All Forum Posts by: Eric Wiinanen

Thanks!!

@Edwin Epperson That would be great!

For those in the Pensacola/Ft. Walton Beach Florida area - do you have any granite countertop places you would recommend? Good price, decent install time?  Thanks!

@Mark Bosworth

That is helpful to know. I worry about the long term issues that could come up.  You're right though that this is a good bargaining chip.  The one issue still is that electricians around here are very busy - and it could be months before one is available to do the work, which slows down the rehab time.  Thanks for the encouragement!!

@Russell Brazil

Thanks for the info! Makes sense.

We found a potential good deal off-market here in NW Florida. The house was built in the 1970s and has aluminum wiring - and I'm hoping someone has some experience with this.

I talked with my insurance agent - and he has one company that will insure it for a price.  If we bought the property, our thought would be to repair/replace the wiring, then renegotiate a lower insurance price.

Questions:

1. Any advice about buying a house with aluminum wiring?
2. Should we plan on repairing with connectors, or completely replace the wiring?
3. How much should we estimate to pay for repairing OR replacing? (3/2, 1950 sq ft, slab on grade, 1 story)

I would just walk away from this deal - but I know we're going to find other houses with the same issue.  Maybe we should just walk away? :)

@Kristopher Kelly 

As far as being touristy goes - yes, there is quite a bit of tourism in the Pensacola area.  It is somewhat seasonal with May-July being the big months for short term rentals.  With our Airbnb, our experience has been that people will fly from around the US - but many drive from Alabama, Tennessee, Mississippi, Arkansas and especially Texas.  If you have a home that is a reasonable distance to the beach - like 10 minutes or so - people love that.  We are in Navarre and have had good success with occupancy during the busy months.

@George Despotopoulos

Thanks for the info! That makes a lot of sense!

@Andrew Postell 

Thanks for the list of questions to ask!  That will help us find the right lender!

Need a little advice from some seasoned investors.

We are in the process of refinancing our primary residence and should have about $70k to use towards purchasing another single family house to rent out - using it as the 20% down payment.

In our current refinancing, we are pushing our maximum for DTI ratio.

With purchasing the next house, will an underwriter use the potential rent income as Income?  What is the process to do that since there wouldn't be any current lease, past rent history, etc.?  How would you approach this?

Thanks!!