All Forum Posts by: Brian Mcmenamin

@Richard Crowe I would make sure your repair costs are accurate. You have them at $10K which even on my repairs in Norfolk, I have never spent anything less than $20K on repairs. I'm not sure how move in ready the place is but $10K would really just be paint, some minor carpet improvements and some other small items. Good Luck

@Sam Nelson I am not a lawyer, but I think you can use a bit more scrutiny when looking for a roommate. I would definitely recommend screening any roommate the same you would as a tenant that would be renting your place if you weren't there. Draw up a lease with some specific reasons for lease being terminated. If you are nervous about anything hire a lawyer to review it. Also might be worthwhile looking at renting it out as an Airbnb rental. My buddy did that, and it worked out great for him. Good luck

@James Webb Look at industrial spaces that are for rent in the area. They could provide you some insight. Might also be worthwhile to call up some self-storage locations and see what they charge by the sq ft for the space. Those two options might get you started in the right direction. Good Luck

@Jacoba Austin The best option would be to find a realtor in an area you are interested in purchasing. Look at some deals that have been sitting on the market for awhile since they are more willing to negotiate. You could also target some offmarket deals, but they take a bit longer to find. Talk to a lender and get pre-approved for a loan if you don't have enough cash to make the purchase outright. Good Luck

@Jon Dang Be careful using redfin for insurance and taxes. I think those are the two numbers that can fluctuate once sale is complete. i'm not sure what section of Houston property is in, but insurance could be high. Your formula looks good to me. Good Luck

@Brielle Ford add me as well

@Andres Felipe Aristizabal I like the government websites bls to track pop and job growth because they give you annual as well as monthly updates. I was using datausa.io for % of renters, but the information was updated in 2016, so its a bit dated. I haven't found a good replacement site yet.

anytime @Will Bumgarner let me know if you have any more questions as you take on the process.

@Andres Felipe Aristizabal I prioritize job growth and population growth. I also don't like purchasing in states with high taxes. I accept doing this in certain markets, but I prefer to avoid markets with high taxes. Since I prefer buy and hold, I look at % of renters and make sure that more than 50% people rent than purchase. With most markets being inflated, I am trying to shoot for more off-market properties and pre-foreclosures rather than buying off MLS like I used to. I hope that helps.

I would refinance out the homes and pay off the HELOC. I don't like having variable interest rates especially with the increases in mortgages rates still coming. I'd prefer to have consistency with my payments and cash out the amount that I can. I like using my HELOC for short term repair costs then pay the HELOC off with rental income or refinance and pay it off. I hope that helps. Good Luck