All Forum Posts by: Sean Ridlon

@Dave Foster Music to my ears! Thanks! 

Also, I'm up in Gainesville if you need a hand with anything.

@Kyle J. Thanks for the info. 

Hello all,

I had a question about PMI. Is it possible to buy a property using a conventional mortgage without 20% IF the subject property is being purchased for 75% or less of the appraised value?

TIA!

Hello all,

I've only heard of 1031 exchanges casually. I have a SFR that is closing in the next 10 days and my brother asked me why I wasn't doing a 1031. I don't know why! Maybe I can't? The SFR was my primary residence for many years and has been for sale since 10/17. I have a significant percentage of equity.

Here's the question:

1) Can a primary residence be 1031'd into multifamily investment property/properties?

@David Beard called Citi today. They do finance low-cost housing for investors. Origination is $1100 plus closing costs, so about $2500-$3000 all together depending on where. They offer 10-30 fixed with 25% down. Max LTV is 75%.

Thanks for the tip!

Ryan, the comps are tough on this one. It’s in AK where there’s not a lot of places like this one (3/2 on 5 acres) but what we have is telling us we’re underprice. But your point about it’s worth what someone will give you is well-taken. The time on market point for this area is weird, too, for AK. There’s really a sale “season” and it runs from Jun 21 to the end of October. AKA “summer” lol. I definitely am not looking forward to paying the heating bills on a vacant house over winter. Maybe I should give him a little break but not too much.

I’ve had a SFR for sale since November. Asking is 200k, owe 84k. Getting a lot of low balls but traffic is steady. A contractor friend has asked to buy on terms. He did a lot of the work on the house so there’s no surprises for either of us there. Terms offered include: 1) moving in a renter of his (long time employee). 2) less than asking price 3) one year financing with large payments I like #1 with a lease from me, not to the contractor. I don’t like #2. I think it should be asking or better because of the terms. FYI his “cash price” offer was 140k. What would you do?

I’ve had a SFR for sale since November. Asking is 200k, owe 84k. Getting a lot of low balls but traffic is steady. A contractor friend has asked to buy on terms. He did a lot of the work on the house so there’s no surprises for either of us there. Terms offered include: 1) moving in a renter of his (long time employee). 2) less than asking price 3) one year financing with large payments I like #1 with a lease from me, not to the contractor. I don’t like #2. I think it should be asking or better because of the terms. FYI his “cash price” offer was 140k. What would you do?

Depending on how long it’s been leaking, there could be rot you’ll want to identify and address. If you can bandaid it for a few years, great, but you need to plan on a long term fix in the near future.

Warner Robins has interstate access so you could branch out a bit. I’d guess housing allowances from the base are paying a lot of the rents there. Being you’re in the South, I might look into picking up trailers on land in the 30-50k range. A lot of people prefer to rent where they can have room to stretch their legs rather than right in town, and the rents are close. For example, in East Gainesville a mid century SFR will generally run 80k with rents per month at .8-1% of that. Meanwhile, a trailer house on an acre in Keystone Heights, Hawthorne, or Interlachen can be had for 30-50k and still get $700-900 a month in rent. There’s lots of things you can do. Good luck!