All Forum Posts by: Sean Lambert

Can you get a HELOC on your existing house and use that to help purchase the second property? Also look for seller carry on the second one, then it might be easier to get financing, since the seller will be the bank.

If realtors are involved, the seller's agent should be able to explain the benefits to them.  

Also, show the numbers.  You can add details in the offer that include the payment amount they are getting, total interest paid in the life of the loan (maybe you're offering a 5 year balloon) and show what the amount of principal that will be remaining when the balloon is due.

I agree. If that’s the worst thing, you’re good. Wait until the renter is late before you start stressing out.

I look at monthly cash flow. No cash flow, no deal and low value (to me).

It really depends on what your plan is. Are you doing BRRRs, flips, etc? I have a few rentals, so having a realtor, mortgage broker, plumber, electrician, painter, insurance agent, CPA. You need honest, reliable people working with you. Good luck.

what "strategy"' did you discuss?  If you gave your realtor unrealistic expectations, maybe he doesn't want to waste his time looking for a property for you?

I definitely think working with a broker that has investment properties of her own is important, but it's not necessary.

Have you looked on Zillow or other resources and found properties that fit your criteria to test to see if your realtor isn't finding listed properties for you, or is nothing available that fits your goals? 

I'd say pay off the credit card and get the place rented.  

Hopefully your $200/month cash flow is also including other expenses, like management, vacancy, water/sewer (if you plan on paying for that) and garbage service (if not included in the HOA).

Eventually when you actually close, file for eviction.  It might take some time to legally get the renter out.  Meanwhile, you can work on cutting trees/bushes away from the property at 7am with a chainsaw and having a dumpster delivered.  Good luck and please keep us updated.  DM me if you want details on how we got one of these frustrating sellers out of the house they just sold us.

could you rent it for $13,000/month?

My wife is a realtor, I’m not. One benefit is that she sees and hears about deals before they come on the market. She also has a huge network, so deals can pop up and we could jump on them if we wanted. She also represents us on purchases, so we aren’t sitting by the phone waiting for our agent to get back to us. She talks directly to the selling agents. She also gets commission when we purchase something, which we can use as an option in our pocket during negotiations. Instead of the seller paying her commission, it could be used to lower the price or used as part of the down payment. This would avoid the commission being classified as income.