All Forum Posts by: Austin Youmans

It depends.. the seller might of just got lucky with a certain buyer that fell in love.

What would you do with the money?

Why not just refi and pull the money out or get a line of credit?

You don't have to refinance but eventually you would want to get rid of the PMI so ounce you have enough equity I would refi just so you aren't paying that every month.

Find good deals and become a wholesaler to raise money.

Start calling and knocking on doors.

...also say this will allow you to keep a close eye on the property and the tenants to make sure the investment is a success as that is really all the underwriter cares about

I have never heard any lender say that. I would see if you can talk to the underwriter as he actually makes the decision.

I would just say that the house is to big for you and you realized that you can save money and build wealth buy living in one unit of a multifamily property while the rest are rented.

No, that would be illegal per fair housing.

But you could advertise in the hospital and set income requirements.

@Jenna Estefan Congrats on your first investment property!

Can you give more details about using your commission as a buyers credit? Are there rules to go with that?

I just got my RE licence and was wondering if I could do that.

The main reason is that you can only have 1 FHA loan so unless you refinance the property you use it on you are not able to get another FHA loan.

The other reason would be higher PMI on FHA and more strict guidelines on the property itself.

You can try doing cash for keys for one of the units but that would need to be worked out before closing. otherwise everyone is right and that is illegal.

So in brandons video I ran the numbers for year 1 and it seems to work out for me.

ARV - sales expences - total cash needed - loan balance + cash flow

(121,200 X 90%) - 25,132.5 - 37,685.67 + 2,162.99 = 48,424.8

Total return = 48,424.8/25,132.5 = 1.92 = 192 %

Let me know If you have any questions