All Forum Posts by: Dan Vleck

Well, if you can't pull out enough money with refi, and you don't want to pay capital gains tax, you will need to live there 2 years before sale. Look it up. A HELOC would be another option, but maybe not the amount of funds you're looking for.

Good luck

If you do not have cash reserves, it would seem to me that you are already overextended. If that's the case you should save up money before you fix up or buy anything else. My bank requires me to have several months of cash on hand for mortgages, taxes and insurance to qualify for loans. I use my HELOC to buy houses with cash and fix them up, then get appraisal and loan all while saving up more and more cash reserves to satisfy that requirement.

If you have cash reserves, I'd buy another house. I don't do brrr. Each loan costs money and I intend to pay some off and not get into max debt situation. You could add that unit over time with cash flow.

Good luck whatever you decide to do.

You can't just get out of a lease due to a few bugs. Perhaps you should try to examine yourself a bit to determine why bugs bother you so much.

That said, if you have the money, you could offer to pay an extra months rent  to get out of the lease. It's up to the landlord to accept or deny.

I just asked my banker what they would require on my end to get a 1 million loan on a 15+ unit building. I currently have several SFR and good relationship with bank. She said 20 to 25% down payment and 6 to 9 months reserves for all properties after closing. Reserves are slowing me down big time.

Why are you showing in early May for August opening? I wouldn't even show until July.

Assuming seller financing isn't an option, then fixing it slowly, I would walk away. If you don't have experience, you could lose your shirt, your friends and your family. Better to start small and gain experience in my opinion. Good luck.

Sounds fishy.

The housing market is heating up for retail buyers.  I don't buy retail.  I buy those houses where the pipes froze and houses that smell bad.  Unless you have cash to buy an ugly house, or you can get a loan that includes repair costs, you will be stuck paying up for the nice retail houses.  If you are going to live in the house for several years, go ahead and buy now.  If you already live in a house and are looking to buy an investment property, save your cash or find a way to buy like an investor.

I suggest you buy a house that needs some work and you can add value to over time as you live there. Then get a roommate to cover payments while you save money and/ or pay down debts.  As Dave Ramsey often says - the only boat that doesn't float is a partnership.   I don't do partners.

Good luck

Sorry, but if a 30 minute drive is slowing the sale, maybe you aren't being very proactive. Good luck.