All Forum Posts by: Elliot Smith

One more thing, should I be concerned if I decide to live in the investment property as opposed to using it for investment purposes? To me it doesn't make a difference but, would it to the lender?

If you are buying it to live in how are you calling it an investment property? Are you planning to live in and flip it?

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Kevin,

I am finding cash flowing multi family's in Vancouver. Just have to look and they are not on the MLS I am putting 2 under contract today that should get $250+ a door After PITI.

feel free to reach out if you want to talk.

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Why are you thinking hard money? Most hard money lenders are into short term loans with high rates. One that I will work with charges 3 points and 15% that's for only 12 months. Unless your thinking of buying a property and then refinancing it out at 75% LTV in 6-12 months.

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I get you ya that sounds like to much risk for not a huge cash flow IMP.

Elliot

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I am surprised to see how much you are paying for insurance as that is almost 4x the amount we pay for a similar priced property.

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Nice job kyle keep it up! What were the numbers?

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Welcome! I'm your neighbor to the north in Vancouver. There is a ton of great information on this site and all my questions have always been answered very quickly when I post. Feel free to reach out anytime.

Elliot

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I am speaking to an attorney about drawing up a contract tomorrow for a Subject to purchase. The owners loan is with Flagstar. It's at a 4.6% rate. I wasn't worried about the DOS but after reading this I'm wondering if I should be? My plan was to refinance out in 6 months to one year.

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Originally posted by @Jerry Padilla:

@Elliot Smith why not purchase outright now? Either way now or in a year or two you will have to put the 25% down? If she has the mortgage in her name she can't give you a gift of equity at closing for a conventional mortgage. The down payment has to come out of your own funds.

So I got her off a yellow letter. She owes 148k and worth as is 170k however a normal buyer couldnt finance it due to needing a new roof. She does not want to spend anymore $ she wants to just walk away so I get a property with roughly 20k of equity with no money down. How ever we are expecting to spend 15k on rehabs but that should increase value to around 200k. And we have the cash for that no problem.

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Originally posted by @Jerry Padilla:

@Elliot Smith

Do you have a bank that does financing on appraised value and not purchase price? I have never heard of it. Banks want you to have skin on the game.

Banks do the financing based on purchase price no matter how much equity you have.

I do they will refinance based on an appraisal in 6-12months. Since I will hold title it will show that I am an owner of the property For that amount of time. The seller is giving me their ownership in the property they are just staying on the mortgage.

I am buying this property subject to.

Elliot

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All Forum Posts by: Elliot Smith

Elliot Smith has started 19 posts and replied 191 times.

Post: subject to question. help!

Post: Just another what would you do?

Post: Where to find Hard money lenders for landlords

Post: Got accurate numbers on duplex - what do you think?

Post: Got accurate numbers on duplex - what do you think?

Post: Just added a duplex to the portfolio!

Post: New Investor in Portland, OR - Interest in Property Management

Post: Due on sale clause was called by bank!

Post: Buying a Duplex for what seller owes

Post: Buying a Duplex for what seller owes