All Forum Posts by: Lance Nelson

@Randall Alan thanks, those are all good things to think about. The project we’re currently working on is all cash so there wouldn’t be a seasoning period for re-fi.

I'm a real estate agent and I'm working on a deal for myself right now and wondered if anyone might have advice on how to creatively structure it. The seller has gotten into trouble with their second mortgage and the bank is planning on selling the property in a couple of months if the $80,000 second mortgage isn't paid off. Their current first mortgage is about $2000/month. They'd like to sell now and downsize homes. My issue: I'm working on another project that will be done in about 2 months and at that point I'll be able to cash out refi about $300k. I have the money to pay off the the seller's second mortgage right now, but barely and I'll be robbing money that's going into my current project. In a situation like this, would it make sense to pay down the seller's $80,000 and do a land sale contract that says I'll take over their mortgage once they buy a new property and I'd refinance within a year to give myself enough time to finish my project and cash out on it? Any other ideas when struggling with down payment, but you'll have it in the near future?

Thanks!

Lance

Thanks @Kurt Lane! I'll give them a call. I appreciate it. 

Anyone know a good real estate minded tax accountant in the Portland, Oregon area?

Did you ever find a site for off the shelf floor plans? I'm looking for the same thing in Portland. Thanks!

@Zac Lindquist hey Zac. Have you sold that duplex yet?

@Derrick Aragon are you still doing ADU work In Portland?

Hey @Jason Wray. We are currently planning a cash out refi and would have enough to put 20% down on a place, but I got some advice to take advantage of low down programs like FHA to focus on ROI and be able to buy more properties.

Can you give an example of how a deal would be structured with another REI? Thanks!

Thanks for the response @Jason Wray. I would definitely be moving to an inferior home if I did an FHA on a fourplex, but I'd be open to doing that for a year to get such a low down payment on a MF. I guess I couldn't do it if the bank considers that inferior to my current home.

I have two properties in the Portland, Oregon area that are both financed with conventional loans. I'd like to keep them and buy another 2-4 unit multi-family with an FHA loan. It was my understanding that I could do that as long as I didn't have more than one FHA at a time. Recently a lender in the area told me I can't get an FHA if I have current conventional loans on other properties. Is that true?