All Forum Posts by: Christian Ehlers

You'd probably need a DSCR loan or portfolio lender for this but to be completely honest I'm not 100% sure on this. The other option could be seller financing if they will entertain it, but it's obviously not for every seller.

 You don't need to draft the note yourself, that's what the Title Company/Closing Attorney is for as they do this pretty often. All you need is to give them the seller financing terms (Price, Down Payment, Interest Rate, Length of Term, and anything else you've agreed to with the seller) and they will handle the paperwork side of things.  

The One Brokerage just got better terms for their investment property HELOC's could be worth giving them a shout. This is David Greene's (host of the bigger pockets podcast) lending company

@Kelby Schimming I Agree with @Scott E. here. Ideally you would ask him what terms he wants first (Purchase Price, Down Payment, Interest Rate, Length of Term) and see what he says. The overall picture is important and knowing what he wants and how long he wants to finance for is extremely helpful. 

If he won't go first don't be afraid to go low. If price is most important give him his price and a lower interest rate that makes the deal work. 0% likely won't work for any experienced investor, but perhaps start at 3-4% and go from there. 

If he wants terms that make no sense, use the famous quote from Chris Voss's book "Never Split the Difference" and ask him "How am I supposed to do that when_________?" When It won't cashflow, when I don't have that much downpayment, when I need to do renovations, etc.    

Have him help you solve YOUR problem while negotiating. Hope this helps. 

Good luck with everything Jeremy, you'll do well!

As others have said yes you can do 10% down 2nd home loan, that's how I got started investing out of state. Not sure what your goals are but if it's for investment purposes I'd look to your own backyard first and or househack if possible or if you haven't already. 

A great first step is househacking if you are willing to do it. I would also define what type of property you are looking for based on your goals and strategy and connect with other investors to help answer your questions along the way

If you're not sure if you will qualify for a loan the first step is to simply ask a lender and have them figure that out for you. If you don't qualify for as much as you need be sure to ask what you need to do to improve your preapproval amount. That will give you a starting point

This is a solid first deal. Don't worry about the $15K on the purchase price, you and your tenant are paying that $15K off over the course of 30 years. You got a brand new roof (usually a large CapEx item you would have to pay for) a duplex that will Cashflow once you move out, and a ton of experience that you have and will continue to gain along the way. Seems like a good one to keep moving forward on, gain experience and continue learning so you are ready for your next deal down the road

A servicing company for the loan might be able to help with this, I would be sure to determine how extra payments will work with the buyer beforehand. I would agree with Amir on this one