All Forum Posts by: Chris Davidson

Quote from @Alex Freburg:

Does anyone have experience / advice and tips for doing a subject-to deal in Nebraska? This is my first transaction outside of my primary residence. The deal is within the family and all parties are on board, just don’t know how to go about it. 

 Reach out to a title and escrow company and let them know what you are looking to do, and ask them how they would do it. Alternatively you can find an agent who does these type of deals and see if they can handle the paperwork for you for a small flat fee. Get contracts in writing. While all parties may be on board now, you might get pressure down the road to refi or get the loan out of the current owners name. This can wreck relationships so make sure this is addressed at the beginning.

Best of luck!

Quote from @Wilfred Morales:

Hey @Randy Rodenhouse thanks for the response. Just a follow-up…what about depreciation?

 Yes if you take title you will get to depreciate it.

Quote from @Account Closed:

Quote from @John D.:

Thanks @Bruce Woodruff and @Chris Davidson. Good points! The tricky part about this region is that a lot of the city is pretty close to the sea level, but there are definitely areas that a little higher and are unaffected by storm surges. I agree that the loss of a major port city will result in lots being done by local and state government to protect the area, so that is something that gives me reassurance about this region in general. 

We're hoping the sea rises enough to give us water front homes in Scottsdale.

National Geographic states: "Seas are predicted to rise a foot by 2050"
Wow! A whole foot, if eveything goes wrong. 

I'll take my chances ;-)

 Is AZ beach front property the ultra long game now?!?!

I can't get caught up in the hype it drains to much energy, but can make for entertaining bar chats.

Quote from @In Cho:

Hi,

Yes you can use the VA. Look at the market and see what it is doing. hoping to charge 1500-2000 may be unrealistic or may be spot on. However it all depends on your payment and other cost. You can do 0% down on the VA, but that will result in a higher payment. Reach out to some folks in your area and have some conversations and see what is and isn't working. Set some timelines to check in and make sure you are getting closer to your goal.

Best of luck and keep up the work!

Quote from @Matt Smith:

I'm doing a house hack in Port Richey FL. I need to get 2 rooms rented out in my 3 bedroom house. I'll be living in the master room. The rooms rented out will have a shared bathroom and common areas. I'm asking $800/m. Not getting as many inquiries in the 2 days its been active as I thought I would. First time doing this, and getting a bit anxious as the first payment is due June 1. Tips on where to advertise, and tips on having a successful house hack/room share. Thank you for the help

 Like others said two days is a short period, and likely also the two slowest days of the week Monday and Tuesday. A lot of folks look for houses on the weekend or nearing the end of the month. Make sure you have pricing right for your market. If single rooms are only going for 600 your going to miss a bunch. If rooms are going for 1500 people likely think its a scam. FB is where most room rentals will be, if you are furnishing check out furnished finder. 

Best of luck.

@Sarah Bell great advice here, short answer talk to more lenders. Like @Scott E. mentioned there are different types of lenders and if you talk to all the same kind of lenders you are likely to get the same answers. If you just google your town and the type of lender you will find plenty. Or reach out to an agent and let them walk you through the process, and they likely have a lender that can help you.

Best of luck and way to stay after it!

Quote from @Shemar Ricketts:

I’m sure someone has already asked this so I apologize in advance.

My question is, is it possible to buy a property and not actually make a mortgage payment until 6 months after closing?

 Yes! However most lenders will take it back and wreck your credit. Seller finance if you agree to the terms up front, or if you buy all cash. 

@Samuel Choi in Idaho our realtor approved forums have subject too in them. Check with title companies, and also local investors. End of the day though is you need to understand your contract inside and out, and paying an attorney or someone to explain it to you could save you big time, and also help you get a deal when a seller ask a question.

Best of luck!

@Jeremy Clarke nope not going to happen it is not in the lenders interest to do that. You could wrap your current house which would allow you to collect on a higher rate, but a straight sale sounds like it would be better as you could drop your loan balance on the purchase. Did you live in the home for two years out of the last 5? If so you could avoid capital gains.

Best of luck!

@Manny Oviedo do what makes you happy, and you enjoy. Just because you start in SFH, doesn't mean you can't move to commercial or to multi. Maintaining a high savings rate while investing and putting in the work now will pay off well down the road.

If I was in your shoes I would just save up and get another property and keep rolling. As time goes on look at selling using the 2 of 5 rule to avoid taxes and take those funds and roll straight into an investment or another house hack.

Keep up the good work!