All Forum Posts by: Dustin Mathenia

@Jonathan Yeh

Ok let's explain why you don't pay off a 30 yr mortgage with a fixed rate. I'm not sure about inflation in Canada compared to the US but if you owe 100k on a 30yr fixed at a decent rate and someone is paying that off for you let them! The value of the dollar is rapidly dropping. Think of it on an extreme level where the value of the dollar drops 50% you could easily acquire the amount of dollars to pay the mortgage since the debt has never changed . The average income 30 years ago was 30k now it's 60k. People didn't start making more we just lost the buying power of the dollar. We haven't done anything to slow down inflation, if anything it's speeding up. So why pay off the debt today with your valuable dollars when 20 years you could be sweeping the money off the street and taking it to the bank. I do agree that if you're close to retirement it's not a bad idea to have a few paid off properties instead of a dozen leveraged ones to just cashflow your lifestyle.

@Mack Bailey

If you're ready I say buy it! Pull the trigger, jump in ..Nike that ****!

I was only approved for 110k for my first house. I bought a 2/2 for 112k, 7k out of pocket! Turned it into a 3/2 converting a sun room. Mortgage 805$ rented 1 room for 500 2nd for 400$ and I took the master! Lived for free while I fixed it up. Never went into debt took 4 years but I sold it and walked away with 90k check and money out of pocket maybe 32k which I was paying in rent before anyway !

@Andre Bias

What you're looking for is something called transactional funding .

@Sachin Bhat

Structure the deal evenly and let him pick the side .

@Justin Tahilramani

Have you ran the numbers to take that property and owner finance instead of renting. Depending on the value you might get a better COC. Especially if you can get 15k down. Don't have to worry about any repair calls and still get to cashflow.

@Justin Tahilramani

Absolutely, I've thought of that strategy. I've come across a lot of cheap mobile homes that had to be moved. Basically free lol like 6k includes the move and set up. But land is not so cheap near by so it would be a little more expensive to do it. I do keep my eyes on land :)

@Justin Tahilramani

A 2 yr old mobile home, land purchase, moving and installing, all for 25k ? Who is giving you their home for free ?

@Mary Mitchell

That only affects the locals negatively because of the property tax. Property tax is theft and should be done away with. But this is the world we live in and we have to play the game by the rules set by the government.

@Chris Seveney

I will be using a third party to collect the payments and the escrow.

The house is in no shape to be lived in . Does it come down to they intend on living there eventually?

@Jay Hinrichs

Absolutely! When you're the bank and you don't have to sell the note after you make it. The house is worth whatever someone is willing to pay for it! No comps no appraisals and as long as you keep their payments with P/I taxes and insurance being less or at what it would rent for, someone will be willing to pay for it. So sometimes you can sell the property for 4x what it's worth lol.