All Forum Posts by: Christopher Cole

Exactly what Nathan said. Whatever you do, don't give back any of the deposit while the lease is still active.

If you're closing this week, don't change anything now! Closing on a home can be a stressful process. Changing your plans like backing out of conventional financing last second will most likely hurt you.

Every lender is different, but you'll probably need the seasoning period no matter how you buy your house (cash, financing, etc).

It's always more expensive to renovate than you think. If your max is 30k, but your quotes are 30-40k, you've got a problem. Plan now for how to resolve that. Either lower your scope of work, or plan on adding your own sweat equity.

I'd actually give different advice. Just goes to show there are multiple ways to go at it.

1. If you're house hacking, this is one of the few times when it's perfect for managing yourself. You'll learn SO much, including how to best manage property managers later in your career.

2. When renting in winter, I have often done short or long leases to make them end in (beginning) of summer.

3. When house hacking, it eventually comes out. Save the awkward moment later, and don't hide it now. The trick is making sure to "train" your tenants. Just because you're next door doesn't mean you're answering them at weird hours, or can give them special rent deadlines, etc.

To more directly answer your question, I've done this before. It was no problem at all. Only issue I might see is your debt to income ratio as mentioned earlier.

I would say most lenders would be okay with this. Call any of them. One national lender I've used several times is aimloan.com if you want a specific recommendation.

Can you wrap the message in something good? It's a brand new machine, has better features, blah blah.

Other option is just get someone else to do your coin op dryer. You don't have to accept a forced increase. Find someone else who will work with you.

I like the Chase Ink card as well.

For business checking, I like Bank Novo. Blue Vine is a similar one. One thing that's lacking from these though is I wish I could have multiple checking accounts for different businesses with the same login - but not an issue for you since you just have a single LLC.

I have done exactly this. It took a lot of phone calls though. Try calling a bunch of credit unions in the area. Tell them upfront it's a rental property and not your primary residence, and you won't get your time wasted.

I really wrestled with this when I was a brand new investor. The best advice I got was just get a 30 year loan - then you can pay it off at a 15 year rate, or if you choose to slow down, you can do that too. If you get a 15 year loan, your interest maybe somewhat lower, but cash flow will be difficult and you might regret it later.

Personally, I get the longest amortization period possible, and never regretted it.

There are a couple pretty active Facebook groups for the Seattle area generally. Get in a few of those and see what some of the other wholesalers are posting, and what flippers are asking for. I've seen lots of both posts.

try Traction by Gino Wickman.