All Forum Posts by: Melissa S Vrobel

@Joe Villeneuve   I understand the option of getting the money out but my goal is to pay them off and pass them down after my passing with step up in basis for my heirs.  I would however like to access short term cash rather than going to a hard money lender for other projects.  That is my situation.  

@Sean Ross Do portfolio loans work as a secondary loan?  Is the interest rate fixed or variable?

Way to go... Curious.  Where in KY?

Hi all BPs...

I have several SFH rentals that have quite a bit of equity built-up but I don't want to refinance based on higher interest rates. Does anyone know a way to access it without refinance. I know that there is HELOC but I would rather have a pool of funds to buy new properties with cash. Any advice? I have over 400k in equity so I would love to use that but in no way do I want to sell the homes.

@Tristan Morgan  Hey, my advice would be to go with owner financing at the lower interest.  Is there a reason to go with a higher interest rate?  Do you have the cash to do the repairs? 

 Hi Blaise,

I grew up north of Pittsburgh but moved to FL in 2005. I can tell you that FL cities are on the top of many lists. The main reasons are no tax state, strong business laws, Strong Landlord leaning laws, and... Oh, yeh, SUNSHINE. Anyone interested in SFH LTR in Orlando area, let me know. Love talking about it. Sadly, my town Harmony.fl is being taken over by large rental companies. Crazy appreciation in the last two years. It doesn't help that Disney moved most of their office people to just North of me (Lake Nona).

I really don't see a softening in our market here.  Rents continue to rise and the house I sold 3 mo ago has appreciated 30k (according to zillow).  Unless the political party changes and clamps down on profits for everyone investing, I don't see it slowing.  

Best of luck @Nadine O. I lived on Howard St in the Financial District.  I loved the food, wine, and hiking in the Bay area.  However, I have found FL to be a much better quality of life.  I went from 0 bd appt to 4bd home for the same monthly expense.  For a while, I continued to visit the Bay area every 5 to 6 weeks, but now 10 years later, I never want to leave my FL town.

Cheers,

Mel

Investment Info:

Other buy & hold investment in Lagrange.

Purchase price: $25,000
Cash invested: $25,000

Hi all,

I couldn't not invest in some real estate. I found .3 Acre lot with an old mobile home on it. I plan on clearing the lot and either renting the lot or putting a duplex or SF home on it to rent. Will update you later!

So I am going to rehab the trailer... First for me but the used and new market for mobile homes is INSANE. I am having fun and taking my time doing much of it myself. The question remains... Sell, STR or LTR... Decisions, decisions

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

Looking for land and found this jem with .3 acres in La Grange with Henry County location (i.e. Lower taxes but great schools)

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

MLS

How did you finance this deal?

Cash

How did you add value to the deal?

Rebuilding from the inside/out

What was the outcome?

TBD

Lessons learned? Challenges?

Finding a contractor is very difficult. Finding a full time Contractor is impossible.

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

I am the real estate agent. No lenders. Don't plan on having debt against this.

 I would pay the extra 60k for the cash flow now instead of 12 to 18 mo.  The market may be slowing but guarantee that interest rates and building costs are not.  As long as the numbers work and your planning on holding long term... you should be fine. 

Funny that we just had this discussion at our weekly meeting. One way that we are winning offers is to one do an escalation clause... Consider what you are willing to pay for the house. We also include a max gap over appraisal that way you are not stuck in a contract that you can't afford. We are also hearing from some lenders that they will waive appraisal on some loans if there is a solid history of the value appreciation of the home. I would agree that you should look at the homes with bad pictures that have been on the market for at least a week. Also, don't forget FSBO. The main real estate apps don't show them on the same search and many sellers in this market think that they can get more without a realtor (and good luck to them). I just sold an investment property and had two offers in days of it hitting the market. I did not take the all cash with no appraisal, but took the higher offer with 20% down and escalation clause. If it is a new house (and for 700k+ it should be) then the sellers shouldn't be so worried about appraisal or inspection. If you put in your offer up to the amount you are comfortable with and offer an appraisal gap, then you should be able to find a house.

Taking down walls or down to the studs.  May include new electrical and plumbing but not always.