All Forum Posts by: Sean Lynch

Good Points Jaysen, thank you.

We will get that ARV, fingers crossed it puts us over the mark we need. Painting the siding once it warms up and then re-doing all of the landscaping first, then we'll be ready to give it a shot.

@Account Closed 

Agree with what was said above. 

My 2 cents - Be confident about your approach and be confident about how committed you are to making your goals a reality but don't try to sneak through, it will hurt you worse in the long run. Be willing to take advice and criticism, welcome it with open arms. That's how I've been able to get people in my corner. They are investing in who you are and what you're about so be passionate and open about what your goals are. Be confident about the traits and abilities you have that will help you along the process but honesty is the best policy here when it comes to experience. 

Perfect example, I met with a seasoned investor for drinks one day just to build a relationship and I still pick his brain on and off 3 years later. Even if they don't jump into business with you right away, the fact that you can call them up and ask them questions as you run into problems down the line is well worth the effort. I was open about my experience then and feel like he's been rooting for me ever since. Can't buy that kind of support IMO and would have never happened if he thought I was faking it. 

@Jaysen Medhurst

We aren't that close to meeting the 20% equity yet. Only in the house for a year so all we have are the payments up until now. If we can get it to appraise well after our reno we do still have a chance. We've done some big renovations but I want to make sure we have other options on the table in case we don't hit the value we need to Re-fi.

As for the FHA leap frog idea, that would be great but we took out the loan as co-borrowers so I thought both of us would be considered to have an FHA loan out in our names?? Do you know if that's the case?

- Equity partner is in the works too just in case. 

- Realistic owner financing seems like a mythical unicorn at this stage haha. I've been looking at properties for 3+ years in my area and not one would consider owner financing. I always ask just to see but no one has been interested in doing it. Any tips on finding sellers who are willing to do owner financing?

Thanks everyone, appreciate the advice.

Going to dig into the the homeready - homepossible options. Possible partner in the works and already have a good relationship with a few of the credit unions in the area. Touched base with them to see what they can do and will keep shopping around.

Thanks for the info/Advice,

@Sean LeBlanc, this will be for a multi-family. For Conventional, you mentioned low down payment options. Can you elaborate a little on this? I spoke with our lender during the first purchase and he mentioned that the bank may allow for an "in-house loan?" at 3-4% but didn't seem like that was normally offered. We went FHA anyways but curious to see what it would take to be eligible for a conventional low down payment option.

HI BP,

Hoping to brainstorm with all of you on ways to finance my second property. 

My brother and I purchased a property last year and have been living in it/renovating. Things are going well, we'll be renting it out in July (ish) and will be moving on to a multi-family next to house hack.

We did our first property through FHA and understand we can't do that again. Below are some options I would like to dig into, any advice on which ones to stay away from/ are the best? Are there other options out there that I'm not thinking of? We are looking to get creative here so please share any success stories you may have.

Options considered:

- USDA Loan

- Conventional - (Just not realistic in the short term due to down payment requirements)

- HELOC

* Is there any way to get a line of credit on our first property? Our renovations will add some equity for sure but I doubt it will be enough.

- Hard Money Lenders

- Personal/Secured loans for Down Payment

Any advice is appreciated. 

Thanks BP

Sean

Thank you Marc, 

I'll get a moisture meter for our next visit. The house didn't smell of Mold and we didn't see any water marks in our first visit. We'll check deeper on our next visit tomorrow. Will have to double check the flooring too, they added a pergo type flooring but not sure how it's constructed underneath that. I'll ask the owner, should we look for a specific type of base flooring? Or more specifically, a type of flooring we would want to stay away from?

No gutters on the house, most Northern Michigan homes don't have them because of the winters up here, which adds to the concerns a bit.

Here is a picture of the backyard. There is a steeper section you can't see above as well and the picture doesn't quite do the grade justice. Hopefully it helps though.

Appreciate the advice.

Sean.   

Hello All,

Hoping to get tips on recognizing and troubleshooting potential foundation/water damage. I've found a home on a slab that I am interested in but worried about the back yard. The yard is sloping towrads the home and I am trying to find what to look for in regards to damage/ potential problems from water flow.

 We will have an inspection before any decision is made but can anyone provide me with tips for identifying major issues with a slab foundation?

What to look for, where to look and any way that I can check the condition of the slab prior to an official inspection.

We will check into the condition of the soil (Clay, Sand etc.) and any noticeable wear and tear on the outside but prior to inspection, are there any red flags I could look for myself or any questions to ask? The current owner had it as a rental and didn't have much information to provide.  

I have a landscape background so we wouldnt have an issue adjusting the grade to the house and tiering the back yard, adding drain tile etc if we decide to move forward. If you know of other possible solutions for keeping water away from the house please let me know.

Any tips would be appreciated.

Thanks,

Hey Everyone, 

Can anyone give me pointers on how to find more Multi-Family Property options after you have exhausted your search through real-estate companies/ online postings? 

So far I've reached out to people who are posting rentals available in these type of units to see if they would be open to selling but without much luck. 

Has anyone found a creative way to search for Multi-family properties in this area (Petoskey, Boyne City, Charlevoix, Harbor Springs Etc.)? Any help is appreciated.

Thanks,

Sean.  

Hey Everyone,

Was hoping to get some advice from investing agents and connect with people in the area. Looking into Multi-Family's up near the Traverse, Charlevoix, and Emmet county areas (Open to others as well) but was hoping for some advice. Moved to the area less than a year ago and have the means to invest, just need help recognizing deals. Anyone willing to work with a newbie? Looking strictly for investment properties and will be purchasing multiple through the next few years. Have family members investing with me as well. 

Even if I could just pick your brain over lunch, that would be a great help. Any advice for the area is appreciated.

Thanks,

Sean.