Without that existing network, I’d find out-of-state management much more challenging, and I generally wouldn’t advise OOS management for new investors who don’t have reliable local contacts.Currently, I’m in the process of transitioning my properties to a local property manager.

Just be aware that this adds another layer of complexity, and you’ll want to check with both your lender and a real estate attorney to make sure everything is set up correctly.When it comes to terms, owner financing gives you a lot of flexibility:Interest rate: You want something attractive to the buyer but that compensates you for the risk of holding that second lien.Repayment schedule: You can choose a traditional 15- or 30-year schedule, or go with something shorter if you want to be paid off sooner.Balloon payment: Many owner-financed deals include a balloon payment, meaning the buyer pays off the remaining balance after a set period (usually 5-10 years).

Tell us more about financing the down payment…did you use family/friends or a HELOC on another property or something else? 

., Berkeley and Oakland have very pro-tenant laws so read those carefully.

I’ve made some valuable connections here and picked up a lot of helpful advice from the forums.I’m an investor and real estate agent in the Grandstrand area, so we might even have opportunities to help each other out in the future.

According to recent predictions, mortgage rates are expected to stabilize in 2024, which could bring more buyers back into the market.Feel free to reach out if you have more specific questions or need further guidance on navigating the Hampton Roads real estate market.

Feel free to ask more questions or share more details if you need further advice.

We got the price to a much more reasonable amount, allowing the seller to finally sell it, and passing on a good deal to the end buyer What was the outcome?

You want to crush your job so you keep getting promotions and keep making more money so you have more borrowing power.

I got a lot of misguided & deceptive advice from various loan officers who just want to close & did not explain what was really happening behind the scenes.