All Forum Posts by: Account Closed

I was denied because for the loan i need to be in the house for a year and its been 9 months now. Ill fix everything up and then ill see what it appraises for next year. If its 400 + ill decide if ill sell or cash out refi. If I rent out the remainder rooms even under market ill live for free. SO either way should be good.

Or if I sell now I’ll make 20k. That’s if I don’t fix anything up. 

Bought property last December under market. Paid 282 no closing costs. 3% down. Worth 340 right now. If I paint and fix up kitchen, all bathrooms, and a few other dated stuff I think I could get 380-400. 

Would you flip or what would you do? I either will sell or refinance to a low rate.  But as of right now I can’t make any money renting the place out. I’ll be -135 cash flow. 

What would you do?

If I finish rehabbing it and can sell it for around 400. ill make around 60-70 after everything. Is that enough to justify it?

 What if you found an apartment out of state and the downpayment was only 100-200k for a 30-40 unit. Its around a mil or less. Thoughts?

Why doesnt everyone invest in apartment complexes if they are so profitable? 

I bought my first house last december. I did it because I had an itch to buy my first house. Im only 25yo. The house I bought was under market. The owners were out of the country, its been a rental for 10 years and they were trying to sell. We were the only bid and they went from 315 all the way down to 282 in 2 weeks. The day I bought the house was worth more.

Long story short I only put 3% down into it- no PMI. My mortage is 1720. I have 2 roommates that pay for about 1k of it. The house has 5 bed rooms total. The problem with the house is that it has a huge lot. At the time I bought this for my self. Now I am way into real estate and realize emotional attachments wont get me anywhere.

Well I tried to refi but got declined. My house was just appraised a month ago at 340k. The house is dated inside from the 1990s. Its super nice and its a open floor plan and multi level as well. The kitchen is dated, and all of the bathrooms. Not only that it has a HUGE 2 wooden decks that need to be restained again. Plus it has a 2 story shed in the back that ceiling is too short to make it a rental sadly. The neighbhorhood its in is in a sought out town that they are almost full with building. maybe 5 more years and theyll be done. Not just that but theres a giant mining pit that you cant see but near by that may be turned into a lake in the next 10 years. Been talk for over 20 years. This town is over 2.5x the states income aswell. 

I am trying to decide if I should rent out each room out or flip. I wont be able to make enough off of the rent if I rent to a family. Renting by the roof is the only way to do it. If I refinish the kitchen, all the bathrooms, the patio, and all of the other little stuff and touch up the property cosmetically. I think I can get close to 400k maybe. If I did would it be best to do a cash out refi or sell it? Thoughts?

I bought a house last december for 282. Day I closed it was worth 300. I tried to do a refi last month but got denied. I need to wait a year before I can. My house was reappraised at 340 though.  If I was able to close I woulda been able to refi with a 20% down (I put 3% down) and pull out a few grand. 

Long story short the house is in great condition. It has new carpet. Everything in the house is dated though. The house was built in the 1990s. Right now this is what needs to be done on the house: The wood deck needs to be restained. Its over 600 sq ft deck, one is covered and the other isn't.  The outside doors need to be repainted and some door frames repainted as well. The inside has new carpet and paint looks good(could be touched up though). The kitchen is dated, all the bathrooms are dated, and ceiling fans. Not only that but the two basement rooms are lacking closets. 

I originally bought this house for my first house at 25 because I am doing really well my job. I found this property and got a killer deal on it as well. Especially it has the best looking lot view ever/size.  The goal is to rent out all 5 rooms(checked zoning and you can have 5 people per house) and if I do I can easily cash flow 300.  

But besides that should I have all my my kitchen, bathrooms, bedrooms all remodeled. Either new vanities or have them all painted. Not only that what should I do about the patio? Will doing all of this bring the house even higher so that possibly I could do a cash out refi? Thoughts?

 I called and found out that they are putting something up for vote in my town. Its super small around 8k people but centralized and avg income is over 2x the state. Very nice sought out area. The guy said they are voting to make mother in law to make this legal. Theyll be voting in december. If it passes do you think its worth it with such low ceilings?

I bought a house last December. Right now I rent it out to 2 other people. I have 2 other rooms and trying to rent them out. My buddys said is a contractor and he said he would live in the shed if I remodeled it into a tiny home up to code. He said hed pay 800-1k/m. Its on a super nice lot thats over a half acre in a super nice neighborhood. Very secluded and quiet.

About the shed. Its 2 stories. First floor is a work shop and has lower ceilings. Probably 6'4 ceiling. Felt like I had maybe 4-5 inches above my head(im 6 feet with shoes). Not including when we put a ceiling up and floors.  

So is this worth turning into a rental if I can do it under 30k? Will lower ceiling deter people? I can add a drive way to the back made of gravel, is that worth it? Any other feedback on this.