter really will depend on you, your assets, skills, and goals as to what is the best way forward. 

Either way gather info on all of the above and start eliminating options that don't make sense or fit your goals. If you can't eliminate anything you probably aren't being honest. However if you can do anything pick which will have the highest return for shortest time or capital outlay which ever fits your goals.

Best of luck!

@Dan Pryde reach out to who ever is going to handle closing. Either title or an attorney will and they should be able to point you in the right direction. Also some of these have long term escrow departments and they can assist with handling of funds.

Way to make it happen!

@Ryan Vaughn you have any agents in the area you want this? Otherwise use a third party if looking for the whole state as this would be different MLS's

Best of luck!

@Jon Martin like others posted in the thread yes with zero down the seller gets nothing, and in reality pays to give you the property on debt unless you pay all closing cost. But like @Steve Vaughan said these are unicorns and if you want to make progress save up a bit and put a little down and make things happen. You also will have a better cushion and buffer for when things go sideways.

Cheers!

@Darien Miller-Gowan if the balloon is in 5 years you would refi it just like any other refi. The new bank will pay off first position (they seller carrying the note or who ever they sold it to), and then take a new first position. The payout will depend on what was agreed to but most common is the principal balance.

Yes you can still get second position debt (HELOC and home equity loans). Don't over think seller financing, it is nothing more than a 1st position lien. (unless they are carrying in a second position.)

Best of luck!

@Jonathan Lauren Montgomery most sellers are looking for all cash. Very few are open to carrying notes. If a buyer gets a loan the seller still gets the cash it just comes from more than one source.

Don't get hung up on what people say but more or less on what they mean.

Best of luck!