All Forum Posts by: John Cardinale

Not sure if this will work as I haven't been in this situation but my first thoughts are: sub to the 77,000 assuming the interest rate is ideal to allow son to keep a low monthly payment; then let Mom hold back a second mortgage on the rest for 208,000? I'm no expert but just trying to think creatively here. Let's see what other ideas are thought up.

the main trick is to be creative and ask! make the offers and you will find them.. use owner financing as a search filter to find them.

from my understand STR is anything less than 30 days and padsplit is at least 30 days so I should be good there.

Interesting... I've run numbers on BTR versus BRRRRing existing and the BRRRR option seems to make more sense in my market. How does it compare where you are? what key factors make BTR best for your situation?

I noticed Padsplit has a preferred lenders page with several companies listed. 

https://www.padsplit.com/host/get-on-board/vendor-network-re...

seems like you need to find the cheapest loan you can get that's 30 year rate. What are your plans for this property? If you want flexibility with the loan, why not a HELOC? Or of you already have a specific purpose for your cash-out money and wanna lock in the rate, then the cash out mortgage option may be best.

I'm interested in Padsplit in the New Orleans market and had the same questions the last time I analyzed it. I'm wondering if the same lenders who financing STR's would consider Padspits.

So it seems like the best case for financing is to be able to convert and existing rental to a padsplit after financing is already in place. Or some other alternate financing at least.

One detail I failed to mention is how good the owner financing would be. 10 percent down at 5 percent interest for 8 years. To take advantage of those killer stats, my exit strategy has to include the owner, which a traditional BRRRR wouldn't allow.

from my experience, the best title attorneys who are used to working with investors have all the documents you will need ready to go. Maybe there are some here that can help you. I found a great one through my local REIA branch.