All Forum Posts by: Chris Davidson

@Andrew Rohach you can get a second but terms aren't going to be great, you can sale entirely or sale a portion of it by bringing on a silent partner. If you are trying to get the best rates and terms you usually handicap your access to equity if terms are no longer favorable. 

I'd push back and ask does the 4.25% rate really make a difference? What do numbers look like with 7% is it completely bad or just not as good...

Best of luck!

 That is great! Go after it and make it happen hope it goes smoother than expected.

@Dillon Heinaman lenders are still doing FHA on small multi's but there is the self sufficiency test it must pass. Depending on your market and how rates are looking this may not be realistic.

I would work on your strategy and see what fits you best long term. A college rental may make numbers work day one better, but if you aren't wanting to do student rentals long term it doesn't make sense. I would plan out a path and see what is going to help you get there the fastest.

Best of luck! 

@Hilary Granson is the owner up to a creative deal? Could you lock it up for 300k with a really delayed close for when you would have the 10% down. 
Is the deal good enough to bring a partner on. Can you find some funds else where?

Best of luck!

@Emil Kostov yes you can still find them. Also if you are just about to close a refi might make more sense given you aren't going to have a low rate on a 1st. Also some lenders are doing 1st with a discount on the refi (these might just be rate and term and not cashout). Best is just go to the source as it is can change quickly and just be ready to adapt.
Keep after it!

@Account Closed looks like an awesome plan. Does it work? Is it zoned correctly and have the right setbacks? What about financing this is a large project can you get it paid for and cover the carrying cost before cash inflows start, or should you break it into sections and slowly do it. 

If you are just doing rent by the room almost with divisions it who knows how zoning will be, but don't forget about the exit you might have to pull the house back apart to get the most out of it on the exit.

Keep up the creativity! 

@Kaydin Vernon and @Karen Chow work on figuring out your goals and then needs for the house hack. Spending years looking for the perfect deal could just slow you down.  

Small multifamily is the cleanest forum, but also some of the hardest to get into. What a single family with an ADU or option to add an ADU easily be a good start. Is RV or Boat storage big in your area and could add a some income from just a larger lot.

Most importantly like @Zac Lindquist mentioned check out your counties tenant laws as a good deal can go sour quickly with bad management. 

@Dannielle Givens it can have an impact if it is a really weird spot, but usually the front or back isn't one that will effect it. If it is a larger lot, and can be split that would have a greater impact on value but in the positive direction.

Keep crushing it!

@Brandon Ruder line up all the pieces and take it down. Doing a partnership with someone you don't know that is already looking at back up plans may not end well. 

 If you are selling it to them yes. Other wise you aren't completing the sale.