All Forum Posts by: Nathan Harden

First off, sorry to hear that you're going through this.

That being said, we can't really answer this for you. This is all about what you're comfortable with and what your long term goals are. The 24 month option- Do you want a shorter loan? Can you handle the extra monthly payment? 

I would really love to give you insight but at the end of the day, I don't know your financial situation/goals. These are questions that only you can answer. 

I will at least give you a small nugget from what I would do. I would go with the 30yr route because I will have a smaller monthly payment BUT nothing says that I can't pay it off in 24 years. The 30yr would give me a little wiggle room in payments so just in case I had a couple months where living expenses went up, I would still be comfortable.

There is my two cents. I wish you all the best! 

I own properties in the Midwest.

Biggest piece of advice.. Buy yourself a $500 plane ticket and visit these markets for yourself. Your version of "C Class" neighborhood might be different than someone elses over there. It'll be the best $500 you spend and it's a write off.

Just remember to put everything down in the rental agreement, if it's not in there, good luck enforcing it (especially in Seattle).

I'm talking down to nitty gritty. My lease agreements include how often grass needs cut, tenants paying for their own lightbulbs. Small things can create a large headache.

I have properties in the Midwest... The lowest hanging fruit isn't always the best... That being said, I know of 2 guys on here that crush it over there, but they are more local to that area than you and I.

You are going to run into lender problems over there with prices as low as they are. When I BRRRRd my properties over there, they all had to appraise for $75k. It took me about a month to find a lender that would go that low too. After points and everything, gets REAL expensive for an inexpensive property. It gets even harder for you and I because we are not local so even the smaller credit unions that I was calling, wouldn't lend to an out of stater. 

Great Job!!

Was this a househack?

Make sure that it's a new Mobile because once that thing has been moved twice, it's almost impossible for a buyer to get a loan on it. In order for this scenario to be most beneficial to you so you get your best ROI without the headaches, it MUST be a mobile that has never been placed before.

You are in the EARLY stages of your investment career. You need to read up and learn as much as you can. 

You're here, so that's Step 1. Great! Now, you have to go listen to podcasts, books, things to educate yourself. 

Sounds like a Househack will suit you best. You are able to rent out a unit day 1 and have a multifamily purchase all as part of your first deal.

Search for other Hard Money lenders. The Hard Money lenders that I use are roughly 10% down and they cover 100% of the renovation costs. No need to pull a HELOC out if you can stay afloat with the liquidity that you already have.

Crazy. Why wouldn't the buyer just counter the $100k with the appraised value of $70k? Why would the buyer want to overpay 40%+ over the appraised value...?

I have switched up my buying strategy entirely to only going after landlords with 100% equity. Seller financing is soooo much more valuable than a bank for so many reasons.

I was just talking to my wife about this, I have no intention of buying another investment property with traditional lending. So many advantages for all parties, just as you mentioned.