All Forum Posts by: Seth Ferguson

I'm sure there are more comps out there...you'll have to run your +/- for superior and inferior properties. Spend the few hundred bucks and get an appraisal done.

I'm going to echo what @Brie Schmidt said. It doesn't make sense to get your licence for one transaction.

Even more importantly, hiring an experienced broker who knows what they're doing will likely put more money in your pocket anyway!

Competent professionals are worth paying for.

The letter is a good way of showing the seller you're able to close on the property and have your ducks in a row. Barring an actual letter, having something from your lender stating you're able to get financing would make the seller more comfortable. Comfy sellers are easier to work with.

Go back in time and buy another property!

But in all seriousness, you're the only person who can answer that. Nobody here knows exactly the properties, your situation, your goals, etc.

@John Lorince I'd suggest explaining that you own a few properties and what your plan is. It sounds like the agent wants to make sure you're able to close on the property without any financing hiccups or issues. Many of the better agents won't invest their time with someone who doesn't have their financing in order.

Some of the mortgage brokers may want to chime in, but why wouldn't you go conventional from the get-go? Or is there an issue with qualifying without the rental income?

@John Lorince I'd suggest explaining that you own a few properties and what your plan is. It sounds like the agent wants to make sure you're able to close on the property without any financing hiccups or issues. Many of the better agents won't invest their time with someone who doesn't have their financing in order.

Some of the mortgage brokers may want to chime in, but why wouldn't you go conventional from the get-go? Or is there an issue with qualifying without the rental income?

I would also suggest driving by other assets managed by the company. I'm assuming you're talking about single family homes? Does the property look like someone's on the ball, or is it falling into a state of disrepair?

You'll find that financing land is different than financing a property with a dwelling. Lenders typically won't leverage as much, and your rates will differ from a typical residential property.

@Michael Johnson I've had coaches for a few different areas of real estate. I find they're able to maintain a detached, broad view of the situation and open your eyes to things you may be missing while working in the middle of things. Like @Brooks Rembert said, learning from somebody who's already gone through the process and survived a few cycles is worth the price of admission.

@Thomas Rutkowski was a great guest and had a lot of really good information and tips. I'm not allowed to post a direct link, but a Google search of both of our names will find you the interview.