All Forum Posts by: Shaya Deaton

Hi everyone 

I am in contract for a new development, "Condotel," located at the base of a ski mountain in Utah. There are 300 units in the building, most of which are being closed all cash. I currently have conditional approval (Formal documents that won't be an issue, SSN, next paystubs, etc.); however, the lender mentioned that "Appraisal with the exception of square foot and a CDA of at least 2.5 value".

Can someone provide more insight here? 

There are no appraisal or financing conditions, and I have a few days to cancel the contract without repercussions. There have been 20 or so units already closed in the building at asking, so I'm assuming the appraiser can use these as comps to come in at purchase price? 

Thank you in advance!

Hi everyone, 

I just discovered this fantastic platform, and I am curious how you all are thinking about this. For my first home purchase, I did a conventional bank loan through a top big bank. I lived in the property, however was "recalled" back to the office 4 hours away and ended up renting out long term. I no longer occupy that property. 

I am interested in buying my second property and willing to move to the state where it is located, with a job pending. Can I purchase as a primary home if I move in 6 months to this location? If I purchase as primary, what other limitations are there (how long I need to live there, etc). Do you know how lenders think about situations if I move there for a year and then get a job that takes me to a different location etc?

I am not trying to cheat the system, but generally interested in moving around to different markets, and sometimes the job takes me to different places. 

Any advice/recommendations, please! and be easy on me :)

Does the investor only buy the premium bid one time, and the owner has 3 years to repay that single bid?

Or does the investor continue to pay the taxes annually for 3 years to capture the property?