All Forum Posts by: Luke Fouch

Quote from @Bill B.:

I bought a new primary and a renal every year for 5 years. Usually at the same time so I didn’t need to provide all the paperwork twice per year. If you can’t afford 2 x 20-25% down loans you can get one 20-25% and one 4-5% owner occupied loan. 

Can’t swing that? Get one 5% owner occupied every year. In 5 years you’ll be ahead of 80% of Americans (99% of earthlings). Do it for 10 years and you’ll be ahead of 90% and 99.5%. 

I have a few rentals I BRRRRed, but I’m about to move out of my primary residence and rent it out  I live in a small enough town I’m sure my loan officer at my small bank will know the house is rented out  

Do banks care if the original financing was for owner occupancy and then converts to a rental property?

My long term goals are to buy and hold all my real estate, but I’m flipping to generate cash to buy rentals. I have my current flip project on the market, financed with all cash. I’m considering doing a cash out refi and renting it out.

Realistically, I can cash flow $500 after the refi and have $80k back in my pocket for the next deal.

If I sell at the same price as the refi appraisal, I’ll have $115k ready for the next deal.

I invest in a market where I’ve bought all my deals for under $50k, so either cash position doesn’t shut me down.

What do you think? Sell or rent out?

@Rosario Salamone it depends on what you plan to do with the property, in my opinion.

If it’s a buy and hold rental, no basement can be a benefit.

However, in my area, homes without a basement sell for significantly less or have significantly longer time on market. So if you plan to flip or wholesale, adjust accordingly.

Good luck!

I’m all caught up on BP podcasts and have a significant road trip coming up. I’m looking for an audiobook platform and title suggestions to fill me up on my trip.

What’s your favorite? Classic or recent books are fine.

@Bill Bleich I’ve been converting from spreadsheets for my flips and rentals to Stessa. I’ve found it easy to use and quite intuitive. And free! I’m going to run with it in 2019.

@Luke Fouch I’ve been using Stessa for a few days now and love it! I enter my property address and then attach expats it. It’s linked to my bank account, so I can shuffle the expenses to the right property. It has the ability to snap a picture of a receipt and enter it, too. I’m sold.

@Dallas Kidd I currently use numbers on my phone and share it with my team. I’m looking to put something together that’s not so manual of an input.

@Daniel H. I’ve looked at QBO and for the multiple projects, they recommend a package that is $60/month. I did read the article. Good stuff. The difficulty for all the expense tracking apps is the multiple projects. I am interested in doing the bulk of the record keeping on my phone, if possible.

I’m looking for a way to divide expenses between multiple flips. I’m almost exclusively on my mobile. I’ve used Mint for personal finance, but it can’t split into projects. Any help is appreciated.

I stumbled into a great property last month, and I’m trying to determine the best use for it. Basic numbers: All in expenses: $35k Currently would sell for $60-$65k With $10k it would sell for $90-$95k Will rent for $800-$850 per month and will appraise for $70k I’m flipping houses currently, but will add rental houses as they make sense. For those of you doing both, which way would you take this?