All Forum Posts by: Sean Lunny

@Alex Scattareggia Everything @Anthony Dooley said - You want to protect yourself, and also make sure the terms on the interest rate are locked or fixed, and that there is no balloon payment or that the balance is due on sale or anything like that. I'd like to think that there is not and that the person youre dealing with is a normal human being but I live by the motto "Trust but verify" lol. Hope that helps!

Hey Alex, only downside I can see right now is the interest rate. You could get a better rate with a conventional mortgage and save some money over the long haul.

Also just make sure you have an attorney look over all the fine print and terms so you are protected.

Hope that helps!

Hey Zariyan!

The answer is YES YES YES. Go get that second building. Use that line of credit to purchase something else or multiple something elses lol.

If you DONT use that line of credit to buy another and move, that should still be available to you as far as I know.

Hope that helps!

Hey Marko

I would personally (and I did) house hack in the duplex and continue to build. I do understand "happy wife happy life" situation though. This would allow you to have a cashflowing property (if done correctly) that will add to said house fund even more like you referenced. Seems like you put a lot of thought into this and you know the answer ;)

Funny enough I responded to another forum post recommending his channel on Youtube. I cant believe I didn't hear anything about all of this. Wow.

Really?? How so I was unaware

Hey Scott,

Sorry to hear about that - its going to happen. it happened to me twice last week LOL. You are not alone. That being said, I like to write a letter to the seller with every offer to try and hit some emotional strings so that they will consider my offer over someone else (even when its below asking or in your case having concessions).

As far as the fixer upper - great idea. You can put some money into the home and increase that value and add equity for the next one if thats the route you want to go. 

FHA does have qualifications that must be met - no peeling paint and others that are escaping me right now. You can apply for a 203K loan which is another low money down mortgage that ALLOWS you to buy a rehab, and roll the costs into the mortgage!

I hope that helps! 

Hey Nicole,

Congrats on getting started. If I were in your position, I would buy a primary residence that is a multi and house hack. For example, you buy a 3 family, live in one unit and rent out the other two to provide you with BOTH a place to live AND cashflow! 

Hope that helps!

Hey Mai!

I personally havent dealt with bank of america, but I would ask what their terms are and then shop around to different banks - big (BOA, TD, ETC) and small (local credit unions) and see what works best for you!

Hope that helps!

Hey Dave!

Have you looked on MLS? Have you analyzed deals and finding a way to "make them great" (home-run number?) Have you door knocked? Have yu checked Craigslist? Have you sent direct letters to distressed houses? Have you joined a local REIA to make some connections? If you answered "no" to any, go do that.

I agree deals are not as frequent as we would all like however, especially for the newer investor who doesnt have as many contacts, but they are out there. you can find them and more importantly, you can MAKE them if you get creative.

Hope some of that helps!