All Forum Posts by: Chris Davidson

@Evan C. Has your agent given you any advice? I would be trying to get a copy of that inspection report so you can write a reasonable offer. To me, it sounds like the seller isn't motivated to sell. However if you think he just wants it to be shown as selling at his price, ask for him to pay your closing cost, a point or two on your loan, and whatever else you can come up with to get from the asking price to your number. But at the end of the day, you can't make the seller take less than they are willing to.

You have some good info but might need more. What is wrong with the house that is unreasonable or causing such low ball offers on 3 buyers....

Best of luck mate!

@Andy Maben that is right well sounds like you all are on the right track and it will get dialed in over time and each deal you go through.

@Andy Maben that is awesome congrats on getting committed! What type of MF are you looking at?

@Ryan G. hopefully they will remedy the issue. If not calk it up to tuition of hard knocks, and move on. I'd say in 3 years it won't make a difference except now you won't ever make that mistake again and will have kept others from making it too.

Best of luck!

@Ryan G. what did the loan officer say when you brought this up? But you are right about chalking it up to lesson learned, but hopefully, it didn't ruin the deal. If you like the bank maybe try and get a new loan officer. Otherwise, start looking for a new bank and banker. 

@Jielu Zhao I do not see why it would be illegal. Would your wife or business partners wife be able to qualify solely for the loan? 

If you don't mind me asking what are you trying to accomplish doing this, other than moving business debt to personal debt?

@Alicia C. What are your longer-term goals? Are you wanting to build cashflow with leverage or are you looking to slow down and deleverage while increasing cash flow? Like @Michael Plante suggested a refi might give you the cash flow you are needing, and if you don't take cash out, you are looking at a payment on 100K at today's rates that isn't much. However, if you are looking to scale and set yourself up for larger gains down the road and want to put the work then I would sell and get you more properties cash flowing to your standards. 

Hope that helps!

@Sebastian Heretyk what you are talking about is a line of credit. All lenders are supplying cash. Properties taking cash only are usually looking for a quick closing. If you have a LOC it's close to having the cash. Some properties requiring cash offers maybe because they can't be financed. This would cause a big issue for your BRRR strategy.

@Kyle Marsh,

What @Nino G. said was spot on. House Hacking is great to get into investing, but if you are doing SMF do you want to be beside your tenants every day and night for the next however many years? If not go the SF route, or if you are good with it for a bit go SMF then SF. 

Investing is not just a numbers game. It is very personal, especially with real estate. Not every good deal is good for every investor. 

Lastly, if you are doing a SMF house hack I would recommend a property manager just to allow some separation of home and work life.

@Robert Madison,

@Russell Brazil just posted a clear explanation Here.