All Forum Posts by: Annchen Knodt

Hi @Cody Dover, hopefully someone with lots of experience in this arena can chime in, but I'll share links I found helpful when I was looking into purchasing a deal sub-2 myself:

A detailed and accessible step-by-step article: https://www.cashflowdepot.com/community/topic/buying-subject-to-the-mortgage/
And a detailed video: https://www.youtube.com/watch?v=7ag6sjtvK00

It's also been discussed several times on the BP podcast, especially #70: https://www.biggerpockets.com/...

You definitely want to consult with an attorney who has experience doing it in your state, because I know it can be tricky.

Good luck - sounds like you might have found a great deal!

Hi @Devyani Baran, this post by Andrew Postell, a lender in your area, might interest you. I came across it in the forums because he gives lots of great advice, and I was thinking I'd definitely give him a call if I wanted to invest in the DFW area!

Hi @Cody Fox, welcome to BP! Highly recommend checking out all the podcasts and educational material available on the site, and going to as many local REIA meetings and/or Bigger Pockets meetups as you can - you'll learn the most relevant information and make the most valuable connections with people in your area. Good luck as you're starting out!

Hi @Jimmie Hughes, welcome to BP! If you haven't already, be sure to check out the BP books… Brandon Turner's Book on Investing in Rental Property & Book on Managing Rental Property, as well as David Greene's new BRRRR book are great places to start learning.

Awesome, I hope you find something that works for you!  The bigger pockets meetup is usually the second Wednesday of the month, generally somewhere in the north Raleigh area. If you have keyword alerts set up for Raleigh / Durham, you'll get a notification when it's announced each month.  Also check out https://www.treia.com for more info on the Triangle REIA and their calendar. I've definitely gotten value out of all the local events I've been to, hope you do too!

From what I hear at the local REIA meetings and bigger pockets meetups, most folks (myself included) are looking more in the surrounding areas now: Rocky Mount, Fayetteville, Knightdale, Wake Forest, Sanford, Burlington to name a few. Seems like lots of people are finding deals they are happy with in these areas. Definitely come to a meeting if you are local!

I recently bought flood insurance for a rental property through a private company called Argenia, and the premiums were close to 1/10 the cost of NFIP's insurance. My house is on the very edge of a 100 year flood zone. I imagine that time will tell whether going with this company was a good idea, and whether the flood zone status will make the house difficult to sell again in the future (I have reasons to expect it won't). But with the low premium, I'm getting good cash flow and ROI, and I'm happy with that.

I'd think that in a 500-year flood zone, if you can't bypass the need for insurance with an elevation certificate like @Adam D Rinehart mentioned, you should at least be able to find very reasonable premiums through a private company.

Hi @Colin Newton, I've been learning a lot about delayed financing myself, and while I don't know whether there have been any recent rule changes re including rehab costs on the HUD statement, I'd recommend checking out this great post by Andrew Postell: https://www.biggerpockets.com/…  He outlines a really clever strategy for pulling cash back out of a cash purchase that avoids seasoning requirements as well as the loan minimums based on "initial investment" that delayed financing loans are subject to.

Hopefully someone else can chime in about putting rehab costs on the HUD though!

Going to local meet-ups is definitely a great place to find mentors!

It all depends on your goals!  I'm looking to replace my W2 income with cash flow from rentals in the next 5 years and am aiming for at least $200/mo per unit cashflow.  I live in Durham NC where I'm finding it's difficult to achieve that within the city, but very doable in the surrounding areas.