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All Forum Posts by: Dan Thomas

Dan Thomas has started 12 posts and replied 211 times.

Post: Property management in way Northern NH

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

Any recommendations for a str property manager in the Pittsburg / Clarksville area? I feel like they must exist but I can't seem to find any solid leads with a 10 minute Google search. Any insight would be appreciated!

Post: What are your goals for 2021?

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

@Kirbi Campbell 2 4 plex buildings by the end of 2021

Post: First OOI in a few months! Any tips?

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

@Ben Leary I grew up in Goffstown, which made Manchester the obvious choice when I started considering real estate investing. I was disappointed when I started looking at property's and rent to value ratios just didn't make sense when compared to options in the South. I personally chose to invest down south but it does come with its fair share of headaches being so far away. I agree with the advice above, you should consider a fourplex over a duplex for a house hack as you will optimize your 1st mortgage, it also makes vacancy an easier pill to swallow. I also agree with the advice above about saving more, I couldn't believe all the expenses that came with buying my first investment, you need to be prepared for that. Good Luck.

Post: Is college worth it ?

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

@Nathan Smith

Don't take on debt to go to college. There are alot of options to get a college degree paid for or mostly paid for by someone else. You've already mentioned the military, but many private companies also offer tuition assistance programs. Although you would be working for active income you could learn a trade while getting a free or almost free college education.

Post: What age did you start investing?

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

I'm 32 with my first investment property under contract.

Post: Buying down points???

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

@Scott Passman thanks!

Post: Buying down points???

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

Hello,

  I am in the process of getting pre-approved for my first investment property loan.  I am being told that I need to buy down my interest rate, which is very surprising to me.  I thought that was only the case with credit score issues or cash reserve issues (neither are an issue for me).  These are the options I was provided:

80% LTV – 3.625% - paying 1.60% in discount points

80% LTV - 4.50% - paying 1.33% in discount points

75% LTV – 3.375% - paying .60 in discount points

Is this a normal practice in investment property loans?  This is for an out of state single family home located in Florida.

Post: Short term negative cashflow on 1st property?

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

@Darius Ogloza Thanks for your thoughts.  Yes the 401k repayment and interest is to myself, no administrative expenses.  I agree with you on the deal being tight.  I am basing the appreciation potential on the last 10 or so years of history and I know I can't rely on it.  

I don't need the cash flow right now.  I like your term "forced savings", that is what I was trying to say.  At the same time I am struggling to overcome Joe's point about having to pay for the potential appreciation now.  I know I should be getting positive cash flow on a deal but it confuses the matter that I am loosing the cash flow back to my retirement account for 5 years.

Post: Short term negative cashflow on 1st property?

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

Thank you @Joe Villeneuve

Post: Short term negative cashflow on 1st property?

Dan ThomasPosted
  • Rental Property Investor
  • Bow, NH
  • Posts 214
  • Votes 184

@Mark Albini I've been looking in Florida around $180k