All Forum Posts by: Craig Jeppesen
Craig Jeppesen has started 1 posts and replied 526 times.
Post: Landlord sent back partial deposit
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
Check your lease. You probably agreed to that when you signed the contract. $200 is not absurd and is normal. Usually carpet cleaning alone is $150-$200 and they need to get ready for a new tenant.
Post: BRRRR 101 - My 1st venture
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
Congrats on the deal. I am a little worried about you being able to refinance and get money back which is a truer brrr. It sounds like you are worried about the current appraisal. Usually you buy a brrrr plus repairs at around 70% ARV. I am guessing you are buying this at current value and not a discount.
Post: Heloc denied 4 no reason
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
Here is your problem. You want $88k but don’t have the equity for that. You can probably get $50-$60 k if the property is really worth $220 and you owe $118.
Post: Mortgage terms, 10, 15, 20 or 30 years and why?
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
It really depends on your situation and your goals. It is less risky to have a 30 year mtg because your payment will be lower in times of need and will be easier to weather a storm. There is nothing wrong with the shorter terms and once they are paid off there is no risk. I personally have a 10 year loan on my personal house but it is only an 18% dti so not very risky. I also have big investing plans once the house is paid off.
Post: My first BRRRR....HELP!
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
If the ARV is $50k and you stick to the 30k budget you should be able to get $7500 of your $10.5k back. You will be all in at $3k, so no too bad. Can't you save up another $3k quickly and do it again? Of course it might be hard to get a loan for $37k. I would assume you already have the financing worked out?
Post: Buying in Idaho from out of state
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
Originally posted by @Dino DeVita:
Anyone ever think about Pocatello? With Google coming in, right now land prices are are fair, average lot prices are 89k to 120k I imagine those prices are going to sky rocket shortly. Like my own 5.5 acre farm all around me builders have bought up the ground and are sitting and waiting for the Re zoning of Chubbuck, What blows me away, is the way things are changing so fast in the area! My farm can be broken into 25 lots at with a deep well and Fort Hall irrigation I imagine that if a person builds top quality homes you would stand to make millions, so just don’t look at Boise area for investing, not with what is happening in Bannock County.
I live and invest in CHUBBUCK/Poky. We have plenty (maybe too many) developments happening right now just drive around. We need more affordable housing and apartments. Also, Google is not coming here; but there is plenty commercial growth going on especially with ICCU, FBI, and the City of CHUBBUCK.
Post: Good financial intelligence follow up book for "rich dad"?
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
Richest man in Babylon, millionaire next door, and simplest path to wealth.
Post: Why are investors flipping houses in Willingboro, NJ?
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
There is really only one reason: to make money. There must be a market that investors see that you don’t.
Post: How do you finance a $22,000 rental in Memphis?
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
Originally posted by @Ben Roberts:
@Craig Jeppesen
Already have the HELOC, which is where some of my cash will be coming from. I figure to pay for the property, closing costs, repairs, and to clean up some title issues, I'm about $10k shy of what I'll actually need. I could put up my HELOC and probably run the rest on the credit card, I'd have to re run the number to figure out if that really makes sense to do. If it'll cashflow at the market rent, then it might be worth the credit risk. The other thing I could do is put cash, cover the balance with my credit card, and just flip the property. I'd be all in for about $35k. The property would be worth closer to $60k.
How big is your HELOC? I would expect you to have a larger credit limit on it I guess.
Post: Multifamily with unmotivated seller
- Rental Property Investor
- Chubbuck, ID
- Posts 532
- Votes 466
Unless he has a problem, he has no reason to sell unless you make it worth his time. He will only sell if he gets a premium from you.