All Forum Posts by: Account Closed

Actually you may joke about it but most real estate commissions require the disclosure of any religious solemn's  or paranormal activity believed to be associated with the property. 

Just call them and ask for the disclosure document.

I think most of the posts are missing what the entire article was actually about. 

it was simply stating the obvious, cap ex is a fixed minimum amount and wont work as a percentage of rent when applied to your typical $600 or $700/mo SFR.

If you properly figure out cap ex, as in his simple demonstration (which im betting most of us havent done), even if you lower it down, cap ex is still $150/month on top of everything else on an SFR. Therefore it is physically impossible for a $600 or $700 SFR property to cashflow over the long term in most cases after you account for taxes, vacancy, maint. etc. it may cashflow well for 1 yr, 5 yrs, 10 yrs, maybe even 20. But if kept, then you are losing money.

If you are ok with buying yourself a job to help lower cap ex then thats a different story as he mentioned. I am personally ok with buying a few properties and looking at them "as a job". my reason? Because only I can fire myself from that job! I work in construction, job stability comes and goes. My initial intent with rentals WAS/IS to buy myself a job that I control. 

Eventually I and likely others here plan to grow out of it. But for the immediate future for me atleast, I need a job only I can fire myself from.

 I have a friend with similar luck..... Some people just have a bad luck streak occasionally :) it'll turn around! 

Welcome. 

I lived in Bellevue for a long time. Nice to see new people interested in RE in the area. Careful, it can be an addicting habit :)

I think it would be a great idea to compose a list of national and maybe localized mortgage lenders (not just hard money lenders) listed on BP that like to do mortgages with investors such as offering low fixed interest rates eventhough its not owner occupied, 25% or less down, 10 mortgages allowed since some banks have lower limits on how many, etc.. 

would be a handy list?  :) @Joshua Dorkin 

@Account Closed my bank is a smaller one (only one location). 

I actually just got off the phone with them, they told me they will get the 30 yr mortgage done regardless even if they have to keep it in house to allow me to close without delay then they will continue on their search to take it to the secondary market. 

Gotta love small banks! 

I see hard money lenders category on BP but no list of mortgage companies that specialize or work well with investors. 

here is what I have purchase contract for/looking to finance: 68k purchase price on a fully occupied duplex, I can put 20%-25% down giving me a 51-54k amount to mortgage. This will keep me above the 50k minimum requirement to get a 30yr fixed mortgage. (im in it for cashflow, not principle paydown).

The bank I do commercial loans with is very small, doesnt do much with investment properties regarding mortgages.

I only have 1 other SFR mortgage.

Any "must check with" mortgage companies out there you recommend or have had a good experience with getting a 30yr fixed low interest loan on an investment property? 

This guy(seller) is somethin else.... hours of talking.... I think I made a long term friend. He is retiring. 

Anyway, Its now under contract!!!!! :) 

Seller accepted $68,200 purchase price provided I require no seller repairs. Contingent on me getting a mortgage. I will probably just buy it regardless if I cant get a mortgage in time and try to continue seeking the best mortgage product later by refinancing/cashing out to pay back my LOC.

Any recommendations on a mortgage company? since the dollar amount needs to be above 50k to get a mortgage, that means I can put a maximum off 25% down (but would prefer 20%). a company that requires 30% down wont work, it will throw me out of the 30 yr fixed mortgage realm. 

Yom Huledet Sameakh!!.... wasnt sure if your jewish :)

otherwise translation, happy birthday!

@Ben Leybovich thanks for the vote of confidence. . Nice to finally find one that I think may be able to go somewhere (fingers crossed). been bored waiting for my oil etf's to go up :) 

@Daniel D.  you are correct, these are fully separately metered & paid by tenants. nice thing is that they have central air, pretty common for me to find window units in these older ones.