All Forum Posts by: Greg Gaudet

Originally posted by @Greg Gaudet:

Originally posted by @Michael Branco:

@Anthony Dooley in my case I am part of the HOA to over see all is running well and don't pay HOA

Are you saying that board members in your building /country/province don't have to pay any HOAs while they're serving on the board?????

And if so.... are you 1000000000% absolutely positively sure of this???

Originally posted by @Michael Branco:

@Anthony Dooley in my case I am part of the HOA to over see all is running well and don't pay HOA

Are you saying that board members in your building /country/province don't have to pay any HOAs while they're serving on the board?????

Originally posted by @Michael Branco:

@Greg Gaudet same over here in my area of Greater Montreal. But to save on the HOA I become part of the board.

I'm on the board at my association and I can tell you that it has only led to me working an additional 20 hour a week an not getting compensated for it, and also learning that we need to increase HOAs by $100 a month, and the previous board members have just been procrastinating the inevitable HOA increases so that they wouldn't look like the bad guys.

If you have a method to save on HOAs by serving on the board please share it with me! lol I'm heavily invested in condos here and I pay thousands of dollars in HOAs every month so if you have a way to save on HOAs I am very very interested... 

Do Canadian HOAs compensate board members by reducing their HOAs?? Because that would be incredible lol If so I'm moving to Canada! lol 

I don't have experience with this kind of deal; but personally I'd probably want to have a contract saying that after he does the flip he'll sell it to me for 20% below appraised value. IDK if he'll go for that, but it would take all the risk off of you and put it on him. If market drops in the 12 months he loses money but you're still getting a deal.

That's a really vague question, you might want to be more specific to get more responses. 

Personally I buy condos because SFHs here start at 500k and I get condos for around 100k that rent for 1700. Just have to consider the HOA fees (which replace your capex). And make sure the HOA financials are in good order, healthy budget, reserves, etc.

For a $1,000 deposit I'd just walk away lol That's about as small of an EMD as you could ever get away with!

But I would say read your PC very carefully.. In Hawaii the contract typically says something along the lines of "conventional financing at prevailing rates acceptable to buyer", which can easily be argued that the buyer can cancel if they do not find the rates/financing offer acceptable. It's pretty open ended here. Maybe your states contract is similar? 

Originally posted by @Elijah F.:

Based on my experience there is no limit to back owed lease rent because the lease agreement is superior to any mortgage or AOAO lien. The outstanding lease rent stays with the property and the lessor can foreclose on the property for that amount plus fees. You should be able to buy the lease documents from the BOC and estimate how much is owed on the property. You could also ask the lessor for an outstanding balance--they may share the info with you.

Thanks Elijah. The lessors never seem to want to give that info. I don't quite understand that yet, I'd think they would want to be helpful and assist in someone buying the property so they can collect the arrears. But I was able to reach the lessors attorney yesterday and he told me the back owed lease rents are only $3,500, so we're heading to court to bid now!

Aloha All

I'm wondering if anyone has ever bought a Lease Hold property at a Hawaii court commissioners auction? And if so how much did you have to pay in back owed lease payments? 

I love our system as it relates to most other arrears, but everything I can find says that there's no limit on back owed lease rents that can be transferred to the buyer and no one is able or willing to tell me how much is owed on this condo that we're planning on bidding on at the court house tomorrow! I feel like it's a good enough deal to take the chance, but a little assurance would really be nice! 

Originally posted by @Kenneth Garrett:

@Greg Gaudet

Great job on building your credit score. Anything over 760 will get you the best rates on loans. Yes the hard inquiries will have a minor hit on your score. Usually a point for each depending on how many. We try to use the same lender on our BRRRR refinances so that way they only run the credit once a year. Eventually you will need to use multiple lenders as you will max out the ability to borrow from one bank

Great job and keep up the good work..

Hey thanks Kenneth! Wow once a year would be great! I've used the same lender a few times and every time they still pull my credit when we open escrow and then again right before funding. But if it's only going to take 1 point for each inquiry that doesn't really matter, because like you said I still have a 25 point cushion before I fall out of the best rate category. 

Kenneth how have all the new accounts effected your credit? I knowing having a lot of accounts will help your credit, but opening new ones constantly will keep your age of credit history down. 

I built my credit up from a 570 to an 810 in about 3-4 years. Then this year I Bought my first 3 long term rentals and each one I buy comes with 2 hard hits on my credit (I haven’t even refi’d any of them yet, I’m trying to accumulate a lot of equity and reinvest it to maybe a MF or other higher price property). I’m Working on #4 now, and I’m wondering for the guys that have BRRRd or even just bought a lot of properties w mortgages, how does your credit hold up once you have 12, 15, or even 20 hard inquiries on your credit? And also acquiring all these new loans brings my average age of credit history down quickly. I was at 7 years average age and 2 hard inquiries, and now I’m at 3 years and have 8 hard hits so far. My score is still around 785, so we’re good so far, but it has slowly crept down as I’ve done each deal. I know they’ll fall off after two years, but still if I’m doing 3-5 a year I could easily have 20+ hard inquiries on my score and 1 year average age of account. Look forward to hearing from more experienced investors and how their credit has handled their success!