All Forum Posts by: Adam Tafel

Save money like crazy, network with lenders and agents, and househack a 2-4 unit property. Best bang for your buck in most markets. 

I was going to use it initially, under the assumption that my loan would simply be extended without penalty (why not, interest free loan?). After further discussions with my lenders I decided against it, too many vague/unanswered questions. I spoke with my lender, he advised against it, unsure on how underwriters would react to seeing forbearance in my history. Too many unknowns and I didn't actually need the help, I would have just been taking advantage of the situation. From what I understand you'll be fine in the long-term if you pay off the debt quickly after your forbearance period is over. 

Great into post, welcome to BP! You now have one job to do : work like a dog, save everything. If your current job doesn't allow you to save the majority of your income, get another part-time gig. Sounds like you have good work ethic and probably a decent skill set, find creative ways to build capital on the side. When I was starting out I worked multiple bartending jobs and fixed up motorcycles, it was a grind but I'm glad I did it. 

Also, connect with an investor-focused lender ASAP. Even if you aren't ready to buy, you'll be glad you did. Good luck! 

a. I highly doubt anyone fact-checked these stories, there are likely two sides to each one...

b. Anyone who is truly furloughed or laid-off is being compensated generously..

c. Some landlords are horrible people, giving the rest of us a bad name.

Where are you located? First step should be networking with investors/agents/lenders in your market, BP is a great place for that. Start the pre approval process ASAP, make sure your lender is familiar with REI and understands your long-term plan.

Don't get discouraged! Stick to your numbers, and don't over extend yourself in order to "win" the bidding war. We typically see our clients get outbid a number of times before getting an offer excepted, that's part of being a smart investor. Speak with your lender about the possibility of a 5% conventional loan, depending on your income you might qualify. As for down payment assistance, make sure the payment and interest work within your budget, and you still have a healthy amount of cashflow. Perhaps you might consider expanding your search to include duplexes? 

Welcome to BP! "How to Invest in Real Estate" and "The Book on Rental Property Investing" are solid starting points, both published by BP. I find meetups and networking with investors in my market much more beneficial than reading and podcasts, post on your local forum and get connected! 

Thanks for the update @Amber Gonion! Any idea how this applies to lease termination/non-renewal? It's been a little tricky writing offers on fully-occupied MF for owner occupants, our lenders have been giving us a little pushback on these, requiring cancellations to be signed by all parties before closing.

From what I understand the eviction moratorium ended in mid-May, unless they extended it? 

A dual agent ultimately represents the seller, so buying from a broker's "back-pocket" leaves you unrepresented. You want representation that is motivated to get your the best deal for the least amount of money, not unload one of their properties. "Off-market" does not mean "good deal".