All Forum Posts by: Joshua Bailey

Trying to get more information on a storage facility and the realtor wants an NDA signed. Never been asked to before, but have also never purchased a commercial property. Is this common practice?

So I'm closing on my 1st investment property. Its a duplex both are 2/1. The smaller unit i was going to furnish for travel nurses since I anticipate the smaller unit would have a high turnover rate anyway if it was a LTR. I've had a good amount of request for the one apartment and considering furnishing the other unit for traveling nurses and airbnb during vacancy. Being my 1st rental would it be wise to solely rely on travelers or would you put a long term in one and do travelers in the other.

Option A: Both furnished for travelers.

After all expenses it cash flows $574 and has a 40%CoC return.

Option B: One furnished and one LTR.

After all expenses it cash flows $367 and has a 25% CoC return

When using seller credit for repairs. If there's left over money after the work is completed, am I able to just keep whatevers left? The chimney needs replacing and would be doing so after closing.

Looking at a property listed at 60k which needs a full rehab. Its down to the studs so most if not all demo is done. Has anyone done a creative finance to just get an equitable title to the property where they can get a construction loan to do rehab. Once finished then refinance and pay off the seller and the rehab loan. This would be my 1st brrrr so not sure if anyone's done this.

I'm under contract for my 1st property. I looked for weeks trying to get a lender that had a manageable down payment who also accepted gift funds ( borrowing most of my down payment ). Finally found a lender who does and has a 20% down payment when everyone else was 25-30%. The downside is that the mortgage is 20yr and a variable rate currently at 5.3%. Im buying it for 75k and expect the appraisal to come in around 85-95k

Hes selling to me for what he paid in 05'. After the purchase would you refinance asap into a 30yr fixed rate or just keep the original loan? Cash flow would increase about 100 dollars with refinance. Im hoping to only have to put around 10-15% down if appraisal comes in good.

@Joe Villeneuve maybe I will reach out to a DSCR lender and even see if they'll consider the seller finance as the down payment for the loan

@Joe Villeneuve is this unheard of? Say the seller has 175-200k left on their mortgage, but are selling this property at 375k. Could I have them write it up as selling for what they owe and I use a DSCR loan to aquire the property and just seller finance the remaining balance with them.

@Joe Villeneuve what are the differences of land contract and a LP? Since deed doesn't transfer how would the back recognize this as a property im operating? Would they just see the rental income/expenses and see the contract and thats enough for commercial loan?

@Joe Villeneuve looking at it from the sellers view, they would probably want a LP.

@Daniel Mears wrap?