All Forum Posts by: Mason Hickman

@Robin Evans

I wouldn't put a lot of stock in what the property is assessed for. How have you been communicating with the seller? Personally, I think a written offer sent over to the seller while you talk through it with them is best. Ideally, you present it in person. You learn a lot from their body language and people much more easily hang up the phone on you than throw you out of their house. 

@Eric Starks

No, the people on title do not have to be on the loan. However, keep in mind that if there are funds contributed for someone not on the loan, you will have to explain the reason for the contributed funds to your lender. 

@Tommy Revithas

Find out what’s important to the seller and try to match that to the terms you offer.

@Max Gerston

Also check out historical units that have rented out via the MLS. There may not be any current listings but there may be some from the not-too-distant past.

@Schneur Sanowicz

In order to give you any insights, you would need to provide more information on the assumptions you’re using. The other thing that jumps out at me is that you’re saying the units are netting $450/month per unit. Do you mean the gross rent is $450 per month or is it truly your net monthly cash flow per unit? Or some other metric? The BP estimator for rents gives you gross rents, not net figures, so it may be an apples and oranges comparison you’re making.

@Ryan Gardent

You should bring whatever they need in order to get you pre approved. They will have a slightly varying list based on your personal situation.

@Joe S.

Some investment loans spell out and make you sign off that you won’t live in the property. Check your initial loan docs and this type of language should jump out at you.

@Tommy Cheng

Yes, you would typically have more voting power. When assessments come your way, you’re also getting dinged 3X.

If you’re concerned about owning and controlling the building, condos probably won’t ever be a good play for you.

@Eric Riddle

Boundaries are good to set. I have successfully house hacked at 2 properties and I find it’s best to tell the truth and not hide the fact that you’re the owner before a lease is signed. Some people claim you should say you are the property manager but I think it’s foolish, people are smart, and they’ll figure it out. If they don’t want to live next to their landlord, that’s fine but they should know before signing a lease. Additionally, the burden is on you to make sure not to be overbearing since you’re now the owner, landlord, and neighbor. I have found that tenants like me living next door because I am super attentive to any issues they have. I would rather know about a problem than let it fester and cause property damage or have resentful tenants. As with a lot of landlording, the devil is in the initial screening.

@Coy Estes

If you can get traditional loans, do that. The traditional loan interest rates and terms are far superior to hard money.