All Forum Posts by: Dakota Mivshek

@Chris Parrish and @Sam LLoyd thanks for your responses. 

@Chris Parrish I could be a little bullish in my 7k - but yes, I think the property could cash flow what I need to make it work. Potentially a combo of taking out a second mortgage to contribute to down payment and a co-sign agreement?

@Sam LLoyd could you explain the gross lease option a little further?

Best,

Dakota

In need for some creative ideas/help in how to finance a new place...

Quick backstory... Recently bought a 350K condo in Portland, OR - currently living there. Interested in figuring out how I could buy an 800K house that has a 2bd detached ADU. However, I don't have the money for the down payment, but I have two friends/family that would.

Two part question....

1. How could I get approved for such a purchase (10-20% down)

2. What are my options to structure a partnership of sorts? Which I imagine would amount to co-signing. 

The down payment would have to come 100% from the 'investor'. As for property, I would plan on living in the main house (4 bds, 3 baths) and airbnb the 2bd detached adu. With roommates in the main house and the adu, I figure I could bring in 7K a month. 

Any advice would be great! 

@edjeffery I appreciate your input -- and maybe there is an issue here; however, what specific issues are you referring to? Is there a legal/tax/etc issue? I have a well-established job and a plan to how I would pay her back in due time. it would be strictly a loan from her. A private loan. I am borrowing for the down payment because I don't have the money right now for a down payment... If you can be more specific about what financial planning issues are apparent, i'm all ears. If the deal is right and the majority of the mortgage/expenses/etc can be covered by other renters, I can begin paying back my mom every month. 

@Garrett Beecher thanks for the support! I'm prepared to wait, definitely in the preliminary stages. Getting access to MLS will clearly come with pairing up with an agent correct?

@Chris Olson That'd be great. You are a agent in town?

Hi there, 

In my mid-twenties and now have the okay from my mom to borrow money for a down payment (up to 50K). I'm interested in putting this towards a multi-unit property (2-4 units) and leveraging a FHA loan. I've been doing some reading and analysis, but have some two major questions.

1. With Portland seemingly "hot", are good deals still able to find? 

2. Okay, I now have the okay, access to 50k -- what are my immediate next steps? 

Best,

Dakota