All Forum Posts by: Justin Hammerle

I would just say having gone through this quite a few times the process is a bit more complicated than a few bullet points.  Buying a raw lot takes on quite a few risks not limited to understanding your utilities, infrastructure, and natural resource restrictions.  Also, new construction approval can get fairly political on a town to town basis.  

If you are going to go this route I would suggest at min for your first deal to make the closing on the raw lot contingent on approvals to protect your liability.  

Hi David congrats on your purchase. Would need to know at min - purchase price, finished value of property and finished rental income to make a fair recommendation. 

Hi James - why not get into a MTR, find a w2 job and finance the property through a bank?   

 I hear you, if you do prefer to just give her the shed, maybe consider having her sign a release so she can't come back to you asking for anything else on the property.

I would go back to the verbiage on the P&S, any type of language regarding building/structures should legally cover any liability you have of a claim she could make on the shed.

Even if its not, this just sort of screams out to me as someone who is desperate for money looking to take advantage of the situation; I would take a hard stance here versus allowing her to take the shed without vetting it thoroughly.

@Craig Lang - Can't go wrong staying inside I-495 to Boston; where you should focus is going to be dependent on your price range as there is a number of great areas to consider buying.  Also I'm sure if you are not working from home, commute time is going to be an important consideration.

They could issue you a second position mortgage based on the remaining balance of whatever the agreed upon sales price is.  Whether you assume the existing mortgage or they continue to hold the note issuing you the deed is something that can be worked out.  

This is a bit messy though, and it is concerning that the mortgage can't be covered without the renters.  I would recommend holding off until you at least have enough income to cover the payments without the renters.  If you can't see yourself doing that in the short term maybe it would be best to consider another property where you can and you have a cleaner deal.

You may be forced to do a private blanket loan.  I think a bank would take you through the wringer for approval.  Is there no way to subdivide the mobile homes from the SF?

@Edward Kamara - are you currently pre-approved for a loan? If not that is likely your first step.  Glad to connect and discuss further.

Through an FHA loan, rental income will be given consideration as your total income stream in addition to your W-2 income. If you are a first time buyer and can qualify for an FHA, it may be your best route to acquire your first multi. Down payments on FHA are around 3.5%, additional closing costs could run you about $5k or so depending on the size of the property.