All Forum Posts by: Mehran K.

Welcome to BiggerPockets @Chris Flitney , thanks so much for taking the time to introduce yourself to the community! If you haven't already, be sure to check out the The BiggerPockets Ultimate Beginner's Guide

That should be a good place to start! See you around the forums.

Welcome to BiggerPockets @Robert Obniski , thanks so much for taking the time to introduce yourself to the community! It sounds like you've done a lot in the time you've been hustling. Glad to see that you're condo has been working out well enough to have you seeking more information on REI. Chicago is a great market to be in!

Hope you find what you're looking for and I'll see you more around the site!

Very nice! Finally getting some love here as an Android user :)

You're right about living in the property at least a year. It's important to show that you "intend" to live in it before you move out. And I think being there for a year pretty much covers that.

You might want to also consider a normal conventional loan. These days they seem to be okay with 5% down instead of 20% a few years ago.

@Ben Leybovich for some reason I can't recall you telling me what happened in that situation. Either way, it's great to know you can spot good people and would back them up in battle. That says a lot about you Big Ben! 

Awesome Steven!

I have done this on residential properties, not apartment buildings. As long as you have commercial/portfolio lending, the lenders are typically okay with it. You typically will do it as a part of closing, and the lender will factor it in while doing their underwriting.

I'm working on a 8 unit residential package right now where the seller is carrying a 2nd for 10% of the purchase price, with me only bringing in 10% down payment to closing. 

The note would obviously have to be 2nd, behind the first note of the lender. The current lender I'm working with increased their rate a "bit" because the CLTV is now 90% instead of 80%

I'm not sure about an agent that is specific to the Florida area. I personally use Affinity Group Management (NREIG), they insure properties in all 50 states I believe. They cater specifically to real estate investors and I have all my properties insured with them. The president is a BP member as well @Tim Norris. You can request a quote/proposal here:

http://www.formstack.com/forms/NREIG-AffinityServiceRequest

I haven't done this personally, but I have heard of people doing it. If you can acquire the lot and build the house at such a discount of the appraised value after it's built, it makes sense to me! Having a solid sense of what all the actual costs will be, will help in your analysis of the deal as a rental as well. 

I've got quite a few rentals, but have only done one flip. At this point in my investing career, that just seems like too many moving parts to have going on while I work a full time job. But if you have the ability and wherewithal to do it, why not? 

I like to lump them together, just because! I guess it would give you another level of tracking your investment by separating them. More reporting means you can keep a better eye on what's going on and understand where you're money is being spent in closer detail.