All Forum Posts by: Patrick Britton

jeez...LLC is north of $250 here, but at least you get to keep it. selling the LLC is not normally done here but rather the sale of a trust.

whatever your course of action, i suggest an LLC to provide you protection. you never know what might come back to haunt you down the line. better to have the LLC responsible as opposed to your personal assets

Hi Alexander,

go for a fourplex. with FHA in order to get the loan the rents of the other units must cover the ENTIRE mortgage payment. So at least for the first year you'll be living "mortgage" free. i cannot speak for 203k because i stay away from them. primarily because you cannot do the work yourself. you need to hire lender approved contractor. and that will cost.

a lot of people assume they'll get an FHA 203k and do the repairs themselves. they get neck deep until the lender says nope.

I've heard about virtual wholesaling but am far from an expert on it.  co-wholesaling is often done here in WA state. 

may I ask how you got the leads?  I love to hear success stories.

thanks! 

what i tried and found successful was getting the closest address I could (a neighbor's) and then using FASTweb.  while not free it comes with my job and provides a fair bit of information, including mailing address of owner.  

welcome to Bigger Pockets Matt.  always great to meet those in our state. 

hi,

i've found a few properties in my area that are clearly abandoned.  i can't find mail boxes or an address or anything.  

any ideas on getting it?  

cheers

"Does that two months come off the 12 month requirement? I guess what I'm asking is, does the 12 month requirement start from the day you close, or the day you actually move in?"

it would be the day you close. 

and as for FHA 2-4 unit, best is to get a 3-4 plex. FHA guidelines requires that 100% of PITI is covered by the rent of the other units. this makes you mortgage free (so to speak) by default.

depends where you're looking to buy.  In WA state here there is a portfolio lender that may offer under 5.5%...otherwise you'll be looking at ARMs

Hi Joe,

I did a quick search and found her.  thnak you very much.  mind if i drop your name when i call her on Monday?  

thanks!  

could you guys elaborate on this memorandum please?  what is it, what does it do, etc.?