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4 December 2024 | 2 replies
Here’s the idea:A private lender could pay off the FHA loan, allowing us to give them the first lien on the property.This would free us from the FHA restrictions, enabling us to move to a more suitable living situation while addressing the lead issue at a later time.What I Need Help WithPrivate Investor Leads: Does anyone know of private lenders who might be interested in exploring this option?
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3 December 2024 | 6 replies
There's not a good reason to not ask for the allowed rent, the tenants portion generally is based on a percentage of their income not a percentage of rent.
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3 December 2024 | 4 replies
They only allow STR while you are in the home.
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5 December 2024 | 5 replies
In my experience, being around growth like minded individuals is what has allowed me to grow the most.
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7 December 2024 | 4 replies
So I’m trying to see if I take that equity off the table and re-invest the sale proceeds in another market across more doors where we’ll see better appreciation, OR if we continue keeping it as a rental and work on principal pay down even though the rental price has been coming down and the home is not the easiest to fill because of the above average price for the C- to B neighborhood.Ultimately, my stated goal has been to build appreciation (over cash flow) by acquiring 1-4 doors per year for the next 10 years to allow my wife to retire (or be work optional) by the time she's 50.
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6 December 2024 | 4 replies
I initially intended to put down $50,000 to get a sellers concession where they would cover closing costs and a 2-1 buy down (we have to put down 10% or more down for the seller to be allowed to give us that that amount concession, around 5.8% off the purchase price of $484,500, seller concessions are capped at 6% with a 10% or more DP).
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4 December 2024 | 6 replies
Unless those items are all satisfied (except for housing violations and some non-monetary liens which follow the property), the department of finance will not allow the deed to pass through to the next stop in the recording process.So even if you wanted to dump a property that was totally upside down with liens to someone who was willing to take it from you, you can't do it.
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5 December 2024 | 19 replies
Then as you mentioned-- from there, I would network to absolutely find him a few mentors that would allow him to just shadow him.
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6 December 2024 | 6 replies
Doing it that way also allows you to get a general idea of how much income is needed to at least be close to breaking even. obviously being close to the break even line is not where anyone wants to be but it is interesting and useful metric.
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3 December 2024 | 8 replies
I'm still learning the industry, but I have been able to partner with a CDC based out of texas and they have been a great help and they have allowed me to get involved with getting investors for their project and I'm definitely excited for it.