All Forum Posts by: Landyn Smith

@Ned Carey

Very true

Tom, this may be the best option for me, the seller already has the duplexes under his LLC. If he were to add me to his existing LLC as a minority member and do the refinance, will that work or will I need to establish a new one?

@Cara Lonsdale

Yea that’s a great option, we briefly spoke last night and he is tired of being a landlord. This way i can present in a way that benefits both of us. I also kinda got the feeling that he just wants out. I will talk to him a little more to see what he truly wants.

A couple years ago I purchased a duplex from a soon to retire landlord, with the ultimate goal to sell his entire profolio in order to retire. Last year I purchased a SFH in order to BRRR the property in order to have more capital to play with. Its now time to put this deal in action but I'm not entirely sure what the best route is. Heres what im looking at:

His property: 9 duplex

Asking price: 120,000/ per duplex

He is willing to sell off a few at a time but that will takes years for me to set up. My concern is if i wait on this it wont last. My options are clear but unsure on what to do. My SFH- ARV is right at 130k with my loan at 56k. According to my calculations if i pursue a cash out refinance I can take out 47k and use that to put towards the deal. My other option is to sell the property and 1031 the property in order to use roughly 65k. If you guys can lend some advice that would be greatly appreciated.

I'm in the exact same situation, i'm house hacking my duplex as well which I bought back in Sept. 2017. I used the VA to acquire this one and i'm not sure which method I want to use for the next duplex. I can still use the FHA and 3.5% if they will loan to me. My issue is my debt to income ratio; daycare is killer. My plan is to pursue the duplex with the conventional loan and if that not an option i will find a SFH until she gets out of daycare. For you I would try something similar and if you choose to refinance don't forget about all the fees that accompany it. You will get a higher interest rate and roughly 3 grand in closing cost.

I'm from the Columbia area ( ashland) and I think you have a solid plan here. If you cant get qualified for a 130k loan see what you are qualified for and find a deal after.  There are several properties here that will fit your needs and when you rent them out per room, you will find several opportunities.   

I work with a team of mortgage brokers, Realtors, and banks in our area so let me know what exactly your looking for and I can help.

Hey new to the site, would like to join you guys sometime to see whats going on in our market!