All Forum Posts by: Ashley Kehr

@Nakia Addison @Jeff Copeland had great points. You could also wait and find a property that has a vacant unit or a month to month lease so you can get the FHA loan.

@Brian Sanchez I have a commercial mortgage on an investment property with a small local bank that acts as a line of credit. I paid closing costs and mortgage tax but I am only paying interest on what is drawn off the “mortgage line of credit”. I can pull off it whenever I want, pay it down and repeat. It’s an unique mortgage but has worked great for me.

@Sergio Martinez I agree with @Bjorn Ahlblad . You will also add value by reducing your repairs and maintenance expense going forward having a remodeled apartment.

@Justin Butterfield I’ve actually used a BiggerPockets report to give a commercial lender before and they were very impressed. I was able to get a 90 day unsecured loan to purchase the property and then refinance to a 20 year term with them after closing.

The company I work for has a couple section 8 tenants. They have not been a problem at all. The section 8 housing company does yearly inspections with us and the units have to be in good condition for the resident to continue living there. They seem to take good care so their assistance isn't pulled. We have only had single woman as section 8 tenants, not by selection just has happened to be that way. 

My best advice would be to tell everyone you come in contact what you are looking to buy so you are the first person they think of when they know of someone selling.  You could also send out letters to owners of properties that fit your criteria. 

Great job Daniel! Good luck with your first property!

Hi Eric. Welcome to BP! I've only held two notes but both went well. My advice would be to put a late fee clause if you do a balloon payment if the person is depending on a refi to pay you off. If they aren't paid on time but their loan is in motion its not worth the hassle to foreclose but if you charge $20 a day its late, it will get them to do whatever they can to close on the new loan. Best of luck to you! 

I have a house that I purchased in 2018. In the past three months the zestimate went up by $20,000 and down another $10,000. I find that very inaccurate. Personally, I don't rely on Zestimates. They also greatly vary from appraisals I have received on properties.

HI Maxwell. Welcome to BP. Glad you decide to jump in to being a member. I don't do wholesaling but you will be able to network with a lot of people who do here. Best of luck to you!