All Forum Posts by: Dave Skow

@Cheryl A Perna- thanks ...the proeprty will need to be a condo as there are no SFRs in the downtown area you mention ...condo market in seattle is much softer than the SFR market right now ...its a buyers market with many units for sale ...the price ranges are still high and if you want to try to break even with renting it part time - it may be tough to do especially when factoring HOA dues into it . Some HOAs will limit the units that can be rented ...connect with a condo specialist realtor and you should get a good idea of whats possible ...if you will need a loan - get pre approved ...loan pricing for a 2nd home is similar to pricing for a rental property

@Bruce Ng- thanks 1) are you planning to pay the seller the difference between the purchase price and the FHA loan amt ? 2) most lenders will take many months to process these requests 3) most lenders will require you qualify in order to approve the assumption ...good luck

@Mohsin Mazhar- thanks and sorry for the situation ....If you can sell the properties without  taking a loss  on them - I would recommend selling ...the  situations you describe will definitely continue  over time ...in one shape or another .   This is part of  being a landlord  and some properties  are more porblematic than others 

@Ally Gao- you dont say they  are  unwilling to move  so no need for lrgal moves yet ...to help them move out - maybe consider  cutting them the amount that  they owe you  as an incentive to get  some  paid back  PLUS to get them out of the unit 

@Shari Azama- thanks 1) if you are interested in buying more properties - consider getting pre approved to make sure you can obtain financing that you might need 2) working for a family owned business may be an issue so getting pre approved will help address this 3) best and most simple way to escalate paying down the loan is to try to make one extra payment per yr 4) if considering moving and renting out the condo in the future - check with your HOA to make sure the unit can become a rental unit ( some complexes dont allow this ) - thanks

@Elias Hay- thanks ...there are many lenders that do conv loans under 80K ...most DSCR lenders use 100K as min guideline

@Sartaj G.- thanks -  pay towards the 2 loans the same way ...look to refinance  when and if rate drop ...if interested in buying more rentals - consider saving these  funds to use for your next purchase ...there are many great amoartization calculators avaiable for free that you can use to review scenarios 

@Conner Price- congrats ...there are many good lenders in WI ...if the property you are buying is a  1 unit rental - there are also some  good  programs allowing as little as a 15% down payment 

@Jake Benny- thanks ...I would recommend getting a loan approval  started  using a hypotehtical purchase price and loan amt ...This will allow you to get  organized/ educated and  prepared  and many of your questions will be  answered - good luck

@Cameron Daste- thanks ....you will have a challenge with finding much in the KING COUNTY area for 500-700K range ...if you want to remain local - you will likely need to broaden to Pierce / Snoh County area . Before spending much time seraching - make sure you have the other elements addressed and in place ( funds for closing / finnancing / contractors etc...) . If you have no needs for financing - the process will be much easier . IF you need to get a loan - buying as a house hack strategy ( living in the property ) will be easier than buying as a rental . Getting a loan in the name of a LLC is much harder than getting a loan in your personal name . Get pre approved with a lender if needing to use financing - thanks