All Forum Posts by: Rylan Kean

@Braxton Bryan we are having an investor meetup tonight at Yada Yada Yada downtown 5-7 pm if anyone wants to drop by. 

@Nicholas Earls sorry you wont make it with the change. Starting sound like Labor Day was a better day after all. Let me know a time and lets connect. 

Just a reminder everyone the meet up was moved till tomorrow. Same time and same location! 

@Tony Hightower Yes the meeting is moved till tomorrow. Sorry you can't make it, but would love to meet up sometime. 

Hey everyone, moving this to Sept 5, 5-7 pm at Yada Yada. Hopefully you can still attend. This will be a laid back networking event. @Justin Cory  @Ron Dayley @Bryce Stclair @Nicholas Earls @John Montgomery

Look forward to meeting a few of you and catching up with the rest. Invite anyone you think would benefit. 

Well got some bad news today and I am trying to figure out some next steps. A lot of the properties in my area are sub $100k and I have been looking to flip or buy multifamily rent. Put a few offers in low ball, but finally found a flip I wanted to go all in on. Called my friend, who is a mortgage broker and pre approved me, to find out that for a $65k property it would be just under $6000 closing costs. The justification was that anything under $100k is going to be super high closing costs and seller can only cover 2% according to Fannie Mae... Am I the only one that thinks that is crazy high? That pretty much puts out any option to refinance in the future or make any big profits with any property under $100k. 

Should I just take this number into account or should I hit the local banks? I am having a hard time justifying 10% of the purchase price for a closing cost. 

Other recommendations? I don't have enough for cash purchases yet, but obviously the flip model could get me there soon. 

I have read a lot about seller financing and the tons of options you could use on an offer, but my question is what happens after. Let's say I put an offer for 15 or 30 years with no balloon payment, but the seller decides they want to sell the note at any point. What does that mean in regards to getting qualified for future traditional loans, I assume now it is in a traditional bank my dept to income ration will be affected. Obviously one of the advantage to seller financing is doing more with less cash. 

Right now I am looking at a Craigslist house that is a rehab and owned outright, so seller financing seems to be the only creative financing that would really offer the seller any benefit. Options don't seem to make sense if they own the property. Am I wrong?

Hey @Erica Shaunta Thompson. We are hosting one Sept. 5 at YadaYada Deli downtown. 

For whatever reason you can't search for it in the forums but if you scroll down far enough it is there. 

All, 

So I din't realize Sept 4 was Labor Day. Anyone opposed to moving this to Sept. 5? 

@Hilliard Ladd welcome! Don't worry you can still house hack with a single family resident if you are comfortable with the arrangements. I am married, but have a great roommate that has lived with me for the past 4 years. Depending on the house layout you might never see them or have many shared spaces, we don't. 

We are having an unofficial BP meet up Sept 4 in Clarksville if you are back in the states. Also, if you are searching the MLS there are some out of range options for sure, but there are still lots of opportunities. You are next door to one the hottest cities in America, 3 large global companies coming to town, Ft. Campbell, and one of the fastest growing universities in the state. Lots of partner opportunities too.

Good luck and thank you for your service!