All Forum Posts by: Adam Williams
Adam Williams has started 12 posts and replied 29 times.
Post: Can I go above the max LTV on a loan to include the loan fees?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
@Account Closed thank you very much! And I'll definitely check out the spreadsheet.
Post: Can I go above the max LTV on a loan to include the loan fees?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
I know this is a silly question, but I can't seem to find the answer. When getting a conventional loan, is it possible to go above the max LTV to include the closing costs?
Example: The property is valued at $200k and the max LTV is 75%, or in other words, $150k. If the closing costs are $5k, there is no way to include the closing costs in the loan so that the loan is $155k right?
Again, I know this is silly but I want to make sure I'm not missing something. Thanks!
Post: Highest HELOC CLTV on non-owner occupied rental property
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
I have one rental property and I'd like to get a HELOC to access the equity to buy my next property. I'm trying to find the highest CLTV for a HELOC on the property. Any recommendations? The property is in Utah and I'm in California. Thank you!
Post: Who should I use for landlord insurance?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
Thank you everyone! This has been helpful. I'm going to reach out to my current insurance provider (USAA) and start there.
Post: Who should I use for landlord insurance?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
I need to get landlord insurance to replace the home owners insurance I had when I was using the property as my primary residence. Do you have any recommendations? The property is in Utah.
Thanks.
Post: Investing in mobile homes?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
@Ed Emmons it's the lot rent that concerns me. I ran some numbers and that eats away so much of the profit. I hadn't thought about doing a flip with them though. Have you flipped mobile homes?
Post: Investing in mobile homes?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
Originally posted by @Matt Bonestroo:
@Adam Williams and @Kenny C.... Yes, there are quite a few BP members that are successfully investing in mobile homes. I would highly recommend mobile home investing, but it is not for everyone... Were the homes in mobile home parks or on private land?
Mobile home parks
Post: Investing in mobile homes?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
While searching for properties to consider, I came across a few mobile homes in the area that are pretty darn cheap. Wondering if others have invested in mobile homes and what the advantages / disadvantages are? Also, would you recommend it? Thanks!
Post: 25 year loan or 30 year loan on a refi?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
Thank you @Dave Foster! I'd love to take a look at any resources you have.
Post: 25 year loan or 30 year loan on a refi?
- Rental Property Investor
- Tracy, CA
- Posts 29
- Votes 7
Originally posted by @Salvatore Lentini:
Hi @Adam Williams - Are you factoring in the tax benefit of depreciation? I wouldn't hold on to anything that was losing money unless there was huge predicted upside sometime in the future (massive appreciation, massive rent increases in the area, the possibility of a developer buying it for a big number because it's next to a commercial area and they want to put up a shopping center... and they NEED your property etc). But if it's just a plain vanilla house in a plain vanilla neighborhood with no expectations of any big changes....why continue to lose money? There are plenty of deals out there where you could have positive cashflow.
Thank you for your advice. I have not factored in the tax benefit of the depreciation in my calculations.
It has been appreciating nicely the last few years, which was my primary reason for holding onto it. But the market is slowing. So I don't expect massive appreciation or a rise in rents (in fact, I think the rent is near the cap). So I've made a decent return on the appreciation, but it seems that at this point, the money could be better invested elsewhere.
With everything that's going on in the market, where would you focus on looking for deals? Thanks!