All Forum Posts by: Kevin Brown

Based on the numbers you provided, I don't see why you couldn't find a buyer not needing owner finance. If your trying to move that money via 1031 exchange (Im no expert on this) wouldn't the owner finance just add an extra step/ hoop to jump through?

@Patrick L.

By best suited for section 8 I mean they are far away from our other rentals so it would be nice to not worry as much about having to track down rent. Considering they are brand new, with a finish out well above and beyond the rest of the neighborhood I don't anticipate "nobody else wanting them" Thanks for your sarcasm, though

I have never dealt with Section 8 in my normal course of business. However, it is looking like some properties I built with a business partner would be best suited for Section 8. I am wondering if there is any particular way to find Section 8 tenants (outside of just advertising the rental on MLS or CL as accepting section 8)

Thanks

Ive never heard of that before, but it might be something you could work to your advantage. Maybe offer less, but give them the 100% EM deposit. You still have an option period, and even if you do back out FNMA cant keep 2 EM's on the same property so they would have to give it back to you (or take you to court, which they wont do) in order to put another contract on it anyways

@Jason Meynard

Always worth a shot. Just do your homework on what you would need to pick up the property for, and go from there.

@Jason Meynard

Try not to worry too much about what someone else is making on a deal. Unless your going out and getting the leads yourself, you cant control that part of the business. If it makes sense for you at $15k, run with it.

Hey @Andy Webb

I live in Carrollton myself. If your interested in a rental in Farmers Branch message me

Sounds good. My only thought would be turning that same $50k as down payment for 5 single families could generate a better return. Im not a commercial expert, so if that's specifically where your looking to invest, disregard what I just said.

@Genus Powell

I bought my first rental at 21, Im now 24 and have added a few more rentals. When I bought my first few, I had no credit and not very much documentable income. I was able to get a loan by building trust with a local bank, putting 15% down, paying a little higher interest rate (my first 2 were 5.5%) and having enough cash in the bank to pacify the bank.

Ive shown houses before complete and it worked well. Obviously it depends on specifically what work is still being done, but when Ive done this, it sort of helped the buyers get in the mind set that they are buying a nearly new house that has had lots of work put into it. Theres a chance it might turn a buyer off, but in my opinion it generally helps.