All Forum Posts by: Bryan Otto

how could there be a definitive answer on a question like this....

I own a condo and 2 SFH (just my opinion)

At first I couldn't see how condo's could make the #s work. but depending on the market here is a few thing to consider as a plus of owning condo as RI.

1. in the market i was looking you could get a condo for less than 1/2 of a SFH. being new to RI. The cheaper buy-in made a condo more appealing

2. being in a beach town Insurance can be very expensive on a SFH. however significantly cheaper on a condo when the HOA insures the building

3. Only time will tell.. but estimate there is less capital expenses in the long run.

here are some negatives i experienced.

1. selling a condo can be difficult plus i havent seen the appriecation, like i would with a SFH

2. HOA fees drive you crazy

Welcome Blake from the panhandle area myself. Pensacola, fort walton beach, destin areas. I'm still new to real estate investing, recently pruchased my 2nd Buy and Hold in FWB.

The panhandle seems to have everything an investor would want in a market.

why DC over haper's fairy? No right or wrong answer, I'm just curious. I thought about DC but found it too expensive to compete.

My personal opinion is, finance/accounting. "Understand the numbers"

I have similar problem. no real good solution yet.

If your partner has no capital or credit. what do they bring to the team.

I need a partner strictly for more capital. I have some people willing to provide capital. i just havent figured out how to structure the deals.

Maybe think about it like this. What does the number need to be to make it a good financial deal for you. The number could be different depending on your plan for the property.

i use a respected Realtor and PM so had some leads

This is more for the newbie like myself. Purchasing my 2nd buy and hold. Got the deal i wanted and now it is time to get lending. A little more about me. high credit score, good w2 earnings, low debt to credit and assets. basically a prime borrower. Here is what I wanted:

74K loan with 20% down total purchase of 92K

Prime rate

no points

30 year

Here is how the conversations went.

lender 1 (Big Bank): gave me the interest i wanted, wanted points

Lender 2 (smaller Bank) would not lend that little amount with out increased rate

Lender 3 (Regional Bank) would not lend to out-of-state borrow without 30% down

Lender 4 (Big bank) gave me everything i wanted but would not allow seller contribution increasing my cash to close by $1840

Lender 5 (Regional) bingo got everything I wanted and learn some lessons

Point of this post. for newbies know the terms you want and stick to your guns. Don't be so willing to get the deal done that you agree to bad terms

My PM is worth every penny. would not manage my own properties

Thanks David