All Forum Posts by: Alexander Ball

Hi Adrian,

I am already tapped out as far as advice goes.  I have yet to purchase a property besides my current primary residence.  I am learning as I go.

What I can help with, however, is by being a sounding board for you. I'd be happy to take a look at the deal and give you my (unseasoned) advice.

Hi @Adrian Larreal,

Does he own the property free and clear?  Do you think he would carry a note on the property?  You said you want to get into buy and hold first and you could potentially do that with this deal.  If you have that much equity built in, you could acquire the property with a variety of tools.

--Owner Financed.

--Hard Money --> traditional bank loan refinance

--Owner Occupy & FHA loan (if its is 2-4 units)

And I'm sure a few other strategies of which I am not aware.

Hi @Glenn Rand,

Thanks for the response.  Of course, they are not friends, family, or children.  I understand analytically that your approach is the right one, and fair as well.  I just struggle with my sometimes compulsion to help everyone out as much as I can.  There are worse things to be compulsive about, of course.

Thinking about Burdens vs Load has been helpful for me, in this realm as well as my personal life.  I've found myself thinking of @Jerome Harrod II response a couple times a week for the last month.  Thanks again, Jerome.

Hello @Jacob R. McLouth,

We are in the same boat, you and I.  Same plan, same approach, but certainly different backgrounds.  I'd love to meet up some time if you'd find some value in speaking with another novice about our shared successes, frustrations, and problems.

Send me a PM, and I would be happy to share contact information.

Hi Chris. Thanks very much for your reply. The numbers on the house is the amount higher the comp is based off original purchase price. Would you kindly further explain the situation of putting a tenant in my current primary residence? I don't think it would work well as a rental property based on location payments etc, and even if I disregard the down payment and closing cost for new property I still couldn't qualify for a FHA loan without selling the current property.

As the subject states, I have a dilemma that I am having a hard time navigating myself. I now own a SFH that is my primary residence, the first property I have ever bought, and I have owned it for about 30 months. My Realtor suggest that it comps at 22k-32k what I paid for it after improvements I've made. Essentially, I am looking at walking away with 15-25k after sale, enough for an FHA 203k loan down payment, closing costs, and reserves.

My frustration comes from my inability to figure out how best to proceed.  I can't just sell the house and be homeless while house shopping.  I have a bully breed type dog that will make renting very prohibitive, especially if I need a month to month lease.  I'd be moving and then moving again soon after.  

There is a house I am eyeing that is on the MLS, a couple guys basically part way through flipping, and a duplex that I can get for a 100k loan with repairs included that rents at $1500 to $1600. It cashflows at 100 conservatively and there is room to add value.

Do I make an offer contingent to the sale of my primary residence?  Why would they want to stay in contract with me while I wait to close?

Should I just move out, eat the costs of finding a place to live month to month?  That doesn't seem like the way to go.

I feel stuck.  I know there is a way to figure this out, I am sure there are many that have had their investments tangled up somehow in their primary residence.  Please help.

Welcome to BP! I too have been eying the Ann Arbor REI group, but a handful of funerals have kept me from being busy. I think last month was also focused on wholesale which is not my preferred strategy. I am going to attend a meeting this month however, regardless of agenda.

Hi @William Kelly,

I am (hopefully) just a few months behind you.  Selling my primary residence in Belleville, and looking to buy a 2-4 unit property in Ypsilanti to house hack.  I wish you the best of luck my friend!

--Alex

Welcome to BP, from Ypsilanti/Ann Arbor.  Let me know if I can be helpful to you and I will do my best to try.

I'm new to Real Estate, still, but not new to the area.  Mr. Beal has been helpful to me in questions I have asked of him.