All Forum Posts by: Dave Skow

@Eric Justice- Hawaii ( hands down)

@Samantha Elliott- get a heloc in place on the present home before you move from it ....buy new property and put minimum down  ( or a little down payment )

@Naresh Achary Vadla- thanks ...ask your CPA for opinion / options ....if you sell for approx  1 mill - your nest proceeds  will be lower than you think ... if you are not interested  in remaining a landlord- sell ...if no need for funds and being a landlord is OK -  keep renting it .  If you want to buy more rentals -  consider leveraging the  property to get  cash 

@Paige Seeley - thanks ...the min down payment for a 1 unit rental  property is 15% ...so putting  20% down isnt that much more ....recasting  isnt always  offered for rental properties so you would need to check with lender ....recasting normally has an admin fee of $300-$500 

ask the tenant if they can wire it to your account ...offer to get  something  sutomatic  set up for them ...offer to cover any fees  that they incur ......what about apps like  venmo / zelle  etc?

@Ismael Ayala Jr.- thanks - an unused HELOC shouldnt impact getting approved ...check with the builder lender about this as there are some lenders that will use a ficticious payment for the HELOC in qualifying a buyer

@Eric Justice- thanks .  decent points  ...The majority of home buyers  cant  buy a property with cash 

@Kyle Smith- do you have the cash to be able to do this ?   Will you need financing ?  if needing a loan - you should get pre approved for what you think you will need .  Most lenders dont do construction loans ...most  construction lenders - wont do loans for  rental  properties 

@Ahmad Moore- thanks - if ypu  purchased in July 2023 - you can  apply and get loan approved now - you may need to wait until July  to close ....seasoing  varies  from state to state and program to program

@Rob Austin- there  are  lenders  that allow  loans under 75K