All Forum Posts by: Cody Steck

@Elizabeth Colegrove That is interesting about Wells Fargo. I've realized that there seems to be little logic in the way banks operate. At least that's how it looks from the outside.

@Jerry Padilla Thank you for your continuing vast knowledge. It has been really helpful.

Thank you to both of you; it looks like I need to stop listening to the internet and find lenders who will work with me. I believe this will really help my situation. I will call some local banks as well as some other brokers and see what their requirements are.

When you lenders are looking at landlord experience on tax returns, what exactly is it that you are looking for? Is it a certain dollar amount? is it a generally accepted percentage of what a property might bring in in a years time? or is it simply just that there is something there, even if it is minimal?

#askbp

My question is, how easy is it really to buy investment properties if you are able to put 25% down? It seems that everybody makes it sound like it is so easy and the bank will just hand them money. I understand after you have rental experience you can count that in to your DTI and negotiation leverage. But what if you don't have any experience?

It seems like common sense to me but do I need an addendum saying something to the effect of "acceptance of this offer voids other offers submitted by the buyer on this date XX-XX-XXXX"?

The specific property I am looking at is a 4-plex on the MLS and is owned free and clear. I wanted to submit an all cash offer, partial seller finance/bigger down payment offer, and a large seller finance/little money down offer.

@Ryan Dossey

Going to bring back this thread since my question relates to it. As @Hattie Dizmond  mentioned above, my personal question is: Can you submit multiple offers with different terms and prices for the same property?

Cool to see some international members! Welcome to the site!

I think it is pretty commonplace to not show the insides of units on multifamily's until there is an accepted offer. You make the offer subject to inspection and then you can take a look around. Trying to coordinate showing times with 5 different families for many buyers would be a huge headache. 

I would let the guy buy out of his lease. If he is able and ready to buy out of his lease and get financing on a property (i.e. good credit, down payment, DTI) then he must be somewhat secure.

Personally, if I thought the guy was ready to make this jump. I would try to approach some kind of partnership with the guy. Put the new duplex in his name, do a 50/50 split, and let you manage it and make sure you guys don't lose money. 

Just a thought

I agree, I think the shows have only been getting better. This show got me excited and inspired me to rethink my goals and shoot bigger. The last 3 shows have been some of my favorite. I think BP podcasts are headed in a great direction.