All Forum Posts by: James Mabe

Turnkeywives.com does not provide property management and you cannot scale, only one unit. They do offer attractive financing, 100 year note at 18%.  Downside, If you try to get out of the transaction, you could lose everything! 

Congrats on your success.  Especially for someone that doesn't know the first thing about investing!  Jay Hinrichs is a pro on this site and there are many on BP that can teach you about note investing, I'm active myself and haven't investing in notes.  The fact that you bought into the market twice and lost everything should tell you something, you don't have any control.  Stick with BP and keep asking questions and someone will give you concrete direction.  

I'm not a fan of timing, but the market has been on a tear for a decade and the yield curve is a concern.  If you want something more passive and don't want to buy rentals, how about notes?

There are "turn key" wife companies all over the internet.  Seriously, internet dating wasn't my thing, but it's worth a shot. Put yourself out there, like the 'shotgun theory' in sales, keep shooting in the air and something will fall. 

Refinance and use the bank's money for your next down payment. 

Yeah @Caleb Heimsoth. I agree. That’s the other caveat. Our price to rent ratio is 1-1.5:1 so sfrs can be had. But in high priced markets, renting may be your only option. Also factor in transaction costs for buying. 

it’s a lifestyle  question. @Jim K. has the right idea. We own because we, my wife and 3 kids, are married to this neighborhood. As long as we live in the Greenville area we will stay, cuz moving sux! There is a time frame where renting vs owning is a wash (you can debate that to high Heaven). I enjoy my house and all is well, but if I were single, I would sell and have more capital to invest . Caveat, we got a deal on this house on the CH steps in 2012 and have 15 yr mortgage at 3.75. Usage is great but it’s not paying us anything. 

Most valuable advice for me has been a Good property management company, they may know the area better than a realtor. 2nd is learn the different financing options for your goals. Cheers.

@Patrick Rowe Great question. I'm in the midst of cashing out a paid off duplex and easily qualify for for a conventional loan. Since it is not my primary highest LTV I could get was 75% and since it is considered multi-family only 70%...I wanted 80%. Closing costs would also be higher with the conventional. Terms rounded for ease: duplex value $125k so 80% would give me 100k...conventional 30 year fixed 5.75 with $5000 closing costs. In house commercial with 1st Citizens-80% LTV with a max of 100k(which is where I wanted to be) 3,5 or 7 year call with 20 year amortization, closing costs $1000 all handled in house. A couple of pros to the commercial is ease of transaction and building a relationship. Close in 1 week vs 1.5 months. I chose the 7yr with a 5% rate. Payment is $150 more per month with the 20yr am vs the 30 year fixed. I thought 30 yr fixed rates were the holy grail and they were a year ago. Now it is the $20 trillion question will rates skyrocketed?

Yes it can be done. As you may have heard the difficult part may be the refi. Your LTV may vary slightly between banks, but I think there are conforming guidelines. I just refi'd a paid off duplex. If the refi was on my primary, I would get 80%, if it was on an investment property 75%, but since mine was a duplex it was considered multi so only 70%.