All Forum Posts by: Aaron Hunt
Aaron Hunt has started 10 posts and replied 645 times.
Post: what i should do with inherited house 10k taxes
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Sell it to me for $10k - cash.
Post: Where to find positive cash flow properties???
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Originally posted by @Dan Schweit:
Originally posted by @Aaron Hunt:
@Dan Schweit
Look at North Vegas or SW Vegas.
Last one I picked up a few months ago: +$286/month after HOA and PM fees.
Thanks for the response. Im interested in this. I own a rental that is in Rhodes Ranch. How are the neighborhoods that you are buying in?? I know they demos and neighborhoods can differ greatly if you move in the wrong direction one way or another in that city. Also, if you wouldn't mind sharing im just curious about what rents you are getting, just to see how im positioned in my rentals.
That rental was the lowest priced rental that I own out there. Rent sits at $1190/month.
I go after Class A deals primarily, for minimal fix-up costs, equity appreciation potential, and some cash-flow.
Obviously, I can't create these deals nearly as often as I would like, so it's often a matter of timing, finding the deal and not waffling about it, and quick counters to seal it. I also buy my Vegas properties site unseen (from the East Coast) cause there's a ridiculous amount of competition out there.
Post: Where to find positive cash flow properties???
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@Dan Schweit
Look at North Vegas or SW Vegas.
Last one I picked up a few months ago: +$286/month after HOA and PM fees.
Post: I have a house, I only WANT section 8 persons to apply...
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@Charlie Moore
Wat? You want me to waste my time managing my properties located 2,400 miles away from where I live...over a 7% fee?
Post: I have a house, I only WANT section 8 persons to apply...
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@Thomas S.
You do that and you’ll spend all your time and money posting pay or quit notices.
Post: What is going on with this market?
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Originally posted by @Alexander Phippen:
Originally posted by @Aaron Hunt:
Originally posted by @Alexander Phippen:
Newbie here, why are people still investing if the market is doomed to fail likely soon? If you buy a place that's cash flowing now it doesn't mean it will do well in a crash. Also how are you accounting for potential drops?
Why do you feel a rental would not fare well in a crash? Any evidence to support this?
Not that I have evidence, I lack the time in this field to know exactly how it went down before. However in a crash wouldn't there be a flood of under priced rentals due to the flood of under priced homes and panicked sellers? Or am I looking at it wrong?
I asked the question more so to let you get some answers from more BPers. The answer to that is - even in the crappiest of markets during the crash, rental rates actually stayed the same. Las Vegas for example got absolutely rocked. In fact, might have been the worst hit market in the entire US. Houses across the board were selling at 70% off as a firesale, there were absolute brand new ghost towns in what are now some of the hottest neighborhoods, yet rental rates stayed consistent throughout the recession. Pretty awesome for those who could stay the course - and then rode it all the way back up or picked some more up at the bottom.
Post: What is going on with this market?
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Originally posted by @Alexander Phippen:
Newbie here, why are people still investing if the market is doomed to fail likely soon? If you buy a place that's cash flowing now it doesn't mean it will do well in a crash. Also how are you accounting for potential drops?
Why do you feel a rental would not fare well in a crash? Any evidence to support this?
Post: 30 year amortized with 80% LTV refinance
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Originally posted by @Nicholas Covington:
@Aaron Hunt your comment was "Won't almost any bank do that?" The answer is no.
Do banks do it? Yes. Do all of them do it? No.
I do not work work for a bank, I am a mortgage broker that works with 20+ different lenders and am responsible for sourcing new programs for my team. Out of all my lenders only one will do a 80% cash out refinance. Most are capped at 75%
Majority of business is also in Texas and HELOCs on investments are not a thing.
Agency Fannie/Freddie don't even allow 80% cash out on investments.
PenFed is a credit union, they are an exception to the rule as credit unions make their own rules and programs since they lend their own money. They can do whatever they want even down to a special loan for one client.
Okay, I'll play this game too.
Are you a broker? Yes. Are you a lender? No.
LOLZ.
Post: 30 year amortized with 80% LTV refinance
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Originally posted by @Nicholas Covington:
@Aaron Hunt on an investment property, no. Very few will.
PenFed gave me a 80% LTV HELOC. If they're doing HELOCs out to 80, I am certain more than enough are willing to do cashout refis to 80. I already spoke to a few about one of our properties and potentially doing an 80/20, 30 yr fixed.
You sure you aren't just talking about the bank you work with?
Post: 30 year amortized with 80% LTV refinance
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Won’t almost any bank do that?