All Forum Posts by: Cody Wageman

Hey @Jordan Alexander. Thanks for the input. We got the agreement changed so we own the property now. We didn’t like that option they originally offered and we got the regular financed deal like you mentioned here. If all goes well we officially close next week

Hoping someone can help us with a potential opportunity that came our way. We have been under contract for a property and going back and forth with the seller on some terms and financing. Just yesterday he proposed potentially doing a seller financing option that sounds pretty good for both parties. The big concern is he says the contract is a “contract for deed”. We are not sure what that means or if that is the common way or only way to go about a seller financing option. The guy has been pretty good to work but we want to make sure this is potentially the right way to contract this if we go this route. 

Is there tax issues/ramifications if we do this? 

Is there issues if the seller for some reason has financial hardships or something that could adversely affect us?

this is definitely a new world to us so we are trying to get as much information as we can and we appreciate any information you can all provide. These forums have been super helpful and we’ve met some great people here.  Thank you for any information or guidance you can give us. 

Thanks @Sara Levy-Lambert I'll check these out.

Hey all,

This forum has been super helpful for me and we are working our way forward with a STR right now but my question is, is there a site like Airdna for LTR? The few things I've seen seems like I can put in a specific property and get a little data but not just see an entire area. Admittedly I may just be missing the info. I would like to work towards getting some long term rentals going as well. Thanks I'm advance for any advice or suggestions you have.

Hey @Jay Hurst and @Peter Mckernan. Thank you for the information. This is what I expected I just wanted to see how that process may work. 

Hey everyone,

We are working towards purchasing our first rental. We currently have a HELOC that's we intend on using for the initial investment to get the ball rolling. My questions are, are there specific things we need to make sure and do when working with a lender it we go this route with the HELOC? How does using the HELOC work with relation to our DTI if we go with a traditional loan? Any advice on the use of this option would be appreciated so that we make sure and handle the situation correctly. Thank you all for your help.

Thank you all for the replies. I got some good information on this one. I have created an llc so I could look into that route but I’m going to investigate further the lending options and see what is the best fit. 

@Stacy Raskin we are planning on mainly renting it out. The location we are looking at is a tourist area so this would be something we want to use on occasion as well but it’s primary purpose will be rental. We have some flexibility on our down payment but are currently looking for what is our best option

Hey @Bobby Feinman. I would happily get on a call to discuss. I am evaluating multiple options and am always willing to hear other potential options and people to team up with. What availability do you have? 

@Bobby Feinman. I have talked to two lenders so far and if we can go the route of a second home mortgage both had the rates about 1% less. The rough numbers I was given last week was somewhere in the 7% range for the second home rate and in the 8% range for the DSCR or investment loan option. Both lenders were just giving tough ideas, I haven't gone in and gotten hard preapprovals yet or dug in quite that deep. We have really good credit (greater than 800 FICO) so I hope we are hearing accurate numbers and from what I'm seeing for primary mortgage rates they seemed realistic. Does your group do land in Idaho? That is where we are currently located and looking for a loan. The location is also remote, so I've been told the down payment required May be higher but they wouldn't know until I have more specifics on a property