All Forum Posts by: James R.

@Reggie Maggard

$150 pet fee plus $25/mo per pet rent. Maximum 2 pets. No dangerous breeds. 

Definitely check with your specific area. You may be able to charge more or less depending on what the market dictates. 

I purchased a HUD home several months back at 90% of their ask. I put my bid in the 1st day they were accepting investor bids. My initial bid was rejected, 2nd day placed a 2nd bid which was reject but they did tell me what their minimum net to seller was for acceptance, 3rd day placed 3rd bid which was accepted. The numbers still worked for me and I'm cashflowing nicely on that property; CoC over 600% after refi.

You could buy a multifamily which would increase the number of doors per year. Depending on the market that 100k would probably be down payment and rehab instead of cash purchase and rehab. 

I've heard on BP that you can pay rehab costs on HUD and be able to refi with delayed financing under 6 months to get full amount on HUD back. Unfortunately I have not found a lender who will do that. I've found several who will do delayed financing but due to their own underwriting rules won't do rehab costs. If someone has a lender that does purchase plus rehab on HUD then I'd sure like their info.

I spoke with PenFed today on their 10 year investment mortgage. Basically 10 year mortgage amortized over 30 years with balloon payment at end of 10. They have no seasoning period and will do 70% LTV if cashout or 75% if paying off a first mortgage. I currently have a Heloc through PenFed on another investment property that I recycle to purchase more properties. They confirmed I could do their 10 year mortgage refi up to 75% LTV on future properties as long as all proceeds go to paying off the HELOC on my other property.

@Eddie Majesky

PenFed will do 80% LTV on investment properties. Rates are prime + 1.

PenFed will do HELOC at 80% LTV for investment property.

@Lorne Bridgford

Check out the I-4 stretch between Tampa and Orlando. Areas like Plant City, Lakeland, Winter Haven, etc are expecting to increase in popularity as pricing continues to rise in Orlando and Tampa. Being near I-4 makes it an easier commute. You'll have a lot of options in the $100-$130k range. 

I forgot to check a property for aluminum wiring prior to going under contract. I was so caught up in the home's rehab potential that I completely forgot to use that screwdriver I was carrying to check. It ended up costing me an additional $3100 to remediate, won't make that mistake again.

Just BRRRR

I'd recommend find a property in need of some work that you can buy and rehab for under $130k. This way you can use the HELOC like a cash purchase saving you money. Renovate the property and add some forced appreciation. If you spent the full $130k then you'll want to shoot for an ARV of $165k or higher. Refinance once complete via delayed financing for no seasoning period and repay your Heloc in full. Rinse and repeat.

This route done right will give you equity, cash flow, and your initial investment back.

@Cameron Dewell @Kam T.

The HELOC I just closed on with PenFed does require I pay the closing costs if I close the account within 24 months. The closing cost I'd have to reimburse is a staggering $161; yes, one hundred and sixty one dollars. LOL. If my buy and hold plans change and I offload the property early then I'll gladly pay that fee.

You can post an ad that you are looking for roommates and give a general description of the property. Just don't disclose the address or post photos.