All Forum Posts by: Jaysen Medhurst

I stand corrected, @Andrew Postell.

@Cole Stoneman, I don't understand this deal at all. Why is the renter paying your down payment and agreeing to buy at a $30k premium in 3 years, plus shelling out an additional $500/month until then. 

None of this makes sense to me.

@Tommie Thomas, if you already own the property, I don't think you can refi using an FHA loan. Pretty sure that's for purchases only.

@Pablo Ottenwalder Jr., exactly. Doesn't matter what the wholesaler's numbers are, you're the one doing the flip.

@Pablo Ottenwalder Jr., you really need to verify any numbers give by a wholesaler. They are incentivized to make the sale, your due diligence not withstanding.

@Carlos Rodrigues, I'm not familiar with NJ, but check out the state banking commission's website. They should list all banks licensed to do business in your state. Start at the top of the list and call all of the Credit Unions and local/regional banks. Tell them what you're looking for and see what they can do.

@Jamarla Edwards, I'm not a lawyer, but I think that as long as you use the property as specified in the mortgage (i.e. owner-occupy), you should be fine. There would be no penalties for early pay off (selling).

If you never move in and the lender can prove that you never intended to occupy, you may technically commit mortgage fraud, which is a very big deal. Legal consequences and very difficult to get financing again in the future.

Some towns/home-owner associations have a "flip tax" meaning you pay a few percentage points if you sell before owning the property for a certain amount of time (typically 2 years).

Lastly, make sure you've considered all of your holding costs and fees to be sure the deal makes sense.

@Adam Widdicombe, YOU can't do any of that, since you're not the owner and I assume you don't have power of attorney.

One option would be for her to take out a mortgage and then either lend you the money at a reasonable rate or be your equity partner on any potential deal.

@Nickolas Potter, yeah, great choice. You still have to work hard and get a deal that makes sense. Are you looking to house hack?

@Dominic Balconi, most investors say they can't self-manage more than 30-40 units by themselves AND still work a full-time job.

At that point, you're probably turning 1-2 units/month and it can get difficult to stay on top of the repairs/upgrades and then get them rented.

If you're serious about REI, I think management is one of the worst uses of your time. That is AFTER you've learned all you can by doing it yourself.