All Forum Posts by: Gary Abner

If you're looking at marketed properties, they are expecting market value. Find off market.

I keep my eye on properties that go delisted without sale, I have a few I plan on contacting soon. 

I like distressed properties that can't be financed.

good luck!

A huge portion of the population can't qualify for financing.  Self-employed, people with low credit excetera excetera. I have perfect credit and good debt to income ratio and an 18-year W-2 and it's still like pulling teeth to get financing.

I have my last home on a rent until you buy contract that I sold for sale by owner.

I had a number of people request owner financing. I'm not really interested in making 6-7%.  and that's an expensive payment for somebody, but I pay 5% on my investment properties.

wait until your home is really ready to be seen.  

do a nice walk through video and nice pictures. 

have the mls perfect before it's listed

put up signs in front of your house and the main streets that feed it. You're most motivated buyers will be the people that live close or travel through that area.

Put up more signs around nearby stores and restaurants.

2bd/1bth 

for sale by owner 

no banks needed!

phone number

you will have a billion phone calls. Most people that respond don't care so much about the price but are monthly payment sensitive.

what interest rate were you planning on charging? Just curious.

Sounds like you need to rent your flips for a bit and stay around 2 per year to stay passive and exchange to other long term rental properties.

Selling to a tenant buyer is what I'm doing for the first time on a sfh i originally bought as a long term rental.   I have a lease and they have an option to purchase.

I'm going to trade this house when it sells for 2 x 4 plexes in Michigan.

Gary

My properties average $900+/door after piti.  12 doors mostly duplexes. I guess I'm not as highly leveraged.

I thought about this a lot.... I think the true benefit of leveraging is the depreciation write-off.

when you're choosing to hold more debt, you're choosing to hold more properties for your available funds. More properties means a higher depreciation write off ratio for the cash recieved.

extreme example...let's say you can own one property outright or leverage to buy 10. For this example let's also say cash flow after mortgages are the same. 

1 property paid off providing 60000 a year cash flow and maybe only 6000 write off.

10 properties leveraged providing 60000 a year cash flow (after mortgages) provides 30000 depreciation write off.

@Elaine Lai

did you ever find a good mortgage broker?  They are typically state-specific?

I'm looking for Washington State, Michigan and Florida.

thank you.

Gary

Hey Josh,

did you ever find a good insurance broker.  

my properties are in Washington State does it need to be somebody local?

Gary

mortgage banker that doesn't have any internal overlays

 How do find them? Is that the same thing as a portfolio lender or a broader scope of lenders?

My personal interest:

Having trouble with my va refinance due to dti.

my 2018 return shows low because I renovated an auctioned duplex. 50% of the purchase price was spent.  But now generates income. 

My 2019 tax return will as well from renovatinga a triplex and sfh.

thank you.

Gary

 Hi Nathan, did you find a less expensive app?