All Forum Posts by: Mikael Winkler

@Lee Yoder

Wow! That is great, congratulations! Very nice work to stick to your guns and get the property at such a discount. I also really like the strategy of making two offers essentially - one with seller financing and another bank financing. 

When you say you spent more than expected on some residents that didn't leave, was that resulting from evictions I assume?

No problem at all. Happy to assist!

@Wes Waggoner that may be a great way to go about it. If you hold it as a rental for a few years, as you build your portfolio, you get the experience, but also the mortgage is being paid down still by the tenant, along with appreciation. When you sell, you'll clear that DTI and also maybe walk away with a bit of cash!

@Wes Waggoner DTI that @Frank Procopio mentioned is a great point. That's a lot of debt coming off the books, in addition to freeing up your VA loan.

Something else to possibly consider, though. Renting it out will also give you experience in managing a rental property ahead of beginning your investing journey into multi family. If you planned on self managing in the future, renting out your primary now could give you valuable insight into what to expect.

@Ado Shemesh

I definitely agree with the above sentiment of building relationships with lenders. Think of them as a key component to your REI team. However, it doesn't hurt to see what is being offered by various institutions based upon what your specific goal is. Some lenders, particularly smaller, local places, are often willing to a bit higher on LTV or work with you in other ways that a larger institution might not.

If you have going for a more standard 70-75% LTV, most rates should be pretty competitive between lenders, though.

I definitely agree with the above. Deals that have been listed for awhile can sometimes provide great opportunity, especially if the seller has become desperate to move it. The one i'm on working on currently was listed for 2+ months when I offered, and I was able to get it for $20k less than list price. Probably could've gotten it for less, honestly, if I would've been more hard-line on a couple of the things that came back on the inspection. 

@Kameron Thomas

Are you on distro lists of local wholesalers? I’m on 3-4 right now, and get a fair amount of deals coming through. Join some local groups, there’s always deals posted in those. I’m in a few - Columbus Real Estate And Money, CREAM, and Central Ohio Investor Network, COIN.

CREAM is Facebook group, and COIN is typically a once a month in-person meetup that’s been having Zoom meetings during COVID. They also have a Facebook.

Also suggest reaching out to some local Realtors. They typically have some access to deals that may not hit MLS. Just make sure they have proven experience working with investors.

@Anne Marie Kodama

That’s pretty good, actually! I would’ve figured more. Well worth being OOS, I’m sure.

@Anne Marie Kodama

You don't have to get into specifics, but about what are you paying the property manager to manage the rehab? What percentage of total rehab cost? Really just curious. I've heard of a few other investors doing that, as well.

@Denny Ramirez

Absolutely! Well, there's no shortage of fellow investors on here willing to help. Any questions, just ask!