All Forum Posts by: Matt Fisher

Thanks so much for feedback! I share many of your feelings.

Hi All,

Got a call from a gentleman wanting to rent my property to use as an assisted living home for elderly. Does anybody have any experience with this? The property is a 3/2 single family in a normal community with HOA. My initial thought was no, but had a friend tell me he was familiar with this type of operation. Any feedback is appropriated.

Thanks

Hello,

I recently inquired with the mortgage company I have been working with in regards to a second home loan or vacation home.  From what I understand these loans allow you to be less down (10%) if you meet certain criteria.  I received the below response:

Fannie Mae rules changed about 3 months back and unfortunately 25% down payment is required now on 2nd homes.  Also you sign an affidavit on a 2nd home at closing that states you will not rent out the property

I would plan on using as a short term rental, but would like to select a location my family would like to spend time at. I'm interested if anybody has some feedback on ways to lower my down payment?

Thanks,

Matt Fisher

@Matt M.

Thank you very much for input. I’m interested what you think would be a good price to get it at for a hold? County appraisal for 2021 is about $245k. My offer now is $205k. I currently only own 1 other rental property. Just started.

@Jerry Puckett

Jerry, thank you very much for the insight coming from what sounds like a successful relationship/partnership.  

@Mike Kostner

Thanks, Mike.  I think I'm leaning in that direction. 

@Shiloh Lundahl

Thanks you very much, Shiloh.  Really helpful examples.  I think my gut is telling me to either pay him as if he were wholesaling the deal to me, or perhaps just walk away.  Very close friend and that I believe we would be good partners, but certainly not worth risking the friendship.  I originally tried to talk him into doing it on their own as I really believe it would be good for them long term. Just not in the same place financially.

@Josh Caldwell

Thank you for your thoughts. I really appreciate it. 

@Nicholas L.  

Projected monthly rent is $2,000.  Projected monthly expenses is $1,780 with $300 built into that for variable expenses.  

Thank y'all for feedback, I appreciate it.