All Forum Posts by: Mark Hughes

@Maxwell Hibbard if you feel good about the intrinsic value of the deal then buy now on fha with little down (live in it for at least one year). Yes you will pay a little in pmi but if the deal is good the savings from alternative of renting will be worth it in the principal you will gain. Plus if you are aggressive in paying down the loan faster with extra principal payments and get back below that LTV threshold they will eventually drop the PMI off. I just did this a few months back with a loan that I had pmi on with 10% down but I paid it down early. Contacted the mortgage company for details when I reached 80 LTV in that particular situation they gave me 2 options to remove pmi (pay for my own appraisal $500ish to confirm 80LTV or have it dropped for free after I reached 78LTV of the original purchase price. Was a no brained to me and I just paid the rest down over a few months and pmi dropped off no problem. (Instead of ‘wasting' that appraisal $500 I thought it made more sense to put that straight into the principal) but this totally depends on your personal preference and situation.

@Mark Fries definitely sounds questionable.

Also have you ever thought about the fact that you just posted this online with your name and general location listed so anyone that rented from those 50 units over the last x amount of years basically knows they could go back in at any time...... :/

@Jarett Tigges now is a great time to start analyzing deals. Thinking about your key criteria and what property classes you want to get into. It always seems so simple to say you want value add properties that cash flow great in tier A neighborhoods, but when push comes to shove your gonna need to find the balance that works for you and will have to sacrifice a few things in any investment ($ entry price, location, needs Reno, or if you overpay to try to get the perfect property then you might sacrifice cash flow and then it might not meet your needs)

@Corban Kurz save the $3k and use that towards a down payment. House hack on an FHA for primary residence and you only need about 3%-4% down these days, so in the abq market if you hustle you can find gems around $100k or less if they need work and that's pretty much your first property right there.

@Jarett Tigges have you determined what areas you are targeting or what property class and price point? Before spending money on direct mail, have you scoured the MLS to make sure there's not already something that might work for you, as that's free to access via an agent? The more money you can save the more you can use it to buy properties.

@Martin Neal slap a couple coats of White paint and call it a day. Just takes a couple of afternoons/evenings and $50 and you’ll earn some sweat equity savings

@Gian Chaves thanks so much!

@Angela Smith. That’s a consideration too! But part of my motivation is to buy a 4wd truck w crew cab as I have a family of 3 and dog so when we road trip up to the mountains we need a reliable 4wd car that handles in the snow and is comfortable for the fam and car seat etc....

@Brian Ploszay but don’t tenants typically pay their portion directly to the govt and then the full payment comes from govt? So if the govt is shut down will they record this and their partial payments won’t be sent to landlords in the meantime until it’s all sorted out.

I’ve been filing my own taxes for years but as my rental portfolio has grown I think it’s finally time to get a pro to take it over.

Does anyone have a recommendation in the albuquerque New Mexico area for a pro tax person for rental properties/real estate? In 2018 I sold 1 flip, purchased 3 rental properties, and still have others in the mix from before in 2 states.....