All Forum Posts by: Mike Dymski

I have a 4-plex under contract and it took me about 10 minutes to key it into USAA.com and get a quote.  What will I run into after this where the challenges kick in?

Below is a tool from a portfolio lender that may be helpful if you are looking for conventional financing on 4 units and below (or just want to stay in touch with current mortgage rates on investment property).  Key in basic terms on the main page and then "change information" on the next page to key in the investor property type.  You will have to key in a conventional down payment amount (20-25% depending on property type); otherwise, it will give you a message to contact them.  TD happens to be my bank but I have no affiliation with them and would go wherever I could get the best terms for a residential loan.  I have not found many investor conventional loan terms on the internet; so, thought I would pass this along.

http://www.tdbank.com/mortgages/default_b.html

I get text messages from tenants on their iPhones, who drive nice cars and have Direct TV that their rent will be late...

 It provides context for the BP community on who they are sharing advice with and supporting.  It's also a way to share success in a forum outside of family and friends where it may appear self-centered.  Not my thing either but it's helped me get a feel for the community.

See below

https://www.biggerpockets.com/renewsblog/2015/04/19/calculate-improvement-ratio-increase-annual-depreciation/  

Your local REIA group may have preferred vendors listed on their web site.

I'm not a not a fortune teller; so, I just try to purchase stable cash flowing investments that perform similarly in up and down markets.  My property values likely went down during the recession but the rents did not...actually went up a little.  I'm interested in investing versus speculation and fortunately my market has cash flowing opportunities.

Using Agreeable Grey...has both grey and beige.  Goes well with Shaw Kitteredge 577 Fog vinyl flooring that we are using in the living room and kitchen/baths where needed...combo looks current/contemporary.

Builders First Source and 84 Lumber in my area beat the big boxes on price.

One option is to figure out what you are willing to pay for the property and add the buyers' commission to it and make that your ceiling for your offer.  This lands you in the same spot as if the seller paid the commission.  The downside is that your offer may be less competitive than another buyer.

I made an offer on a 4-plex on Monday and went through the listing agent even though I had contact information on seller.  I purchased a property before through this listing agent and wanted for him to get a commission because he is a colleague of mine (an investor-broker) and to continue to build that relationship.  Hope that helps as a real life example.  Good luck.