All Forum Posts by: Michael McCartney

I only have one house now that I rent out and live in (triplex). But hopefully looking to get more in the future. 78212, 78201, 78209, 78202, 78201 are the areas I like.

Welcome David. I'm kind of new here too.

What areas of town do you usually work with?

@Wayne Brooks

 @Jim Viens

@Kyle Gregg

Thanks guys. That's what I figured I had to do. I will probably have to refinance the mortgage but I doubt I'll get a better rate than 3.25% but it will be nice not paying that PMI anymore.

I bought my first home/rental property 2.5 years ago with an 30 year FHA mortgage. I only had to put down the 3.5% and I am currently renting out two units while I live in the other (triplex). I do have PMI ($105) for another 2.5 years but I am fine with that because the property cash flows as is.

I am getting married soon and my future wife and I are looking at living in an apartment for about a year and then getting a house but we would like to get a fixer upper and use the 203k loan. The 203k loan would be in both our names but I am wondering if I already have a FHA loan in just my name would it stop us from getting the 203k FHA loan in both our names?

Are there other non-governmental loans that are like the 203k that I can use or should I look at refinancing my current FHA loan into a traditional mortgage? I am hesitant to refinance the current mortgage as my rate is 3.25% and closing costs do not sound fun.

Do you not want to use wood for cost reasons for the aesthetic reasons?

I have concrete floors and for baseboard I used 1x6 with a quarter round in front. I think just using a 1x6 and painting it something that ties into the industrial design you're going for will look good.

I have seen metal baseboards but it looks like a huge pain to install and 1x6 finger joint pine is rather inexpensive from a lumber yard (not home depot).

When you dye your concrete floors make sure you do not get cheap stuff at Home Depot. When I did mine I went to a concrete store and got professional materials. They also filled me in on how to clean the concrete (floor maintainer with black pad), spray the dye, roll on a coat of sealant and roll on a coat of finish. The floors turned out wonderfully. If it's in a basement not sure how well it will be vented. The concrete store materials will be a little more expensive but in the end it cost me about $1 per SQFT which isn't bad at all and the floor will last a really long time.

But I did find it easier to do the floors first and just cover them for painting. If anything dripped on the floors it was rather easy to clean up. Not sure if you have but I would wait to do the baseboards until the floor is done.

I think Seth's suggestion of the FHA mortgage is a safe bet that will pay your mortgage, give you a place to stay, and get your feet wet with land lord duties. It's probably the cheapest option you have. I did that with the house I am in now. I live in one side and the two other units (triplex) are rented and they cover my mortgage, taxes, insurance and still gives me a little extra each month. Once I move out and rent out the unit I am living in then the place will really cash flow at a much higher rate.

youtube was really helpful for me. pretty much anything you're going to do someone has posted a video on how to do it. Installing tile, refinishing cabinets, sanding floors, etc. Some things I think it is best to leave up to the pros but I think the more you do the more confidence you will have to take on other projects in your renovation which will save you money and help you have an overall understanding how all that stuff works.

Best of luck! Be sure and take lots of before and after pictures.

One of your goals on your bio page is to have a property and have it pay for itself via room mates and tenants. I would suggest buying a duplex, triplex or 4 plex and live in one of the units and rent out the others.

If you buy it as your homestead your rate will be lower and the down payment required will be less (I would recommend putting enough down to avoid the PMI payments if possible). This would get your feet wet and your tenants would be building equity for you. It would be hard to do that in another city so I maybe look at properties in your home town first. I think that will help you have an understanding of what is expected and what is to come when you start investing out of state.

J&D Plumbing. His name is David and I have used him for several projects. Works with you and is very knowledgeable. I am a do-it-yourselfer and there were a few projects I wanted to do to keep my costs down and he just charged me a consulting fee and he made sure everything was done properly. Another project I had him do was replace my water heater and it cost ~$750 which included a new 40 gallon gas water heater, installation, new supply lines and haul away of the old unit. If you're interested I can PM you his number.