All Forum Posts by: Matt Hendrickson

Rudy,

I’ve actually been looking into the Idaho market as I’m moving from Salt Lake City to Boise in May. I have a few units here in SLC, but would like to diversify as well. I’ve been following the market in Boise and it seems like there is a lot of opportunity there.

My wife and I are looking at doing a live-in rehab for a multi family unit or just a single family rehab. Boise is the fastest growing city in America right now according to Forbes (article came out about two weeks ago). It really is a healthy economy  with components of Agriculture, Construction, and Tech all thriving right now. I’m excited to get to know the area better, but feel excited about the prospects of moving up there. If you ever need a “boots on the ground” let me know and I can help you out.

I have an opportunity to buy a partially owner financed home.  The owner has said that he could finance $40,000 of the $230,000 asking price. I don't have any experience with owner financed purchases.  Could anyone help me understand how I could best take advantage of this offering? The one investment property I have is bank financed.

I'm not sure if a bank would let me take his $40,000 and use it as a down payment? Any and all ideas are welcome to best take advantage of this!

Thanks,

Matt

Does anyone have any experience buying smart-locks and using them to reduce lost keys as well as being able to unlock and lock your investment property remotely?

I just purchased an investment property in a college town about 2.5 hours away from me. I really don't want to hire a property manager. I'm wondering if anyone has experience with a smart-lock that allows them to unlock the door remotely as well as send ecodes to a potential tenant or handyman or whomever might need to get into the SFH on a temporary basis? I've been looking at a couple different options but wanted to see if anyone recommends anything.

Let me know!

Thanks,

Matt

Quick question for anyone who has experience renting out to college students. Do you general furnish the apartment? I'm in a situation where I will be furnishing the apartment.  Does anyone have any recommendations on where I could purchase beds for a good bundled price? 

I've just purchased my first college rental! Hence, one of my first posts on this website.  I am a frequent visitor but have not posted yet.  I've been trying to learn all I can but now feel comfortable to move into action.  I wanted to see if anyone has a landlord-tenant lease agreement for college students.  This would include a guarantor, or co-signer, portion of a lease.  Please let me know if anyone does have one or would be willing to share a template with me!

Thanks.

I'm interested in knowing if there is a real estate program out there that isn't very expensive that will help me with my personal investment analysis on single family home properties and small to middle multi-family home properties as well as the property management of these properties.  Most programs that I know, are expensive and too much for me as a beginner investor.

Anyone have any recommendations?

I have put in an offer on a house that we are planning to flip. I'm a little concerned about the finances behind this flip.  Can someone please tell me if I'm understanding the financing correctly.

We are going to go with a hard money lender that would finance the initial purchase of the home (obviously charging a steeper interest rate).  The house is comping for about $120,000 to $130,000 right now.  We are hoping to get it for around $45,000 and repairs we estimate to cost $50,000 which will give us a post rehab total for $95,000.  If we low ball the post rehab appraisel to be $115,000, will the lender give us 80% of the post rehab appraised value?  So that would mean they would give us about $92,000 for the mortgage? 

So just to recap what we would have to pay. We would pay the interest charged on the hard money lender and then the difference between the amount the lender would give us and the total cost of the home?

I'm not sure if that all makes sense, but if someone could please help me I would really appreciate it!  Thanks,

Matt

@Greg H. 

Do they require earnest money with the offer? If so, how is that submitted?  Can i just send a pdf of a copied check?

Hey all,

I'm looking to put in an offer on a HUD home. We are interested in putting in an offer, but aren't sure how or when the earnest money is required. Is the earnest money required to make an offer on a HUD home? I've heard from some on this board that all that is required for an offer on a HUD home is the offer itself, there is no where for a realtor to upload a pre approval letter or anything like that. Does that mean that the earnest money isn't required either?

If earnest money is required can I just take scan a check and send it to our realtor? Or does it have to be an actual physical check.

Thanks,

Matt