All Forum Posts by: Lillie MAnon

This is truly inspiring! I was under the impression you could do either seller or bank financing, but not both. Does anyone care to elaborate? So what do you do when you go to the bank and they are asking you to put up your 20%? And so when you approach the seller and ask for them to carry 20%, im assuming they want at least 20% of the part they finance.

I went to South Africa last year and absolutely loved it. I think there's definitely a market for Airbnb and if the numbers make sense, you can outsource the management. You can setup an august lock, there are courses that teach you how to handle 90% of things remotely. You need a guestbook, check-in procedure, automated emails, etc. The biggest expense will be cleaning and you can add the cost of that onto the booking. You will need to pay someone to "manage" the unit and be your on the ground support in case anything is needed but I'm sure you could pay someone a small percentage of your profits rather than a monthly fee. It is something that I have strongly considered but with it being so far away, I'm not sure how often I would even get there. Anyone know if there would be investor mortgages there for foreigners or would they be expecting all cash? Capetown is absolutely beautiful and would be a great area however it's also pretty expensive. If you go the single family route, it could still be profitable on Airbnb because you could rent out rooms individually or as an apartment but you would need to be sure the bookies weren't overlapping. Have you considered Durban. They had some pretty nice areas, there's the convention center, etc. It's more affordable and I think there is still enough tourism and business travel to make it profitable.

@DavidDachtera I am trying to help my nephew and could use the name of the company for credit repair that you spoke of. It shows that your info is private and I cannot connect with or message you for whatever reason. You can either respond here or message me privately.

there was a form that I was surprised to find when I signed my fha mortgage and it said no short term rentals under 30 days while there is pmi 

Hi guys, I'm a new investor in ct looking to connect with other likeminded individuals.

has anyone heard of Richard Fertig or his Fifteenyearplan. He does a short webinar with lots of fluff and little substance. Just enough info to get you interested but you there are no details on his website and you have to give a credit card just to ask questions of their customer service.

I like the idea of what he's trying to do but he has no info of who he's marketing to or how easy or difficult it is to get started. Is this for the wealthy investor who has a couple of hundred thousand lying around or is this something someone new to real estate with little capital can do? 

And there is some value of having all the info you need in one place presented in a concise manner but is this really the valuable info you need to be successful or just His latest money making scheme.  

I don't mind paying for value but this screams scam - blindly follow me. I've made millions and I can show you how to do the same. 

I hate to be so negative, but it's hard when you have so many people out here trying to make a dollar at the expense of a newbies' naivety. 

I am interested in buying two properties at once. I live far north and the winters are brutal and so I would like to be able to purchase a second home down south with a conventional 5% down and a duplex using FHA in the town I live in. I would want to be able rent out the second home sometimes to short term vacationers but my genuine intentions is to use it as much as possible in winter and summer. And obviously I would rent the other side of the duplex.

Do you think I could get away with closing both loans around the same time and qualifying for a primary residence mortgage on both? If so, is it better to close on an FHA or a conventional loan first? Income-wise I could qualify for both properties without rental income being taken into consideration.

I'm relatively young, single no children. I don't feel the need to buy a big house right now but I want to get started on owning and investing. I also don't have a crap load of cash sitting around but I would have enough downpayment and closing costs for an FHA and a 5% down conventional.

I would think that if I got married we could either use my future husbands info to buy a primary house or by that time, we could convert these to rentals and qualify for an FHA or low money down conventional.

1. How can you purchase multiple properties on one loan? 

2. I am interested in buying two properties at once. I live far north and the winters are brutal and so I would like to be able to purchase a second home down south with a conventional 5% down and a duplex using FHA in the town I live in. I would potentially rent out the second home sometimes but my genuine intentions is to use it as much as possible in winter and summer. And obviously I would rent the other side of the duplex.

Do you think I could get away with closing both loans around the same time and if so, is it better to close on an FHA or a conventional loan first?

Income-wise I could qualify for both properties without rental income being taken into consideration. 

I am considering purchasing a condo in Punta Cana for personal use and investment purposes there. I'm a little nervous because it's pre-construction. It would be builder financing with 20% down upfront, 20% down on delivery and then a 72 mo loan for the remaining balance at 7.5%. I've been told I could potentially take out a conventional loan once the property Is complete but that i shouldn't Count on it and should be prepared to pay the builder financing in case that's my only option. I was told they would use my American credit. But curious, If I were able to get financing, would a mortgage there show up on my American credit report? 

I wonder if the builders don't get enough financing, could they abandon the project and run with my money?

And I'm not sure how worth it it would be as purely investment because it seems it would only fetch about $500/mo. I would like to think it would fetch more as a short term vacation rental for tourists but these units seem to be a dime a dozen and possibly wouldn't be rented regularly. 

I would probably only get there once every 3-4 months for a week at most. Obviously during retirement much more often, but that's a long ways away and in the meantime I would be paying for an apartment that may get minimal use. 

Just curious, if you don't mind me asking, are you paying for this project cash out of your own savings or...? Do you have information about financing options there or have you found any American lenders willing to lend for the purchase of property there? 

Also, it's not something I could do at this moment but In the near future, I had the same idea that I would build an apartment building near the beach. Would you mind sharing your contacts for the builder, engineer, lawyer, etc.?

Any insight you can offer is greatly appreciated.  

Also, not sure what the possibility/procedure would be. But another option would be to build 2, keep one for long term rentals and then turn one into condos and sell them back individually.