All Forum Posts by: Chris Mackinlay

Hello BP.

I would like to bring in a partner to cover the 20% down for the property acquisition. I would carry the mortgage in my name (80%). 

How would I go about setting something like this up?

Google has not been my friend in this. 

I just spoke with the city planning department. It's only a 2 unit. No renting of the 3rd unit allowed. 

Hello BP!

I found a Duplex with a separate efficiency apartment on the property.

Plan was to buy and rent all 3 units out.

After looking at zoning laws, I don't think I can because it specifically says I can't lease an accessory building separate from the principal residence.

What can I do with this accessory building if I choose to purchase this property? It already has a kitchen and bathroom.

Thank you. I appreciate all of your wisdom.

@Sadrud-Din Williams

Netflix and Amazon Video.

My recent experience has been frustrating because I keep finding houses that might cash flow or build equity if I'm willing to be nonpragmatic.

What I am learning is that financing makes deals happen and it's difficult to start out because to find a great deal might take analyzing 500 opportunities before one makes sense. It wears a man down.

 What is a demon meter?

 I'll check that out. Good advice! Thank you.

Hello,

I have a weird problem.

There is a triplex I want to acquire. I think it's worth going after. I called the current property manager and asked some questions. It hasn't sold for quite a while because every accepted offer has failed because of lack of comps, ie no lender wants to touch it.

There is no way I'll be able to pay cash for it at this stage.

Any creative ideas to make a financing offer attractive to the seller?

I plan to speak to a local lender tomorrow and see what they can/will do.

Thank you for any suggestions!

Hi there.

I've been analyzing lots of multifamily houses. What keeps killing the profit are the utilities. Many of the properties have only one meter for electrical or water.

Have any of you had success with tenants splitting the bills 50/50?

How is that explained to the tenants?

Thanks!

Hello. Looking at purchasing my first investment property that's not a house hack.

Met with the realtor and viewed the property. There is 0% chance of getting a mortgage on it due to condition.

I am struggling with the proof of funds. I will need to borrow the cash to make the transaction happen.

I have a friend who is willing to take out a small business loan to fund the purchase.

I'm not sure how this would qualify as proof of funds to the seller.

Option 2 would be to get a pre-approval letter of sorts from a local credit union. Would such a letter qualify as proof of funding for this purchase. To be clear, there will be no mortgage, just this loan.

I'm trying to get an offer on the table Monday morning.

Thanks!