All Forum Posts by: Michael Needle

@Chris Seveney Yes, I'd like to keep the existing mortgage. My assumption here is that with the higher sales price (and a down payment), I'd be able to cover the existing mortgage and have some cash to use towards another purchase (of a studio, likely) that will CF. I know I could just sell it and pay off the mortgage and buy something with a new mortgage, but since I currently won't qualify for owner occupancy, I'm trying to think of creative ways of turning a CF negative property (not mentioned in original post) into a CF positive investment without losing that 4% 30 year money. 

In short I’m trying to figure out the best way to sell a property while not losing the mortgage, as the mortgage is a 30 year fixed at 4%. I purchased the property as owner occupied, but I’ve since moved out of the country for work so I wouldn’t qualify for owner occupant financing again (and interest rates are currently rising). I think selling with owner finance is the way to go, but want to confirm that here and not sure the best way to go about it. The property was purchased in 2008 for 470K, its now worth about 550K and the mortgage is around 300K.

Also welcome any comments on my plan(s). While my goal is to own multifamily my “home market” (DC area) is very expensive. If I purchased a few more studios, though, I would be close to replacing my income. I’m torn between buying a few more studios to replace my income and then moving to out of area multifamily, or just going straight to out of area multifamily. The funds from the sale of this unit would be used to support whichever strategy I went with. Thanks!

Hello everyone, I’m originally from Northern Virginia and own several condos in Northern Virginia and Washington, DC as build and holds. While to date I’ve invested in condos because of the price and have stayed local to the DC area, I’m now interested in investing in apartment buildings out of state. However, I’m moving slowly as I’m now land lording from overseas due to my full time job as a US diplomat. Welcome any advice on long distance apartment building ownership, especially when it comes to market selection. I hope to help others who are interested in buy and hold since that is what I already have some experience with.