All Forum Posts by: David Henry

Hi all, boyfriend here. Here's some more context. Perhaps it changes things:

1. Based on pictures I estimate 15k worth of updates done during the flip. The flipper has bumped the price by more than 4x that.

2. Comps in the area are all over the place. +- 100% for similar square footage and bedroom count. My guess is this is due to many of the properties being 100+ years old and not having been updated. 

3. The property is in a bad neighborhood (properties for sale in the area with boarded up windows, broken down cars in the streets) and relies on being section 8 approved to get the numbers it currently has.

4. The property is being marketed on an online platform that targets out of state investors.

Why pay such a high premium for a 100+ year old house, in a questionable neighborhood, that could likely only be sold to another out of state investor who's unfamiliar with the area and/or getting section 8 approval?

Hi all,

I have a place in Arlington that was just vacated. The property management company i'm working with is quoting me over double what i'm used to paying for painting the interior of properties of similar sizes in other cities. Can anyone recommend reliable painters or general purpose contractors ?

Thanks in advance!

Dave

Hi Carole,

I was looking into the same topic a few months back and was able to find a lot of good info by reaching out to local airbnb hosts by placing a dummy booking on the site/app. This page describes the current short term rental situation in Las Vegas broken down by county and city: http://gcgarciainc.com/las-vegas-regulating-new-sharing-economy/

Thanks Sean, a HELOC looks like it could work too. I've never bought into variable interest rate debt before though. Time for some reading.

Thanks @Josh C.  Dang, they're not even usable as a rough estimate? Okay, i'll contact my lender

Hi everyone,

I'm looking at doing my first cash out refinance. I purchased the property in 2015 for 150k using a conventional loan. Zillow and Redfin think its currently worth ~200k.

I plugged their estimate into quicken loans, which indicated I would be able to cash out enough to cover all of my initial investment. Unfortunately, the increased mortgage payment would eliminate all of my cash flow. If my maintenance or vacancy costs vary significantly from my estimates then I could be in the red. This seems a bit risky, but being able to put that cash straight into the next deal is a powerful motivator...

Should I consider keeping a cashflow buffer and only withdraw a portion of the available equity? Does anyone have any rules of thumb for this?

At time of purchase I added granite counters, tile, and laminate flooring. Are those upgrades likely to tack on any extra value in the eyes of an appraiser?

Thanks!

Dave