All Forum Posts by: Brendan Miller

@Victor Chan I’d sell, you could really put that equity to better use. We’re hitting close to those rents in AZ on a $600k house

@Adielle Rivera regarding the HOA, you'd just need to check that specific property's HOA CC&Rs to see if they have any restrictions on short term rentals. I'd say normally you see restrictions within condo buildings rather than SFH developments with HOAs, but it's always good to check for sure. Your agent should be able to confirm that.

@Parker Musick neighorhood scouts is good, depends what kind of info you're looking for

@Jezelle John looks pretty good to me without knowing the address. A few tips that I use: 1) make sure the rental rate is realistic, that could bust the deal quickly, 2) make sure the tax reflects the tax based on the sale price, most county websites have a tax calculator 3) maintenance / CapEx could be a bit low based on the age/condition, but I normally use 5% for each also, but I looked for 1980s+ or newer homes

I assume it's a SFH? I typically include water/sewer/gas for MFHs

@John Kunick seems like he’ll be reducing his prospective renter pool quite a bit. I also don’t foresee the eviction process holding up if that’s the only reason for it, but it’ll be interesting to hear how this ends.

@Benjamin Couch I personally wouldn't recommend that until you're married. I'd continue saving and then once you're married you'd attack the debt jointly.

@Erica Hutchinson you should be able to Google Fannie / Freddie conforming loan limits and look up your specific county. I believe it is $702K for a duplex, but I'd double check with local lender in your area.

FullCountyLoanLimitList2021_HERA-BASED_FINAL_FLAT.pdf (fhfa.gov)

@Steven S. they just need to be licensed to lend in the state of Texas, they don't necessarily need to be located there. 

@Hunter Sandoval, is the $800-1000/m cashflow the difference between your rent and PITI, or are you accounting for maintenance, vacancy, and CapEx reserves also? It sounds like you're getting surprised by unexpected expenses, but you're always going to have some type of repair expenses, you just need to budget for them and anticipate them. It could be that you're seeing large repair expenses occur all at once, so it's very well that the higher dollar items are hitting all at the same time, so those could level out over future years.

@Nerissa Lowe CAP rates vary by market, but I'd consider 5 - 6 CAP rate decent where I'm at. At the current $2,290/m rent, the property will still have expenses like property taxes, insurance, plus HOA fees which are all likely high in CA, so the cashflow is probably pretty low compared to the $500K equity.