All Forum Posts by: Jacob Stevenson

 Not accurate enough.

Is the location the type of area that the type of tenant you are looking for is not going to live there?  Sounds like you are getting interest but maybe they are the type of tenants that don't have good credit, don't want to pay application fee, don't have much extra money in general.  Or maybe this is all wrong, just wondering more about the situation.  Hopefully you got it rented.  

Increase the rent is my first suggestion.  How long did you have it listed before it was rented?  

What would you get if you sold it?  How much more if you let someone assume the loan?

 Any services to get the data to 100%?  Basically looking for someone to pick up the phone and validate.  I have the lists, I have them scrubbed, just need an economical way to get them to 100% valid homeowner lists.  

 Who did you find and use?

 Thank you!  Like that idea, balloon payments stress me out before I even get in a contract for one!

Looking at a portfolio purchase.  180k purchase price, 20k down, balloon after 5 years.  Payments based on 15 year amortization with 6% interest.  

My question, at 5 year mark, if the properties appreciate at 4%, I should be able to get $153,000 with 70% LTV. I would have a balloon payment of $123,000. Is that enough spread to be comfortable? I've never done a balloon payment before and it scares the heck out of me.

Any advice would be greatly appreciated! 

I think this is a sub to deal but idk.  I've done some owner financed deals in the past but never sub to. Owners want out and purchased in 2018, loan is not assumable. They have never owned rentals or investment properties but have no offers and moving out of state.  Loan is for 330k, house is listed for 635k.  I think they would accept something between 550 and 600k.   Home is on a lake, I believe I could airbnb for 3500 a month.  Tax is 5k and insurance would be around 2k.

Anything else I need to include?  Any advice would be appreciated.  Confident the house will appreciate at a nice rate, just want to break even monthly.

Thank you for your input!

Welcome to the BiggerPockets community! It’s great to have you here. Your experience in house flipping and rental properties sounds impressive. What types of deals have you worked on?

Also, I’m curious—what got you interested in real estate investing in the first place? Looking forward to hearing more about your journey!

Thank you to everyone who attended! I had a fantastic time, and, as always, I learned so much from our interactions. Engaging with fellow investors is always enlightening and enjoyable. I’m already looking forward to our next meetup in Q3! See you then!