All Forum Posts by: Nick Williams

Im currently renting a waterfront duplex in a prime location on the water near the the airport. I run B&B business out of it and it is very successful. It is owned by an older couple in their 70's who want to sell it. They owe 280k on the home and it is valued at 750k. Im trying to find the best owner occupy financing to buy the home with as little money out of pocket as possible. My FHA loan is already tied up in a 4-plex and either way the FHA lending wouldn't work for that dollar amount. There is a local credit union that offers 3.5% down for up to 500k and state program that offers 5% down on up to 950k. I don't have sufficient funds for the 5% down and the six month reserves on all my rental properties which is required.

I need help/advise on structuring a partial owner finance and conventional financing to acquire the duplex with as little money as possible or possibly additional money in pocket at closing. Trying to find a way to put this together so it is a win win for both me and the seller. Any help/advise is greatly appreciated! 

@Dean Gustafson

There are several people doing fix and flips in Fairbanks! There is a real estate club that meets monthly sometimes more here in Fairbanks. @tim can add you to the email list!

Cassie Leon - With Summit Realty ‭

I have recently been approved through Key Bank for a high value equity line of credit with 100% LTV. Since I don't have very much equity I was only approved for $10,000 with an APR of Prime + 6.85% and $1,000 closing fee. At today's prime (4.25%) the total APR comes to 11.10%. There is also a annual fee of $50. I also would have to lower my deductible amount on the property which would up my insurance by $407/yr. So all together the HELOC would cost me $456/yr + the initial closing costs of $1000 just to have access to the funds.

I'm trying to decide if its worth those costs to have access to those funds for a safety net or to possibly use to acquire more cash flowing property. What do you guys think? I'm open to any help and suggestions! Thanks

Jodi Rhoades Hans Rodvik Harold Groetsema Tim Illguth Osmany Linares Stephen Lockwood Kevin Cross

We are going to be covering tips and tricks right here in Fairbanks AK on how to buy multi-family property with extremely low down payments through house hacking! ( 1-4 units) We will brake down all the numbers so you can clearly see the income potential on these types of buildings. RSVP 

https://www.meetup.com/907-REI-Club-Real-Estate-In...

RSVP LINK

Come grab a drink and talk real estate with other like minded investors. This is a casual event to discuss whats going on in the community, what kind of deals your working on, real estate, or anything. Will be from 8PM - 9PM stop by whenever. 

Want to learn about how to get the best possible credit score? Want to use your credit to its full potential? Together with our special guest, Mike Schreiner, we will be covering exactly that! Join us for more info and RSVP via meetup.com

Osmany Linares There are still good deals here in Fairbanks and North Pole on multi-family. They are just a little harder to find because the good ones sell quickly. I'm a little confused, is your strategy to live in this house for one year and then move out and rent it? The requirement of the VA loan is that you must owner occupy it for one year?

Osmany Linares Congrats on doing some self education and taking action, most people don't! Ralph R. Is definitely spot on with most landlords pay for the heating oil unless it's something with no or little plumbing such as a dry cabin. If your investing for cash flow and are in the military, are you planning on using your VA benefits? If so have you thought about a multi-family? Your VA will qualify you for up too four units 0 down.