All Forum Posts by: TRUSTEN BROWN

thank you Steve Vaugh, I do know the difference I like the hyperlink to the glossary you provided very handy. I appreciate the information regarding the owner carry interest being at 5-6% interest if I understand correctly.

Alan,

I feel you are absolutely right about 10 years, I was thinking 5 but extra time with no penalty never hurts. 

thank you everyone for such great help and insight. Its very appreciated 

Hello,

I wanted to reach out as I have never done an owner financing buy before. I have bought and managed several multi-family properties in WA however they have all been through conventional financing. The owner owns the 4plex 100% outright, the rents are under market and the property is in rough condition. Already the seller is willing to drop the price by 20k for plumbing and electrical repairs.

My question is how should I structure the deal so as both parties are mutually happy and mutually protected from variables etc. Some of my concerns are; not being able to refinance within the period given/agreed upon what length should I ask for? 1,2,5yrs? Also attempting to keep initial up front cash for the deal low. 

Any advise such as interest rate, how the monthly payments to owner during carry period should be allocated etc will be very appreciated.

Sincerely

Trusten Brown

hello everyone,

I am currently a landlord in WA and have added two gorgeous sheds to a rental property the tenants have already been there for a while so the original lease does not include these sheds. How do I go about drafting up an addendum or changing the lease to include these and mentioning the rules governing the sheds and non-liability for stolen property etc.

Would greatly appreciate any input as I am still learning a lot as I go.

Thank you

Hello BP community,

I am a Landlord in WA and currently own 2 duplexes. One as a pure rental and one as a primary-house hack style.

I am trying to become more digital with my record keeping for the two properties and everything that comes with them. I will be growing to a 3rd property at the end of the year so I am looking for an efficient App. I have a iPad Pro which will be dedicated for it, does anyone have any suggestions? I have tried landlordy but not a huge fan.

Hello thank you casandra,

Was not sure if I would be disqualified on using an FHA loan on a primary residence since having bought the other 2 duplexes.

Is the FHA 203(k) construction loan still the same 3.5% down?

Hello everyone, 

My name is Trusten Brown, 27yr old currently living in Pierce County Wa.

A brief explanation of my current situation, I currently own Two duplexes in the Pierce county area both of which I have house hacked. I bought the first one with my VA loan,lived in it for a year during which a significant amount of remodeling was done. Then used the remainder of my entitlement and did the same thing.

Well it's been a little over 2yrs now and remodeling is done on both completely,my question is this.

I am wanting to purchase my 3rd duplex and do the same process however my va entitlements for 0% down are used. I have excellent credit 760+ and cash reserves but I am wanting to avoid a large down payment, could I use an FHA loan to fund the 3rd property since I plan on living in one of the units?