All Forum Posts by: Anthony McEvoy

@Nadine Russell: First think I would do or verify is determine how much you could rent it for.  What is the market in the area for rentals?  Find our what other rentals are going for.  Is there a vacation rental agency in the town?  After that, it is only what your family is comfortable with financially.  No one can determine that but you guys.

Can you put your older children in the same room for a year and focus on paying down debt and rehabbing?

Alternatively, depending on what your currently owe with the refinanced debt... what about employing a BRRR-like strategy? Rehab the kitchen and whatever else to make it a more attractive rental and then refinance or get a HELOC to pull the money back out for a down payment on a new house?

@Ryan Duchak: The amount of time you put in to get somewhere you could find another deal I'm sure. Look on the bright side... if it does go to auction in 2 months then you are into the holidays and potentially less competition. If your plan is to get rid of it... then the spring is right around the corner.

@Ryan Duchak: I tried a few years ago and it was tough to even speak with someone that was a decision maker.  I was trying with a big bank... perhaps a smaller bank or financial institution may be different.  I found out who the law firm was and could not get through to someone.

@Natasha Richardson: Roll up the sleeves and go in.  Don't rush into a bad situation.  Still have an appropriate amount of patience to find a deal that will cash flow.  Best of luck!

@Daniel Brown: Sure... those are the times I feel patience is the key.  If she does not sell it after a period of time, then she may resort to a lower price.  Tough situation if its in the wheelhouse of what you are looking for.  Best of luck and keep us posted if something develops!

@Ryan Y.: It depends... poor answer, right?

Maintenance should be about 50% of your rent. The number may fluctuate if you are in a more expense city. CapEx depends on the condition of the major components of the property. For example, if the roof is aged, then you are going to want to bump the number up to whatever correlates to the remaining life of the roof.

@Daniel Brown: I would ask to get confirmation of how many she is selling at the moment.  She may be only selling one at a time to prevent a huge income.  My approach would be to buy the one and feel out the situation.  Make sure the properties were taken care of and you aren't walking into a mess - at least for the price she is asking.  Build a relationship with her and she may not even market the other properties but give you first chance to purchase.  Not sure your financial situation but she may go for sellers financing... again to prevent a huge income.

Who is going to take care of the properties after she has surgery?  It may also be a way to build the relationship.

@Seth Lacey: It appears you have the cards stacked against you at the moment.  Have you read The Book on Investing in Real Estate with No (and Low) Money Down by @Brandon Turner?  I would start there.  Also, network and make other connections so you can possibly team up with someone.

@Kiersten Vogt: So what did you end up doing?  You cut ties and move on?  It must be tough being family.

@John Story: Also, I have shown I have money in one location (bank account) and decided to use money from a different source (sold stocks).  There is nothing wrong with that.  For instance, if you have the ability to leverage a property, then use it to show you have the funds.  If the deal comes to fruition and you decide to fund it with a different method (aka private funding), so be it.