All Forum Posts by: Paul Weller

Make sure you check if there is no rental cap for the condo association you buy in.  It hurts investors and encourages only owner occupied condos.

If everything was built correctly than it may just take establishing the use since the ADU is permitted in the zone. Check this out...

http://www.seattle.gov/dpd/permits/permittypes/constructionestablishinguse/default.htm

If there are substantial modifications to the existing building that need to be completed than you may need a whole building permit...

http://www.seattle.gov/dpd/permits/permittypes/constructionaddalt/default.htm

It is hard to quantify the risks.  You could submit your offer contingent on inspection and then determine what is up to code and you could get costs to do this.  If your offer is accepted and then you find out that too much would be required to get it to code you could back out or have the seller do them. 

Is there a way to search the list of companies from BiggerPockets network tab?  I would like to filter to service provided and market location.  I don't want to have to just scroll through.

Thanks,

Paul

Hello Seattle investors!!  I am fairly new to the site.  I came on a year ago but have recently been more active.  I would really like to connect with some owners of multifamily properties on Eastside in or around these cities - Bellevue, Bothell, Kirkland, Redmond, Woodinville, Issaquah, and Kenmore.  I would love to pick your brains and connect.  I'll buy lunch!

Just message me.

Thanks all for the info. I was planning to live in one of the units. From my numbers, the PMI was a deal breaker for an FHA loan - being a permanent PMI. Purchase price is around 700K - If I had the 25% down the loan wouldn't be a jumbo in my area - this is where the seller financing comes in so I could get to the 25%. If I could put just 10% down without the seller financing then the loan would be a jumbo - higher interest rates, right.

I am looking at a duplex listed in the eastside of the Seattle area.  The mortgage broker that I have been talking to stated that I since it is a duplex I wouldn't be able to get financing unless I had 25% down and I think this was through conventional.  I might be able to get 10% but not the whole 25%.  What are my options?  Can seller financing cover a portion of the 25%?  Other programs?

Thanks!

At this point, it is purely conceptual and the rates or amortization tables haven't been determined.  I am just curious if the two loans, the first being through a typical bank and the second being the seller financing, can act like two separate loans and aren't bundled together in anyway.

This may seem like a no brainer, but I want to make sure something...

Example -

Purchase Price - $100

Down Payment - $10

First Mortgage - $75

Seller Financing - $15 (balloon payment at 5 years)

When the balloon payment for the $15 comes up, can I refinance just the $15 or do I have to refinance the $90 (Mortgage and Seller financing)?

What does everyone predict for their market projections in the next 5 years?  It feels like we are at the top and we will be going down but I don't have anything to back that up.  What good resource do you use?  I know it is speculation, but who is the most reliable?

Can anyone provide me some hard money lenders in the Seattle area that works with homesearch?

I found a house I am very interest in that is up for an auction right now at Homesearch.com.  It requires an all cash offer - no financing contingencies.  I spoke to a hard money lender today and they say they stay out of auctions on homesearch because they don't have a guarantee of clean title.