All Forum Posts by: Luke DeLaVergne

@Paul Smythe

Consider going more rural. I realize most of the advice and investors you hear on BP and this forum are focusing on major cities for appreciation, but you can get great cash flowing deals in smaller towns. tenants banging down the door to find good rentals in these smaller communities, so the fear of not finding a tenant is a bit overblown.

You live in Greenville. Here's a good BRRRR if you can land ~$40-45k since it needs some renovation.

403 Lindbergh St, Slater

$68,900 · 2beds · 1baths

https://apps.realtor.com/mUAZ/aaf78d1b

You can rent this out for Section 8 for $992/mo after fixing it up.

https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2022_code/2022summary.odn

@Greg Dorn

Thanks for the detailed feedback, Greg. It looks like the ARMs with smaller closing costs might be the better option at this point. Do you recommend staying away from adjustable rate mortgages or consider them a solid option?

@Cameron Tope

I'm mostly hearing banks and credit unions tell me they don't refinance investment properties or that they only offer ARM loans on investment properties.

I’ve only found one that gave a fixed rate loan, but closing costs on a $60k refi was $4,500, which seems wildly high.

I'm having a difficult time finding a lender who will refinance my SFH in KY. Bought with cash, ARV $90k seeking to refi $60k. Credit score over 800.

Some lenders offer ARM and Balloon loan options, but not fixed rate. Any advice on ARMs? Good idea or not?

I’d prefer to get a 30yr fixed, but best option so far seems to be 4.87% and closing costs of $4,500 on a $60k refi. Seems high to me, but maybe these are just the new times we’re in?

Any guidance and suggestions would be helpful. FYI: I’ve called 10 different banks and credit unions. Thank you for any advice from the pros!

@Angeline Rebottaro

Schlage Encode Smartlock. Allows you to create a unique code for contractors or each guest, unlock/lock from anywhere through WiFi, and tracks history of the time and identity of the person when the device was opened and locked.

If WiFi goes out, you can use your master code to let someone in, then change your master code once WiFi is back up and running.

I live in Pleasant View TN (small town outside Nashville). Happy to give perspective if you find a property in my state. Many small towns in TN would likely only rent for $500-600/mo if in a rural area. 

Clarksville, Chattanooga, Memphis, Knoxville, and Jackson would be possible cities you could get decent rent. 

@Taylor E.

I'm not sure about a furniture leasing company, but wondering if you could use HELOC funds when acquiring the properties to furnish them up front rather than leasing?

@Ross Bowman yes, you’re spot on. It’s a little of social media providers stalking your every move (please don’t hurt me for typing this Zuckerburg!) while also the gurus who are doing videos from their basements and garages trying to sound like bagillionaires who found the easy secret to success are coming out of every corner of the earth.

Definitely a time for extreme skepticism in my opinion as a newbie.

@Katie Greenman

I love that you are asking this question so early in your life. You’re going to win... and win BIG!

Ditto most of the other comments about doing both. I only wanted to add that if you house hack your first investment, you’ll be cutting out your biggest expense: your own mortgage. That will accelerate your ability to save more money to invest more in your Roth and additional properties.

You’re going to do great, Katie!

@Jon Liang

Huntsville has numerous tech companies moving in, 150 new people moving there daily, and FBI headquarters relocating there. Still can grab some low cost homes on MLS but have to make quick offers.