All Forum Posts by: Joel Bowen

I was wondering if anybody could help me locate an Oregon wholesale purchase & sale contract and assignment contract?

I have searched everywhere on google but I am having a hard time locating one. Thanks

I found this guy recently, I found him on bigger pockets. I guess he speaks at the Northwest REI club. He knows a lot about wholesaling from what I read. I have never used him but plan to consult him soon.

http://rke-law.com/kahn.php

I am searching for a Wholesaling Purchase and Sales agreement that is legal in Oregon. Could anybody point me in the right direction, I tried searching google but to no avail.

Is there a book someone could suggest that is a step by step guide to wholesaling RE?

Thanks

Hi @Jay Hinrichs, I was wondering if you could elaborate a little more on what makes Portland a fantastic market to house hack in vs other markets? I am currently looking at the moment for one in the Portland area, I would love to hear your insight. Thanks

When purchasing a residential MF property, what other types of properties am I comparing the MF property to so that I can determine the rent value of each unit? Am I mainly focusing on apartment units that are in a certain location of the MF, if so how far away should I be looking for comparable units? OR am I comparing them only to other similar MF units in the area?

What are some other factors that can help me determine the rent value of each unit? 

Understanding Seller Finance and how Amortization is applied to the deal.

I am in the process in researching and learning as much as I can about seller financing options since I am having a hard time securing a conventional loan (No W2). Although a conventional loan is not an option for me at the moment, it will be an option for me in the next year or so after I build up my work history.

So for simplicities sake, let’s just say that I have agreed to seller financing terms of $100,000 at 5% interest with 0% down with an amortization of 30 years over a 3 year Balloon. As I understand it, after the first 3 years the remaining loan amount needs to be paid in one last payment to the seller.

As understand it, over the 3 year period. All interest paid goes direct to the seller and all of the principle is applied to pay down the terms amount. So given the schedule below, the seller would receive $14,669 in interest (2016 $3732 + 2017 $4910 + 2018 $4832 + 2019 $1195) and the total amount of $4,242 (2016 $1100 + 2017 $1532 + 2018 $1610 + 2019 $415).

So after 3 years the total amount left on the terms would be the initial $100,000 – $4,242 (the principle paid) leaving a balance of $95,758.

As I understand it (please correct me if I am wrong), before the 3 year balloon, I would need to either secure a conventional and/or private loan for the remaining balance.

Questions I am having a hard time understanding.

• 1.Let’s say the bank is lending on a conventional loan. I am assuming I would still have to come up with the banks terms as far as down payment? Let’s say the house did not appreciate and is worth $100,000 and the amount owed is $95,758, what typically is expected from the banks at this point to secure the loan? Are they looking for say 20% down of the loan value so say $20,000? If this is the case, how do most people come up with the 20% down?
• 2.If I have equity in the house would the bank not expect a down payment? So for example let’s assume the house appreciated and is worth $120,000 with $95,758 owed giving it about 20% equity. Would I still have to come up with a 20% down payment on the loan amount?

Hi Debbie, welcome to bigger pockets. Sounds like you have a great plan. I am living in Portland, OR at the moment but planning on moving to San Marcos later this year. Sounds like a great market :)

I have been reading a lot of conflicting info on a USDA Loan, I was hoping to clarify some different aspects of the loan.

-I have read in some places that you can only utilize this loan for a single family house and I have read in other areas that you can indeed use it to purchase a Multi Family Residential. Could anybody help me that has experience either way?

-Is it absolutely essential that I have 2 years work history (W2) to obtain this loan? Is it possible to obtain it after just 1 year of work history or less than 1 year? 

-Also, if it mandatory to have 2 years of work history, is it possible that I obtain a cosigner on this loan? My cosigner would be someone who makes 6 figures a year, would this disqualifying me from qualifying from my income if they were just a cosigner not occupying the property?

Thank you @Frank Eimiller @J Scott and @Russell Brazil, great stuff!