All Forum Posts by: Billy Thurston

@Terri O'Brien if you move into the unit you can have them out in 30 days of a signed contract.

@Lloyd Segal

Look at VT. Continues to decrease rates and new cases. Hardly any rules for “stay safe, stay home”. Everything is open. Hardly anyone wearing mask. People jus going about their normal business.

Something to be said about herd immunity

@Jean-Paul E. Gagnon

I have studied this market for about a year.

This is where I would put a B class property

1 BR - $900

2 BR - $1100

3 BR - $1400

Assuming tenet pays all utilities.

@Jacob Gelinas

I am from norther VT. What town are you looking at? I might be able to provide some demographics for you.

hello BP.  i am looking at possibly trying to finance a deal with some seller carry back (2nd position note).

initial thoughts are:

seller carrying 20% of the purchase price (39,000)

at 6% interest with interest only payments for 5 years, then a balloon to pay off the 2nd position note.

comes out $195 a month

does this sound like a typical structure for seller carry back?

thanks and appreciate any and all feedback.  

@Jonathan Poulin

Welcome to BP

I myself am trying to invest in north west VT (Franklin county).

Let me know if you ever want to meet up and chat.

There are a couple of REAs that take place monthly in Burlington. I can get you connected to those groups as well.

Good luck Millionaire!!!

@Bryan O.

That thought has also crossed my mind.

I do not have a lot of equity in my primary maybe 10k. Thinking cost of converting that loan would not cover the LTV needed, so would need cash at closing, which in turn chews into the cash needed to buy the multi family.

Only 5%?   without any type of government backed loan?  That is more than manageable 

thanks

Good day REI's

I am new to the game and trying to figure out how to finance my first deal.

Buy and hold rental is my preference.

I purchased my primary residence in June of this year with an FHA loan.

I do not have the capital to purchase investment property at 20% down.

Here is my thought. After 1 year in my FHA home. Can I then rent out that home and purchase an owner occupied duplex/triplex, with a better loan? (Less than 20% down), and house hack that property? Is there conventional financing that would do less than 20%, outside of FHA, since I already have an FHA loan? I want to avoid hard money.

All thoughts and opinions appreciated.

Thanks in advance.

@Russell Brazil

Wouldn’t making call, getting comps, only be done after the offer is excepted?

Here in VT comps are done by paid appraisers, not agents. And only once under contract.