All Forum Posts by: Michael Sarrail

If you are able to get your start with investment properties before you buy your home I believe you will be better off. In the long run you will have better income to afford the home you want instead of buying the house you can afford.

And house hacking a few 2 - 4 plex properties would really help a person hit the ground running.

 I am not clear as to what you are saying.

Please define a $1200 high quality appraisal.

Yep, I bought a house for myself like that. 

I wasn't sure if the rents were high enough if that would support the loan amount when appraisal is unavailable. 

I am interested in a duplex. It has been fully rehabbed. The numbers make sense to me.
Now, the seller is saying that it can only be sold cash ... They are cash only because there are not any comps in that area to support the appraisal needed by the bank.

First, can this be correct? I would believe so if the area doesn't have similar properties in similar condition.

Second, how would I find financing in this situation?

Last, I am able to buy cash ... would I be able to refi cash out in a situation like this? How long would I need to wait to get money out?

New to the game and buying my first rental property. SFH in Independence, Missouri
I would like to know what type of coverage you buy for your rentals.

Replacement cost or actual value? High or low deductible? Basic or more? What add-ons if any?

Again, just starting out so please excuse my very basic if not straight up ignorant questions.

Thanks in advance

Be nice to see some replies here.

Time to get on a flight and see what's going on in person ... I would just show up, no need to announce that you are going to stop by and look at your property. 

I am looking at a couple properties in the Mapleton and Tuxedo Park areas. How are these neighborhoods?