All Forum Posts by: Mitch H.

Thanks @Darson Grantham.  I will look into it.

@Darson Grantham actually, this would be a SFH primary residence. However, I think (hope) this would largely be an available option for most investments that qualify for conventional financing.

Delayed financing allows a buyer the competitive advantage of an all cash offer, while then almost immediately refinancing into a conventional mortgage to return their cash.  Typically lenders call his a "cash out refi" in which borrowers have to wait 6 months.  Under the delayed financing rule a borrower can obtain the new loan before the 6 month waiting period.  And its not really a "re" finance either, since the delayed financing is the only/first financing.  

Does anyone have experience doing this in Iowa?  I would be curious to speak with a lender who has experience with this.

Just a quick update, especially for the Denver folks.  Per Zillow I had almost 100 contacts in the first 5 days of listing.  About 40 of those followed the instruction given to them to fill out a pre-screener and I would say 90% of them were qualified based on that.  I pushed rents to about 95% of what my best estimate of "Market" would be.  But based on that interest level maybe Im still too low.

In the end, the current resident ended up finding a new roommate, so I didn't have to do any showings.  Moral of the story is that interest was very high.

I do think my product is in high demand in Denver.  Its a well located C class duplex, updated fully in 2015, has a yard etc.  Because its C class, the rents are quite affordable.  Most comparable properties are "nicer" and fetch over $2,000.  Also thinking there might be a lot of people in larger apartment buildings that want out of that environment during COVID.  I think my rental rate competes well with 2br apartments in larger buildings, so the value proposition probably seems rather enticing for a lot of folks.  

Makes sense, thanks @Chris Lopez

@Chris Lopez - thanks for the insight.  Did they define clearer what they meant by "priced right"?  ie.  Are they decreasing rents to incentive leasing?

Thanks everyone for the responses - @Craig Curelop might have a vacancy coming up so was curious to hear how other Denverites were fairing. 

Thanks, @Cameron Tope for your anecdote.

As a landlord, Im just curious how residential leasing is going with everyone lately. I would guess that during March/April it might have slowed, but now that we are into the summer months, and COVID-19 restrictions easing, are people seeing an uptick in leasing activity?

@Chase Gochnauer thats good to know you have had success contesting values.  I underwrite 1.75%-2.0% of purchase price as annual RE Tax expense.