All Forum Posts by: David Mackin

@Andrew Postell I knew it would be weird posting this being a lender myself. I'm a broker so I know many of the investors have different seasoning requirements, some have none. What I'm really trying to find out is if anyone has had any sort of writing in a seller financing contract that does not favor a "refinance" on the backend in a short period of time. 

Perhaps seasoning is the wrong word.

Anyone have any insight on seller financing and if there is typically a seasoning period before paying off loan (pre payment penalties etc.)

Specifically curious on possibility of someone using seller financing with intention to use VA financing at a later time on same property.

I'm not super versed on seller financing. Any insight is greatly appreciated!

Thanks.

Hey @Thatcher Glode I work with investors specifically in the Denver Metro area. I can certainly help you with analyzing different loan options and understanding break evens with different down payment amounts etc.

I also know great agents in Denver that work specifically with folks like you. Happy to recommend. I'll shoot you a DM.

If you talk to a Lender, they should be able to give you a budget for what you can buy. This would include a good estimate to what the monthly payment would be, which can then help you with analyzing deals. 

I'm learning the same lesson as you are right now. I lived in my property for 1.5 years. I was house-hacking it, so it was harder to do some work on the property as I had "tenants". I can't really use that as an excuse though since I was lucky to have friends living with me that would be more flexible about projects in the house.

Now I'm moved out and dealing with rehab and holding costs while vacant. If I could've done some of these projects while I lived there, it might already be occupied and cash flowing!

It's okay though. Sometimes in life, you have to learn the hard way! Still a great deal.

@Jimmy Good come to the BadAss REI meetups! You'll certainly find relationships with like-minded people!

Here's the link:
BadAss REI

You're not legally allowed to purchase with FHA financing without ever moving in. That goes for any Owner-Occ financing.

Important to note that FHA has stricter guidelines on livability If the poor conditions you speak of don't meet their standards, you won't receive the financing for that property, even if you intend on living there.

Hope this helps.

@Persephanie Arellano I totally meant to post to you earlier. I'll be at the meet and greet tomorrow! Hope to see you there!

@Bonnie Griffin Kaake It's the Bigger Pockets/Badass REI Meet in Rino tomorrow!

Here's a link: Bigger Pockets Meetup

Hi @River Sava!

I'll be at the meet and greet on Monday!

Hopefully we bump into each other! I know quite a few people that will be there. All great folks.