All Forum Posts by: Jónas Tryggvi Stefánsson

How much are you willing to put down?

The perks with seller financing is that the terms can be whatever you and the seller agree to.

Hey Corey. Where and when did you live in Iceland? You ever come visit?

I totally understand what you're saying and you're not wrong, but you're perhaps putting yourself in a an awful spot if you need to step away for a number of reasons. You're forced to stay as the property manager until you've documented the process or if you have a standard that you want to be maintained if you choose to step aside for some time or are dealt a bad hand in life that forces you to step aside.

It doesn't mean you have to include everything, but you might want to have enough to be able to hand it off to someone who could take over with relative ease just by following the manual.

Kudos to being so proactive at such an early age.

It's a good idea to find a mentor but more importantly, you can find them all over the internet and the best have made great content that can make you become one of the best informed ones very quickly. Listen or read to the top 10-20 real estate investment books available, the majority of them happen to be published by Bigger Pockets. I personally use Audible.

Binge the BP real estate, BP real estate rookie and BP money podcast (maybe business too!) and finally: take action. Analyze the numbers even if you can't buy yet. Save up and be ready to take the step when you're ready.

You can also set up keywords to be alarmed when investors are mentioning the city you live in.

Also monitor the forums, we're everywhere :)

Apparently there are a few BP Facebook groups too that seem to be fairly active and a good way to get in touch with people.

The correct time is when you find the deal. 

Don't try to time the market precisely, you will probably fail if you try to pinpoint a certain low or high.

Simply be aware of the time frame in the cycle and start looking for the deals. You may or may not find them. Start looking 😀

You might want to have the cash ready but perhaps its simply enough to start the refi process once you're under contract but that depends on your lender and your contract tike frame.

Get pre qualified if possible and at the very least know the time frame your lender requires for a refi. If you are certain you'll be buying something soon and you'll need the money fast then by all means start the refi process. 

@Petur Karlsson Snilld. Gangi þér rosalega vel. Mér sýnist markaðarinn bara vera eins og á flestum höfuðborgarsvæðum; há verð sem er erfitt að leigja hátt út í hlutfalli við kaupverð en sé nokkrar eignir sem er hægt að breyta í góðan díl með því að umturna aðeins eignunum sjálfum og fjölga íbúðum/herbergjum innan eignar til þess að auka NOI og ná COCROI yfir 10% í sumum tilfellum.

@Alex Olson No worries. I'm looking into the capital region where I live. I'll take that into consideration.

Thanks for your input. Yeah that's an important point.

My current solution is to evaluate the base price of the room and then I add the estimated monthly deprecation amount of the bathroom and the kitchen area and a new door for argument sake to have something to evaluate the private entrance, although it could be argued to be valued at more than that. Maybe not perfect but sounds reasonable. Going to see how it goes.