All Forum Posts by: Amy Ranae

Hey BiggerPockets Friends! 

I'm feeling super inspired by this weeks airbnb episode and thinking about grabbing a condo. I can do conventional financing but many buildings in my area are cash only or contract for deed. Can you let me know what kind of terms you've seen on contracts for deed? 

Thanks! 

Holy SMOKES!!! Nice work!

@Sam Shueh can you expand on your first sentence? 

Hey BP. 

My first rental is going great, all rented out and cash flowing like $650ish/mo. I've got about 65k equity in it. I've never done a cash out refi before, I think I grasp the basics, but is it worth it to just pull that cash out and sit on it until I find my next property because then my cashflow would go down to cover the higher loan amount, yes? I know there are circumstances where you can leverage the property without actually pulling the cash out of it but I am not crystal clear on how that works. 

I made an offer on a second rental townhouse possibility a few weeks ago but lost in multiples and I think it was because my goal is for a multi fam 4+ unit so this wasn't the right one. I am saving up for downpayment and researching buildings in my area that are non-entity owned and have no mortgages. I would like to get a building by fall so I want to have my downpayment figured out before then. 

So the Q. Do I refi and pull the cash out and take lower cashflow? Or figure out how to just leverage the equity? 

Thanks!

@Alex Winder Sometimes they do have a small HOA, for example when there are two sets of twin homes right next to each other. The HOA would just do snow and lawn. Typically as far as exterior is concerned and snow/lawn if there is not HOA the owner just does his half. They are a good fit for a lot of first time home buyers and as a rental for sure since the price is a bit lower and HOA is low or no.

Wholesaling isn't really a good term for this. I like how it was clarified above about selling the contract. I had a discussion with my broker about this last year sometime and he pointed out that there really is no "wholesaler" in the sense of someone who has all the houses sitting around in a warehouse and sells them to sales people who mark them up and sell them to the public. You are really just assigning your contract for a fee. It seems like a lot of work to me so I'm surprised so many people start here, but everyone is diff for sure =) I think wholesaling might contribute a bit to the bad rap that real estate investing gets, of all the methods of investing, it seems to be the grayest. 

@Gabriel Cashman, which Apple do you work at? Want to grab coffee? 

Hey @Gabriel Cashman

My vote is almost always on house hack. In your case, you could get into a pretty decent multi fam in a cool neighborhood! 

Hey @Kris V. Your plan sounds great! I love the burbs! Everyone tries to pick neighborhoods in the cities, but honestly the burbs are hot! Let me know if you want to grab coffee or chat!