All Forum Posts by: Sam German

Everything I've read says that most mortgages have a due-on-sale clause or something else that prevents Sub-to from being an option. Are people just ignoring that and hoping the servicer doesn't call the loan due?

Are the odds in your favor if you take this risk? 

I'm very new to this topic. 

I have good tenants who pay on time every time. Lease ends late July, and they're asking about a 3 month extension or month-to-month. 

Pros:

• Slightly increased rent for the shorter term
• Retain tenants who pay on time

Cons:

• a 3 month lease would mean I'm searching for tenants in early November. The tenant pool shrinks in the fall/winter, so it may be harder to avoid vacancy.

The question is whether the con is really an issue worth considering. Has anyone had trouble renting out homes that have leases expire in the late fall/winter? Any thoughts?

Investment Info:

Single-family residence buy & hold investment in Blaine.

Purchase price: $243,000
Cash invested: $35,000

Single-family home that my wife and I fixed up (mostly cosmetically) while we lived there.

I posted my SF home on Apartments.com and Zillow. Got dozens of leads on zillow, a few good ones. Apartments.com listing has 2,000+ views and no applications/inquiries. I found it very odd. 

Still can't get decent leads for my househack right now. FB marketplace inquirers don't read, and I can't post on zillow :(

Hi Zach! I'll be going to a remodel walkthrough with a group on Thursday in Plymouth, if you're interested! Shoot me a message and we'll talk. 

Hey Colleen, this is happening more and more with investment properties in the current market. With high discount points and low loan amounts, the fees can be too high, and the loan will be considered non-QM. I have a portfolio option for cash-out refinance up to 85% LTV for investments if you're interested in finding out if that'd be a good fit.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $243,000
Cash invested: $35,000

Single-family home that my wife and I fixed up (mostly cosmetically) while we lived there.

What made you interested in investing in this type of deal?

This was our first home. We knew buying a place that could use a facelift could be beneficial, and DIY felt like the best way to acquire those skills.

How did you find this deal and how did you negotiate it?

The deal was on MLS with an agent. Offered $3k over asking (not bad for 2020), and it appraised for 5% over sales price.

How did you finance this deal?

Conventional mortgage 5% down. Saved up money during college with my wife to get the down payment.

How did you add value to the deal?

Painted everything, installed recessed lights, refinished hardwood floors, replaced hardware, etc.

What was the outcome?

In process of renting it to a tenant.

Lessons learned? Challenges?

Sometimes it's who, not how.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I got financing through the mortgage company I came to work for. So now I'd recommend me ;)

We are putting in about 1,000 sqft of LVP in our newest live-in renovation project.

Any suggestions for material or brands we should look into/avoid?

We saw Mohawk brand planks at Costco but the price was almost too good to be true. About $1.50/sqft

Good reviews online but it always helps to ask interactive investors.