All Forum Posts by: Tanner Lewis

I would pass on this deal. The only time HOAs make sense is when the cash flow is really strong. 

You/she can represent you if you have identified the property. The biggest advantage of being an agent is having access to the MLS; besides that, if you have an educated fiduciary, I see no need to hire a realtor to represent you on a deal you have already identified.

I would buy a house hack for yourself. That way you can reduce your living expenses and get cash flow from it. 

I would stay away from owning a primary residence with multiple family members, it tends to get really hairy down the road, but owning an investment property with family members is less hairy. 

It depends if you have a lien on title already (a mortgage or hard money loan), but I would either do this as a hard money refinance or a DSCR cash-out refinance to pay for the reno.

Hey Eugenio - What is the trust structure? Some DSCR loans can lend to intervivos trusts, so that could be a good option if you want to qualify for the loan based on the property's income. I'll shoot you a DM!

https://www.wyomingagents.com/
I used this website for mine, pretty easy to use, not super expensive.

It really depends what loan product you choose. I would do a minimum of 6 months of PITIA payments saved (mortgage payment + insurance + tax + HOA) and put aside $15k for closing costs (it should cost less but to be safe). If you are doing a loan where you need a down payment, I suggest putting aside that amount as well.

I think this one would make sense as a DSCR loan, but you would be putting 20% down on it. You can also bring on another investor to bring the money for the down payment and fund the remainder with debt. You would tack on the equity investor as an owner of the LLC that holds title

Even with no/low money down options, I suggest having ample reserves in case you need to come to the table with cash for some reason. 

I may have a buyer - I have closed a few deals for flippers in Killeen. Shoot me a DM!