All Forum Posts by: Michael Taylor

Hello,

I’m sure like most people, I have a goal of buying a property in every state that I would like to live or visit. For example, I want to buy a house in San Diego and be able to go there whenever I want, live there for however long, and then rent it out when I’m not using it. I’d like to have places in AZ, CA, FL, GA, NY, MT, ID

My question is, for anyone that has done this, what type of loan do you get for this to start out? What type of loan do you get to acquire your second property and so on? Do you get a conventional, secondary, investment? Are they all conventional loans? All secondary loan? All investment loans? Do you talk to a private lender or a regular bank? What was your process?

Also I think people make it seem like they purchase all of their properties within weeks. So realistically, how long did it take you to acquire these properties?

If this has been asked and answered before in another forum I apologize. If you have the link to that forum discussing it, it would be a huge help.

Thanks!

I'm a first time home buyer and have been renting up until this point. Can I get a conventional loan on a primary residence and then convert it to an LLC if I want to have roommates or rent it out when I'm not there so I'm protected? Would wanting to create and have the title under the LLC change the type of loan?

Thanks!

@Nicholas L. Even if I get the inspection, it could come up relatively clean, and I could still get screwed over so what's the point? It could make my offer more appealing to waive the inspection. This market is still strong for cash offers and waiving inspection. So if my offer price takes into account all of money I need to spend on rehabbing it, getting the inspection wouldn't matter because I'm already assuming I'm gonna need to do a ton of work to it.

A house is asking $300,000. I got a quote that I could make $55,000+ from short term rentals from a property management company in the area. I asked for a disclosure sheet and very little information was discovered and some things contradicted each other. For example they said no pests, but selected no testing had been done, they didn't know how old the septic tank was, when it was last pumped, or the frequency, and didn't know age of roof. They purchased it back in 2020 and are already selling it. I found old photos and they did some work to the interior. 

I ran the numbers and came up with an offer price. Of course they can either say no or accept my offer, but is it worth waiving the inspection and offering asking to make $55,000+ per year not knowing full extent of damage they decided to turn the other cheek at during their own renovation?

Background: I purchased a place at asking in May, waiving inspection believing it was "turnkey" based on buyer agent and pictures. Got inspection day after closing and came up decent no big issues. But all the problems came out bigger than what the inspector suggested and I've dumped a lot of money into this terrible house. So even purchasing this current price with an inspection contingency makes me nervous because the inspector could miss things and i can get screwed again!

I'm nervous to purchase another property because my first one didn't turn out so great. What should I do?? 

Thanks for the help in advance!