All Forum Posts by: Account Closed

@Joe Mercer “disaster relief”

I saw someone on tiktok talking about putting 3% down on a conventional mortgage in Big Bear,CA.

Does anyone know what lenders are offering such mortgages and what the loan perimeters are for this?

@Parker Borofsky what if you purchased a second home in 2019 and then wanted to convert it to a full time rental or STR after a year, and wanted to buy another vacation home in the same market a year or more later? Would that be a concern to underwriting?

What about Bonus Depreciation? 

And I agree with @Alex S. casinos are very self sufficient. Vegas is a ghost town, their economy might never recover. Months with gablers being unable to fuel their gambling addiction on the strip could very much break many cycles... In person gabling might never receover, especially in these small casino projects.

For every 1 person relocating to CA, 2 people are leaving CA. I would not want to be overly invested in any market in California, especially not the central valley.... I went to school in Stockton.... Grew up in Sacramento... Glad to be on to greener pastures. 

Thanks for the quick reply @Polo Vazquez, this is basically how I had it planned out in my head but I felt like I was missing something. 

In 2021 we would like to obtain a handful of $450-850k SFH or Townhomes for buy and hold rentals.

What problems might we encounter when using conventional/ traditional financing more than one property at a time and what type of mortgage rates should I be anticipating? All the financing will be done in using my spouses income, $300k, and just in his name. We own our primary residence without a mortgage and will be doing a cash out refinance on it in January as soon as we get our taxes completed.

Assuming we have 20% cash down on each property what hurdles can we expect to have? Can this even be accomplished? :) any tips would be greatly appreciated.

(These houses are all new construction and would be built in 10 months in resort towns where the markets are exploding. I know this is lazy investing but it’s simple and right in front of my face! I currently have rentals in these markets.)

For example:

Duplex $833k $166k down

SFR $743k $149k down

SFR $650k $130k down

Townhome $575k $115k down

Townhome $575k $115k down

Townhome $475k $95k down

Townhome $475k $95k down

TIA! - Sorry for the financing ignorance! We have been self emp for the last decade + and have never qualified for traditional financing; had to seller finance before I even knew what RE investing was hah ;)

Hi Steven! My husband is from the Sugar Land suburb of Texas. We recently had to relocate back to the Houston after a family member passed away.  Let me tell you, real estate investing in Houston is a joke. The property tax is a scam, the houses fall apart and are have been made by track builders (Perry Homes) with the lowest standards of workmanship, the pests and humidity require more maintenance than any house I have ever owned. You would be better putting your money somewhere else.... I could go on and on, but I'm sure I'm about to offend everyone.

I might be interested in funding the deal, or purchasing the house/ assignable contract from you? Feel free to message me,

Kristie