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19 November 2021 | 11 replies
You will gain a lot of experience and knowledge from a house hack with tenants so on your second property you will not make as many mistakes.
30 September 2021 | 3 replies
My last option here is I could move out at lease expiry and get an apartment by myself until I could find a 2-4 unit place, but I feel like that's a bit of a gambling option.To re-cap, my plan is:1) Search for a duplex/triplex/fourplex and hopefully find something before March 1st2) If no clear path/deal in place by March 1st, continue to search for duplex/triplex/fourplex as well as a single family house3) Worst case scenario I could get a 1 bedroom apartment by myself (I really don't want to do this and want to start my real estate journey).I'd like to hear some feedback regarding how financially sound this would be and what factors I should consider when going this route.
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28 November 2021 | 4 replies
I also have a large HELOC line available on my personal residence.Despite their language (above) the bank involved is (at least in my preliminary discussions) pitching a fit and indicating that if I use the HELOC to bring additional funds to the transaction or do 3 mortgages (pay down with my cash and then refi to get funds to do the next 3 and then the final 2) that it deems either strategy as equivalent to directly (and in the first instance) refinancing with another financial institution and will not release my collateral unless I pay their penalty.I am prepared to call this a mistake on their part and am seeking legal advice, but I am interested if anyone else has been through a similar episode.I don't get how they think I should be stopped from mortgaging my personal residence and then bring those funds as equity into the LLC's (the actual borrowers) to pay them (the bank) off.
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17 October 2021 | 8 replies
I did face a bit of regret right after closing and was afraid we made a big mistake.
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1 October 2021 | 2 replies
I’m only beginning my REI journey and don’t want to make a silly mistake of the heart.My parents are currently renting elsewhere but wish to live in this home and use their “cut” as a partial downpayment to help.
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1 October 2021 | 1 reply
There are also very small cracks (I'll call them hairline) in other locations but this spot seems to be the worst.
2 October 2021 | 2 replies
Worst case scenario is they accept another offer).Last thing to mention is that less than 8% of properties do not appraise.
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2 October 2021 | 5 replies
Worst case eat the tax.
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4 October 2021 | 26 replies
Paying off the property is perhaps the worst possible thing you could do.
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3 October 2021 | 16 replies
I have "arbitrated" and won 116 of 117 appraisals after they came in low, made mistakes, or flubbed the dub.