All Forum Posts by: Daniel Luedtke

So, when did the AirDNA tool go away?  I just used it last week, and now I don't have it anymore?  Did I miss that it was going away?

@Rene Owczarski, this property is out of state. I bought this house from a wholesaler, and have the rehab done already, and could have the renter in there this week.  

@Tina Tsysh, this area probably won't be a huge appreciation play. As far as refinancing, I only have $5k - $8k into this house, so it's not a huge deal I guess. At this point, I am more worried about the short term capital gains tax hit.

Thanks for the responses!

Looking for advice on whether to keep this property as a rental, or flip?  

PP = $77,100

DP = $5k

Rehab = $36,175

All in at $113,275

ARV = $140k

Flip 'Net' income should be around $20k.

PURE cash flow as rental = $204/mo

I'm building my portfolio so I can replace my income sooner than later. I currently have: a Triplex, 2 STR properties, and a SFR that are all cash flowing well. I have another triplex I just closed on that will be a while to rehab, and another 2 properties I will be closing on by end of March. One will be a flip, and the other a property with 2 houses on that should CF well. If I flip this one, I could get back most or all of the cash I have in the last 5 properties I have purchased (and the 2 that are soon to be closed). Doing the flip, would allow me to keep purchasing more properties quicker. However, at $200+/mo in 'Pure' CF, I know it is a good property for a rental too.

Thoughts greatly appreciated!  TIA

Looking for suggestions of property managers in Maine (Sanford, Portland, and Freeport areas).  TIA.

Lowry, you will need to refi out of your FHA loan then. If done right, you shouldn't really have many closing costs. I would NOT go back to WF if they are not giving you options to refinance into a conventional loan. Find a mortgage broker, they will have the best rates and loan programs to offer you. Since this will now be a rental property, rates may not be as low as primary residence loans, but you will have to see which makes more sense, to keep the PMI and current loan, or refi out (maybe a bit higher rate), and get out of the PMI payments. Even if a bit higher interest rate, it may make sense to drop PMI. Good luck!

It sounds like this is a rental property? Did you buy it as a rental? Or was it your primary home at purchase? If you initially bought as a rental, then you probably do not have an FHA loan. If you have a conventional loan, where you put less than 20% down, then you may not have to refi if you are good with your current rate. You will have to pay for an appraisal, but as long as it appraises for what you need to be under 80%, you can have PMI removed. I did this on my current home several years ago, but was already in a conventional loan. You would need to go through WF though, as they will want to use their own appraisal company. If you have an FHA loan, you should refinance into a conventional loan, and possibly lower your rate AND drop PMI. Rates are actually pretty good right now, depending on the rate you currently have. That would be a win/win.

@Jonathan Greene

Property was on the market.  Unfortunately, they were not accepting any additional offers, so this one is a dead deal.  However, in the future, if a property is on the market, how would you go about making a multiple offer?  Would you get seller info off public records and send the offer via mail directly to the seller?  TIA!

Thank you for your reply! Great advice.  Appreciate your input!

I am looking to make an offer on a property, but have a question on making an offer with choices for the seller.  Does this multiple choice offer to the seller need to be done directly to the seller? Or could you make the multiple choice offer through a realtor?  

Thank you @James Wise!  I would never not perform my own analysis and due diligence on any purchase.  I appreciate the feedback.