All Forum Posts by: Jon Mason

Looking for good property management for a condo we’re purchasing on 30A in Florida. Anyone have any recommendations? We’ve talked to several, and then looked at their reviews online which were pretty rough. TIA!

The app freaked out and didn't let me finish my post....basically we're trying to determine if we say no to the repairs and start over with a new buyer, or if we should just forge ahead and do the repairs. Would you ask the seller to contribute to the costs? We've already given them a $2000 repair concession, and now we're going to have to do $3500 on top of that. The process is really frustrating dealing with the VA, and this appraiser. I won't be doing it again in the future, that's for sure.

We recently listed our rental for sale and got a full price offer. It was a VA buyer which we were apprehensive about, but decided to go with it.

The house was built in the 50s and the appraiser is requiring that all the windows be reglazed as there is some chipping paint.

Our agent is recommending that we stick it out and do the repairs and is saying that if we walked away and got a buyer with conventional financing they’d still likely ask for the windows to be repaired.

We bought the house with conventional financing and windows were in worse condition than they are now, and we had no issues.

We're looking at $3,500 to reglaze the windows on top of already spending $2000 on the repairs the VA appraiser has already asked for.

Part of me just wants to walk away from this and find a conventional buyer as I feel what the VA is asking for is a bit excessive

Looking at purchasing a property where the title transfer would happen through a special warranty deed. I understand the risks associated with this type of instrument, but I’m told it would have to be an all cash transaction bc of the SWD. Is that true? Can you get a mortgage on a SWD purchase? If so, can it be a conventional mortgage?

We’re considering buying a unit in an existing building that is considered a “condotel”, in that there is on-site management. You’re not required to use the on-site company and we probably wouldn’t. Also, we’d be buying this as a second home without the expectation of making huge money off of it. If we break even I’d be happy.

We have a tentative accepted offer but the seller is concerned that we may not be able to get financing because of the “condotel” thing. Honestly, I hadn’t heard the word condotel until 5 minutes ago, so now I’m sort of concerned that we don’t know enough about this to move forward.

Will we have a difficult time finding financing? And are the down payment requirements different for these? Any other concerns we should be aware of prior to buying one of these units?

just ordered 4 new books from amazon based on this deck. good stuff!

I've used it, so maybe I need to go in and try and see how it does the calculation. I'm not content to just use a calculator and not understand the calculation for myself, hence the question.

Also interested in this loan program....anyone have any insights?

I’ve only considered it for our primary residence. Also interested to hear more about using it for a rental property.

I've always done my BRRRR MAO calculations like so: MAO = ARV * .7 - rehab costs - refi closing costs.

About to do a BRRRR with HM and after doing some googling I saw some folks include the holding costs (seemingly including debt service) during the rehab period in their calculations. I'm struggling to do that math in my property analysis. It's like a chicken and egg sort of scenario...I need the debt service amount to come up with the MAO, but I need the MAO to get the loan amount in order to arrive at the amount to use for the debt service. Hopefully I'm making sense. How do you guys handle this?

Really good stuff here. I'm also in the Nashville area and currently invested in Columbia (south of Spring Hill). I did your analysis, but I'm curious to know your thoughts on this market. We mainly invested there because the greater Nashville area is growing and Columbia was still an affordable area that was a reasonable drive for us from where we live in Franklin.