All Forum Posts by: Account Closed

@tyler hart I am an active duty captain stationed in Hawaii.. my advice is to use the VA loan and grab as many doors as possible that you can manage.. if you're in Hawaii that's only going to be a single family but you can house hack.. I have two people that rent rooms in my house and pay most of my mortgage. You have to live or have the intention to live in the place for a year as your primary residence so using it solely as an investment property as a start isn't allowed but you can transition it to a rental once you PCS or move after a year

I am looking to purchase my first 2 duplexes this year and have been given an option to purchase contract with a 40k down (20 percent) up front and 1 year option term. In the terms of the contract the buyer (me) shall receive no credits at closing for any payments made under the lease agreement or monthly rent..

My question is for those who have done this.. is this fairly common.. I feel like I should get the credit towards to purchase price for the monthly payments made before I finance out into a long term deal. the "option" payment of 40k is credited but not the monthly payment..

any advice? If this is the case then I should just look at conventional financing

@terone Johnson if your selling is selling a probate house and it's owned free and clear and they're worries about paying capital gains why don't they just sell it via seller financing to minimize their capital gains. I am looking to purchase houses via seller financing if interested

@Dustin Haviland sure I would be glad to look at lenders people use in the Indy area.

@Daniel Dietz that's great jnformation. I'm actually going to get a hold of him today to see what really wants. I am thinking about doing the same thing with the bank financing a portion of it as well or bringing another investor in to take down one of the duplexes so we can take down all the duplexes at once and try and bring the seller to better terms by taking four properties off his hands simultaneously 

Hello, 

I currently found a landlord in indiana that is trying to retire and  offload 4x duplexes ( 8 doors total) as my first potential deal. It sounds like a pretty good deal to me if I can find a form of conventional financing (30 or 15 year fixed) with < 20 percent down. 

-Each door rents for 900 with all 8 doors currently filled ( 7200 total per month) 

-Asking 390,000 for all four duplexes with 20 percent down 

-Haven't gotten to talking financing term (Percentage rate, Ammortization)

-Houses are located in an A-/ B+  area 

-He's willing to carry seller financing for me but requires 20 percent down which i can't afford all four duplexes at the same time ( only have 50k cash).

My only real issue is that i have a 600k mortgage myself as i live in the lovely hawaii and lenders see that i have a high DTI ratio.

-Does anyone have any recommendations as to whetherI should look at a portfolio lender locally or find a Credit Union in the area. If so what questions should I ask.

- I want to be able to bring options to this guy so that i can get him to work with me financing wise or be able to close all four houses simultaneously 

Any advice helps.

@Grant Anderson that's solid advice! I'm looking to get into it with a cash offer and the comps in the area push well into the 150's so I hope I wont experience that problem.

@Ross Denman thanks for the run down.. yea I'm looking in an area that looks decently kept up. You're right about the block to block @Clay Manship.. the numbers look appealing and the comps are around where I'm looking to have my ARV. Looks like the area has spruced up a bit and that's my intent is to hopefully start moving house to house in the area and work a block up to protect my investment. I'm looking at a couple in the area this weekend. Hopefully things turn out betterment than expected

I'm currently in the process of buying a house in inner city Indianapolis as a long distance investor. From the pictures I can see a couple of the houses in the neighborhood have boarded windows..

-The house i'm looking at is fairly cheap and i'm looking to put some money into it and do the BRRR strategy.. ROI is looking pretty good pending I can get it for the offer i'm trying to put in.

-Any recommendations on whether I should continue to look in the area with the foreclosures close by?

- Also there's a large elevated interstate within a quarter mile as well = fairly noisy environment.

-Also, how does section 8 housing work? does one apply to get their house approved for such a thing?

@Rob Lane Thank you for your help. It is appreciate

I am new to house hacking and just bought my first house. I am looking to rent out 2 rooms to the same potential tenant. They're military as well. House built after 1978. Besides a standard rental agreement form for Hawaii, what are the other forms I will need to get the renter to sign to make this contract legally binding. Also, what are some recommended processes to ensure that the forms are legally binding and that I do my due diligence to make sure the contract is good on my part.

Thanks