All Forum Posts by: Brant Richardson

I see, thank you for the responses. I don't really like the thought of being tied up for 6 months and hate the idea of being tied up for 12. I love the $125 closing cost though. Is owner occupancy an important part of the equation or is that different bank by bank? My plan is not to occupy.

I am seeing better opportunities for cash buyers and I actually have enough cash to do a deal. However, it would take most of my cash. I have no properties at this point so I would like to take advantage of the low rates of traditional financing and buy 4 properties leveraged rather than own one outright. Is it possible to buy in cash, do the necessary renovations and then convert to a normal 30 year fixed at the same rate as if I bought the property with financing in the first place?

I think breaking even on the first deal is something youre supposed to find out in retrospect. It looks like profit on paper but later on you find out that your only breaking even because you missed expenses, failed to consider vacancy etc. I wouldn't want to go into the deal planning to break even. You shouldn't have to make any major repairs for a long time but otherwise I'm curious why you went with brand new construction, that is a much harder thing to make cash flow. You should be able to find a older cash flowing property in MO pretty easily. Right now you are betting on appreciation, which I hope happens for you.

If you can keep that rental filled then you have a better investment than I ever even hope to make. Nice start.

Please educate me on using a self directed 401k to invest in real estate. I have about 20k in mine now and add 10k annually. I'd like to get it out of stocks and into property.

Ouch. Thats just taking another 4% of your rent for practically no service. I would definitely call around.

If somebody wanted to bet which would look better after 5 or 10 years of use I would put my money on laminate over carpet.

I'll send you a colleague request.

Tell him to check out BP.com, he should keep his job, leverage his 100k to buy a 4 plex and live in one. Haha.

I'm looking to invest in multi's in Bakersfield. There are some self promoting realtors on the web but I would much prefer to see some recommendations from BP investors. I live a couple hours from the area and don't know it well so I need somebody I can trust. I plan to buy one before the end of the year and two more in 2014. Any good information resources about the neighborhoods would be appreciated as well.

Thank you, Brant.

Don't go back in there with out a mask on. Mold needs water. Does the roof look good, is there water marks on the ceilings? If there is mold on ALL the surfaces there must be a lot of water somewhere and there has been some time elapsed. You can't tell if it is behind the walls by looking at the outside. If the roof is good and the water is from a pipe then it is almost surely in the walls. The only good thing about mold is it scares the hell out of people and you should be able to get this one really cheap, but people are scared for good reason.