All Forum Posts by: Luan Oliveira

@Jalen Chanthaboury

If you find the deal, the money will come. At most real estate meetups you'll find entry of people willing to partner on a great deal. So just get out there and start looking!

@Henry Lazerow

Is your lender national or local?

Good call everyone.

I skipped the part where it said rental property. Nevertheless, just tell the lender you've decided to cancel. They can't force you to sign any closing docs anyway!

@Juan M Restrepo

Yes. You can cancel a refinance up until three business days after you sign the closing documents. It's called Right of Recision.

In your case, you're not even up to that point yet, so you can cancel the process.

What's holding me back? Financing!

A lot of times you'll hear people speaking of how they got multiple FHA loans and whatnot in the past and it's definitely helped them! I've found that not to be the case anymore.

After the first one, it seems that the next one is most likely going to be 25% down. I'm definitely looking for opportunities to owner occupy and make it work, but even those seem rare! I may have found one local bank that may work with me, but I just need to vet it some more!

I definitely need to do more networking and seek out private lending too. I think those will definitely help get things moving! I still think the RI market has great cash flow opportunities for newer investors, but it's just a matter of financing those deals!

It's definitely interesting.

The company will do any necessary upgrades, which in their case includes the electric panel. The roof was just redone this year so it's a nonissue. Additionally, there's no lien placed on the home, they just record ownership of the panels. Even though there's no lien, there's still the 20 year agreement. They also mention in the contract that it can be transferred regardless of credit rating.

Thanks for the insights so far!

Hi everyone!

I'm wondering what your experience is on selling a home with an existing solar lease.

My parents are interested in having a solar company install panels in their home, especially since the company may upgrade their electrical in the process. I'm particularly worried about how they can be perceived at sale time. Do you have any experience with selling a home with a solar lease? If so, how'd it go?

The install won't particularly lower their energy bill, offsetting the cost of upgrading the panel is the primary motivation. I just want to make sure there's no issues when it's time to sell. For what it's worth, they're located 10 mins outside of Boston so it's a particularly hot market!

Thanks for your insight.

Thanks for your responses! I may try a shade of gray instead and see how that holds up!

As already mentioned, it may be worth it to pay your own closing costs for a super low rate. I just refinanced with Home Possible at 3.5% so I would guess you can get better rates out there with 20% down. There are some great lenders out there offering incredible rates!

Here's what I did - as soon as the offer was accepted, I listed the property on zillow to gauge interest. There was so much interest that I had to take it down.  Then, one week from the closing date, I listed it again, but raised the rent by 20%. Worst case I knew I would have many takers at the lower price. 

I ended up still having plenty of interest at the new price. I closed on Thursday afternoon and on Friday I already had people lined up to apply. 

I didn't list an exact address, but put the street the property was located on. I recommend taking this route, as it will make things much easier for you!