All Forum Posts by: Andy Mink

Just wanted to share my current situation as it sounds similar to yours, I cant really speak to much to your specific deal but maybe this will help you. We are currently living in one of the units of a 4 unit Multi family. Our first purchase, FHA, Etc. My wife and I created a separate "house checking account" and we continue to pay Rent on the first just like the tenants at the rate that we would rent our unit out for. We found that By keeping the house money separate and only using that account for direct house related expenses, we were able to track the performance of the investment. We got a check book with carbon copy checks and no debit card attached to the account to facilitate tracking the money. We have seen that the other three units pay for the expenses and our "rent" seems to be "saved" every month. Plus with the security deposits and last months rent deposits you can compartmentalize the money from the house and be able to keep a close eye on it. We are celebrating 2 years in the house February 6th and we are about to close on another duplex that should cash flow nicely. We have used the money that stacked up from our rent to pay off some old credit cards, pay off vehicles, install a coin op laundry room (highly reccommended) It has really been the key to us moving forward financially. I wouldnt worry about the stone foundation, its been that way for a long time and if you can get it past the FHA inspection I say go for it, if you do it right you will be onto another property in a few years. I do contractor work for a living so the repairs and things dont really scare me, I would reccomend trying to do as much stuff as possible yourself, just try to figure it out if you have the time, if you are going to be dealing with houses you might as well dive right in. Good luck

Thanks for all the Info.  Here's to a flipping great 2015!

Duly Noted, talk to attorney.

If after it is purchased for cash is it easy to get a bank to mortgage it or finance it to get the cash back out of the deal so to speak? after rehab or before.....  would be a new thing for us owning a property outright

Thanks for the above, 

Any idea of a general turn around time for a cash deal like this?  Im assuming not as much headaches without financing hurdles.   Will banks drop usually take a price lower then their asking or are they pretty firm?  

Im looking for any advice for steps to take before making a cash offer on an REO Ive been looking at. Is there any possibility of tax leins or second mortgages etc still being on the property? The property is priced at $40k, it was foreclosed on 3 months ago, on market for 2. Im going to pay cash and fix it up for a SFR, or add units down the road or possible flip. Im looking for general advice about this possible transaction, I have purchased properties before but never an REO cash deal. Thanks

Hello,  New to BP and have a question regarding acquiring financing for an upcoming investment property purchase.  Property is a duplex, currently fully occupied, and will have a sticker price of $100,000, (thanks dad).  The appraised value for taxes is about $180,000 and I assume the bank appraisal will be around there somewhere.  There is no interest in creative financing options by the seller.  The property gets $1900 in rent and probably cash flows $600+ a month.  Great rental history.

My question is that will I need to have a full %20-%25 down for a 30 year fixed rate loan including closing costs etc, or because the loan to value will be low could the total down payment needed be lower? We have already purchased our first property, a 4 unit FHA loan that we occupy / rent. We are planning to buy the duplex and hold it for rental income. Additionally, my spouse has about 30,000$ in student loan balance that we were wondering if it could be paid off and wrapped into the house loan to save the $330 a month student loan payment? Our goal is to increase our monthly cash flow and save for future rental property investments or house flips down the road.

-Andy