All Forum Posts by: Dennis Cosgrave

If Biden wins the election, it will already be too late. The markets will react quickly. I suspect property values will take a major hit. It all really depends on the democrats winning a majority in both houses. If that happens, all bets are off.

To be on the safe side, I would either sell now, or refinance and pull out as much cash as possible. In a worst case scenario, you could walk away without losing much equity. 

You might consider making an offer with seller financing. You could split the financing into a first and second mortgage, with the second mortgage ballooning in 5 years. That should give you enough time to either save the cash to pay off the second and/or do a traditional refinance. I agree that you use a realtor to scope out the seller to see if he might be interested in that kind of deal.

From my own experience, I have lost deals because I offered all cash. The seller wanted to hold the mortgage and sold it to another bidder for a lower price !! 

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If a similar townhouse down the street is renting for $1500 and it is in much better condition than yours, would you pay $300 per month more? I don't think so. As such you cannot expect anyone else to pay it either. Before you set your asking rent, you need to analyse the market rates of rent for comparable properties in your area. Set your rent accordingly, assuming you want rent it quickly. 

It will be interesting to see how this plays out. I expect a court filing first thing monday morning, alleging that Trump overstepped his authority. An injunction will be requested until the Supreme Court rules on the constitutionality of those executive orders. 

Evan Polaski, another option is to hold a second mortgage for the difference between the selling price and the appraised value. The mortgage can balloon in 5 years at which time the buyer can refinance his first mortgage. 

It really doesn't matter. Put in an offer that is subject to inspection of the entire property. On the day of the inspection, go through the property with the inspector. If it is not to your satisfaction, you walk from the deal. You are just out of pocket for the inspection fee.

My best deal was buying a condo with $5,000 deposit. Sold the contract a week later for a $65,000 profit.

In the current environment, it would be prudent to pay the mortgage down, so that you have greater equity but I would not pay it off. If the market takes a downward turn, you will still have a cushion. Instead of just paying it down, you might want to refinance along with the pay down to reduce your monthly payments. That not only reduces your exposure but also increases your cash flow. 

Why don't you do both? Buy a duplex or a triplex, live in one unit and rent out the rest. That is how I got started. I earned enough income from the rentals to cover all the expenses so I lived there for free. I maintained my full time job which allowed me to accelerate my savings. After a year, I refinanced pulled the cash out and bought another triplex.