All Forum Posts by: Casey Duckworth
Casey Duckworth has started 1 posts and replied 4 times.
Originally posted by @Cory Bittick:
@Stu Wann Thanks for the reply. Yes I will be purchasing it with financing. Ahhh gotcha on the FHA ordeal. I'm still new to the whole process and learning. I will look more into that. Yes I have money for the down payment. But, the mortgage lady I spoke with, said because of the equity I would have, if not pulling out the loan for the full amount, I would not need to put a down payment. But either way, I do have money for a down payment.
No, I would not be refinancing it... just financing it. My parents are selling it to me only for what they owe on their mortgage (80k). Then I'm trying to decide how much more I should take out on my loan, to reinvest into purchasing an additional property. I think I may see what you're saying though... maybe I'm confused with how the process works.
I'm not sure what my cashflow will be yet. I'm sitting down with a couple experienced real estate friends next week who are going to help me figure that out. I'm just trying to learn as much as I can now since this has to happen next month. You guys have been a great help. I love the BiggerPockets community
You are correct. Your parents can gift you the equity as a down payment and you only need to pay closing/escrow. As for you initial question. The most logical move in my mind is to leave the equity in. Assuming you are correct about the rent - it is a cash flow animal. I would simply knock out the $80k and have a great passive asset. You can always pull a loan later when you find your next move.
Post: Portland, OR - Found My Deal - Please advise...
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@Steve B. - The lot is ~ 19,500 sqft. I have looked thoroughly at the property on Portland maps and also know the property in depth personally. What types of variables might I be looking at in the given scenario?
@Ellen Dalinger - Thank you! That is exactly where I went when my lender told me it would only qualify for commercial lending.
Post: Portland, OR - Found My Deal - Please advise...
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Anyone familiar with Portland zoning?
Post: Portland, OR - Found My Deal - Please advise...
- Posts 4
- Votes 3
Hello all,
I have the opportunity to purchase a 3 structure property in the heart of Portland. There are 4 total units (single family, duplex, & mobile home). The property is zoned R2. My residential lender has expressed to me that there can only be 1 structure on a residential lot and therefore it will require commercial financing. Is this correct?
Either way it appears I will need a new lender.