All Forum Posts by: John Geer

Yes I certainly would not like to get the cheapest if they do not help much. Thanks for the advice!

Hi BPs,

I currently own a 3 bed/2bath home in Galveston, TX that is already paid for that I will be renting (long term rental). 

Given that it's in Galveston (coastal city), which insurances do I DEFINITELY need and which ones do I not? Which companies are best to get the best quote? Ideally, would obviously not want to pay so much to keep my monthly payments low. 

Thank you guys, greatly appreciated!

-John

Dear BPs,

Looking for any guidance in investing in Little Rock, Arkansas area as I am likely to be moving near that region fairly soon. Ideally, I would like to get a multifamily property (3-4 plex). This would be my first multifamily property purchase FYI. 

I don't know much (yet) about Little Rock. How is the market there in general? Good for renting? 

Thank you all!

-John 

Thank you all for the responses I greatly appreciate it. I am thinking of leaving my paid off primary residence alone, and taking out equity of my investment property, which has gained significant equity. 

What exactly is the process for getting a cash-back refinance? Does it take awhile? How do they value the current market value of the property? What are the typical interest rates you have gotten?

Thanks so much. Interested from hearing back from you all. 

Dear all,

Wanted your input on cash back refinance. My primary house is paid off, value ~300K in current market, maybe more. I have a 2nd property that I am leasing out, which is making positive cash flow ~$500/month. 

I am interested in getting a third property in the same area given its location to a large post-grad institution with good tenants. I strictly look for 3 bed/2 bath SFHs. I do not have the cash upfront to place a 20% downpayment on a property at this time. However, I was told that a cash back refinance on my primary home would be a good option to get equity out of my paid-off home. 

Is this a good idea? Or would it be better to just save up money for the next downpayment? The other option would be to get a cash-back refinance on my 2nd property that has about 48% equity (house valued at about 375K). I earned equity on this 2nd property quickly with the recent rapid appreciation in real estate market. My goal is to build a portfolio in the next 10 years or so, and pay off the properties as quickly as possible. 

Thank you all,

John

@Joseph Firmin

Thanks for the advice. I guess I would say I want to be an investor. My plan is to move to a home, stay there as long as my job permits, then when I move lease that house later. I may also want to get into purchasing condos to lease as well. I like leasing to UTMB crowd since I know what kind of people it attracts. The homes I own are close to UTMB.

I live in Texas. Currently own 2 homes (the one I live in and another rental property). Both of my properties are family homes (3 bed 2 bath).  My current home is already paid off. I could potentially lease this home minimum $1750/month based on the area. I am leasing out the second house which is paying all expenses and profiting about $450/month. My question is this: would it be better for me to sell my current house which is already paid and get lump sum of money (which has also appreciated about $75K since I bought it 6 years ago. I could probably sell it for $225-230K if not more), OR buy a third home (that I would move into), keep the house and lease it to get about $1750/month in profit? If I were to sell, I am thinking of using the approx $225K towards 2 down payments and pocketing the rest. Thanks so much guys, really appreciate any advice. 

By the way, I could also get a physicians loan since I am fresh out of residency. Thanks again!