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All Forum Posts by: Chris Davidson

Chris Davidson has started 9 posts and replied 1148 times.

Post: Deploying 250k into real estate

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@Caden Wakim really depends where you are in your journey and where you want to be. I see you title has flipper/ rehabber, I would look at a live in flip, LTR with a big value add. However you might be wanting to get more passive and pick up some notes, or lend on a project. 

The best return isn't always the highest IMO. If you can get a 10% return and it takes 1 hour of work vs a 20% that takes 200 hours of work every day the 10% might be the "best"

Cheers!

Post: Growing real estate units or renovating?

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@Pedro Alvarez if you are looking to have the most wealth in the long run scaling will be the best bet if you are up on maintenance and capx items. However You can also look at if you can't find the properties you are looking for because of tight market conditions that can be a good time to improve your units, and when the market is looking worse you grab a couple more units. 

Trying to time it is really hard, but if you are investing in your goals you will be moving the right way. Investing is completely personal, and when married it is a mix of what you all want as you both need to be happy. If you are wanting a bunch of properties, and your wife only wants a few paid off, you might want to hit the drawing board and work on the path forward and what best fits both of your goals and needs.

Way to take action and keep moving towards your goals!

Post: Checklist Questions for First Time Homebuyer

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@Abdullah E. I would reach out to a professional in your area. When buying an property an inspection will cover a lot of these. However some of these don't matter while they seem important if a couple of smoke detectors are going to break the deal there are bigger problems. Also if you are worried about lead just get something post 80's. 

Focus on what is the life left of the systems (plumbing/ roof/ hvac/ eletrical. These are the big items that will have larger impacts on the deal. If your insurance goes from 1000 to 1200 a year that is 17/month difference. 

Cheers!

Post: The New Guy - Tyler Wilkins

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@Tyler Wilkins real estate is a get wealthy slow game not get rich quick. You got a house a year ago and had a baby, unless you are rolling in large amounts of capital it will take time to build back up to buy another property, and that is fine. Learn while you are saving and working for you next investment. Doing a house hack will be the quickest way into something. Don't forget the more you ad the more you will need for emergencies for when things break.

Keep up the good work and focus on your path!

Post: living trust property refinance

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@George Vaca shouldn't be an issue just give your attorney a heads up, and run it by your lender before hand. Things can always change, but you can always take it back out of the trust and put in later.

Cheers.

Post: Townhomes Community Purchase Opportunity

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@Andrea Smith lower price would be my go to since sounds like lending isn't an issue. Since there are 8 you could split it up with normal purchases on some, and a carry on others at a very low rate. You can restructure debt, but you can't restructure the sale price once its closed.

Cheers! 

Post: HELOC vs. Cash Out Refinance

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888
Quote from @Chris Reichenbach:

I am getting ready to do some updating to my home before I furnish and make it a medium term rental. I plan on using credit lines to fund all of the rehab but am curious about my options to pay them off through a cash out refinance or a HELOC?

The cash out refinance seems pretty straight forward by getting an appraisal after the rehab is complete and getting 80% of my cash out. However, a few different lenders have been trying to push me towards a HELOC but a HELOC on my current equity would not cover all of my rehab expenses.


Would it be possible to fund the rehab through my credit line like I planned and pay it off with a HELOC based on the new appraisal after the rehab is complete? Or would sticking with a straight cash out refinance be more beneficial to paying off the credit line?


HELOC use a floating rate, and are normally considered short term debt. They are a little longer than credit cards, but not as long as Mortgages. It seems like you are set on funding your rehab with credit lines(credit cards?), but are working on the path to paying off the credit lines once complete. If you have a good rate on your 1st mortgage I would look at getting a home equity loan, or a second position loan to roll the rehab into long term debt. It is similar to a refinance, but you are keeping existing loan and adding another. This method can be better when borrowing cost have risen.

Cheers!

Post: My Strategy House Hacking

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888
Quote from @Sergio Torres:

Currently saving for Down Payment.  First Investment Property I will use the House Hacking Strategy. 

Am Renting At the Moment and don't Have any Debt. I would Like to Get suggestions and Advice. 

Thank You!


 Education, expectations, and execution. 

Learn what you can do, see what is possible in the market and make it happen. 

Cheers!

Post: What work can owner do and how to get permits for owner occupied <= 3 unit in NJ

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@Mason Gant call up your building department and ask questions. Or check the city website and maybe they have it all listed. 

Depending on the work it may not require permits, or it may. Won't know till you ask. Or find a contractor who is familiar and see what they have to pull permits on.

Cheers!

Post: House Hacking after buying property abroad

Chris DavidsonPosted
  • Real Estate Agent
  • Boise, ID
  • Posts 1,166
  • Votes 888

@Lauren N. the first time home buyer incentives/ tax credits are gone (decades past). However there still are FHA loan which a lot of folks think means first time home buyer; it doesn't. You can have 1 FHA loan as low as 3.5% down payment at a time, and up to 10 conventional owner occupied loans if you bought a new residence every 1 year at 5% down for single families.

Short of it buy what fits your needs and goals best. The biggest factor will be your DTI get with a lender or agent that can explain this well for you as if you are using conventional financing it will play the biggest role.

Best of luck!