All Forum Posts by: Kuriakos Mellos

Hi all,

I have heard that garages are always a plus to have for SFH's, but what if there is street parking and room for storage in a basement or shed? Some of the homes I am looking at, older homes with no garages, are in great condition but no garages - thoughts? My property manager has said that renters don't necessarily care as much - but want to be able to resell if needed down the line. Thanks!

Hey Mason. Thanks for the insight. Is there anyone you would recommend?

Hi everyone,

I am trying to get creative with financing, will be going into my seventh property that will be financed under my name. (I have done conventional financing for all my units, including one which is my primary).  I was told that on property 7, Freddie Mac and Fannie Mae require certain credit scores, which I am legit 2 points off from. So frustrating!  However I started looking around and calling banks and credit unions and someone told me about portoflio lending - Does anyone have any experience in this - easier to navigate? The Good - The bad? Any help would be GREATLY appreciated.

Thanks,

K-Man

Hey everyone,

My agent has suggested that an owner who I am recently buying one property from MIGHT be willing to discuss a land contract on another small ranch he has. (My agent has said that he is confident we can rent out the house). The initial pics show a very solid home, it is in a rural community - so not something I would immediatley think of going after but here are my thoughts:

A) If I can get it for a low almost no money down payment and then cash flow fairly fast why not?
B) The owner has liquidated all his other units, so getting cash might not be as needed on this unit

C) We can probably do a quick transacation

What is the lowest amount you have put down for a land contrat and also has anyone bought homes in a more rural setting to rent out?

Thanks much!

K-Man

Hey @Scott Gordon - first off, welcome to the game and future addiction of real estate.   Running these reports is one of the first steps that is needed so I commend you on that.  As a first investment, it looks good man.  Is this in an area that is growing, appreciating? Is it stable? Will you be managing this yourself? Property Manager?  

Hi everyone,

I am preparing to scale up and try and secure one or two more investment properties this year.  My current lender, which has been awesome to work with, told me that credit scores need to be above 720 from the 7th mortgage on ward to secure conventional loans. (I am sitting at like a 718 right now - super annoying!)  Last year as I was trying to shop around I did get dinged for a lot of inquiries, but it was only to other mortgage companies and credit unions. I will pay down the minimal credit card debt I have but was wondering if that is mandated by lenders, or if credit unions or other sources of lending don't need that score.

Thanks everyone!

K-Man

Thanks @Dmitriy Fomichenko

Investment Info:

Condo buy & hold investment.

Purchase price: $217,000
Cash invested: $44,000

This was a condo I had bought prior to even thinking I was going to jump into real estate. I had moved that I had no intention of ever renting - (this was my previous residence in the city and never thought I would end renting it out) I fixed it up a bit and have an awesome tenant in there now. It has appreciated decently over two years, but for sure put more into rehab costs that I would have done if it was strictly going to be an investment. #amateur ;-)

What made you interested in investing in this type of deal?

Again, this was an intial permanent home for me to live in. It is 100 feet from public transportation, walking distance to the lake, and in an area that has been appreciating. Huge back deck which was a huge perk for this part of the city.

How did you find this deal and how did you negotiate it?

I literally saw an open house sign and walked in, got it for 3 K under asking price.

How did you finance this deal?

Conventional finanicng

How did you add value to the deal?

I regutted almost the whole place, new kitchen, restained floors, repainted the whole place - modernizied it.

What was the outcome?

A super cozy and welcoming condo on the northside! Again, the work I put it into it helped it rent very fast.

Lessons learned? Challenges?

SHOP AROUND FOR CONTRACTORS!~!!!! This was the first time I had to use / shop around for contractors and it was a disaster. Much delayed, several issues, disappearing and then coming back for when he could squeeze us in. It was super frustrating.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My local property mgmt company is awesome!

@Diana Roberts I legit called my 401 K and asked when I could take it out. I am no longer waiting till the end of the year ;-). 

I have come to Nashville over and over, and keep pinching myself as to why I didn't buy here years ago. I am looking to buy a SFH in the next 6 to 9 months as my primary so I can take advantage of a low down payment conventional loan - any help with areas to focus on / West End/ East Nashville? Or areas in Path or Progress? Also any local agents that are connected to a property manager would be awesome.

Thanks!

K-Man