All Forum Posts by: Robert Rixer

The 2 ways I've seen people get higher leverage than 80% is either making it a primary residence or lumping renovations into the loan amount.

It's been known for the past year, just a lot of people leave things to the last minute and end up having to scramble. It's not a huge deal, but yes one more thing to get done.

Lower risk and much greater opportunity to scale while keeping within a relatively small geographic area.

I encourage you to learn as much as you can from these forums and other material before diving into a coach. I'm sure there are a number of people who would gladly take your money but you could find a lot of good answers to your questions for free. And then perhaps consider hiring a coach once you have specific challenges you're unsure how to overcome.

Appraisals aren't an exact science. Appraiser will use data from whatever closely matches the subject. I've had appraisers use adjacent town comps. It's likely they may even use data of SFH with similar lot and building square footage.

It's more to do with the timing. If you closed on your first one yesterday, then applying for your 2nd one probably isn't a great idea. However if you've lived in your first one for a year, you're not likely to run into any problems. You should talk to your loan officer.

That's a steep steep discount. Not dissuading you by any means, you should offer what makes sense. But why specifically this one? A lot of deals in your area would probably work if you lop 35% off the list price.

I strongly despise when costs of mentorship start to impact the mentee's already limited ability to put a down payment on a property. Completely misaligned values.

With the high housing market in the past few years, house-hacking and living "rent free" is very tough almost everywhere in the country, especially if you are planning on putting <20% down (higher mortgage payments + PMI). FHA is only really the better option for poor credit - otherwise a 5% down conventional loan is cheaper and less stringent.

First, try addressing the tenants about the issue. They may be lazy or not care because they think no one notices and it ends up getting dealt with. If you call it out, especially with only 3 tenants, you'd hope they are decent people and will take some responsibility. 

You could force the issue through the lease, but reaching out and pointing out the issue should be the first step.