All Forum Posts by: Ryan Muska

@John Schaeffer

If you can afford the monthly payments and you don't mind getting rid of a potentially much lower interest rate, then that does not seem like such a bad plan! 

However, make sure you have a deal lined up for when you get the money out. Don't want to be paying a larger mortgage if you do not have a property in mind!

Depending on the size of the loan, it may be more beneficial to go to a local lender due to them being more familiar with the area and more willing to deal with small loan amounts.

This is not the case. You can have an FHA loan on the home you are leaving and still get a conventional primary mortgage on the new home.

Yes, with delayed financing you can pay for the property in cash and then get a mortgage on it. 

If your monthly payment on the property is only $2300, then you could most likely cash flow with the second unit rented out. So, I would suggest house hacking. Move out of the home and put a 3.5-5% down payment on the new primary home. That way you keep the old property and are able to obtain a new one.

As far as getting financing for the new home's down payment and closing costs, you could get a HELOC or Second Position mortgage on the old property to help finance the new purchase. You could even roll in the closing costs into the cashout/HELOC.

Happy Thanksgiving, everyone! Make sure to take advantage of all those Black Friday deals now!

A brief summary of what we have seen in the past weeks and some pointers to discuss on:

- Rates have dropped ~.75% MOM  -> Good news and maybe we will see them drop even more! Or perhaps this is temporary and we will be "higher for longer." What do you think?

- Unchanged Fed Rates at this latest FOMC Meeting (Stayed at 5.25%-5.50%). Is this the beginning of the end of higher rates?

- As of 11/18, FNMA & FHLMC are allowing for 5% down payments on 2-4 units. This is changed from the required 15-25% that it used to be. How will this help/hinder your investment journey?

- College and University enrollment is still struggling to pick up after the pandemic. But the demand for off-campus housing is still strong. Do we see this changing in the future or will more adolescents opt for non-University educated occupations? And how will that affect the student housing market?

- The hottest overall markets for housing are in Colorado, North Carolina, and Florida. How are you taking advantage of a hot market with your investments?

- The Federal Government is stating that there was an employment increase in October. How is this going to affect the nature of the market? Do you think we are currently in a recession?

If you made it this far, thank you for reading the entire post! Hopefully, this sparks some discussion! 

I wish you much luck with wholesaling!

If you purchase a lot, you can secure funding after the fact for the construction. You will need projected plans/designs, estimated costs, experience, etc. The order is getting all the plans then securing the financing. You usually can't get financing to build something that you haven't planned. 

Typically selling or holding the property will play a factor in the types of loans you will qualify for, as well. 

Why is the condo non-warrantable?