All Forum Posts by: Mike Warder

Thanks for the inputs. I called the power company and they said to just put the power in my name for a day, with one day's notice. I can cancel after the inspection.

Touching base with everyone to see how they handle inspecting electrical items (including HVAC) when a home has been vacant for a while. Will power companies turn things on for a day so you can inspect? I'm worried about an issue arising after acquiring the property. This is an REO built in 1995. With this new a home, do people just assume things are probably in order? Thanks in advance!

Look up Oak Trust Properties. I've been very happy with them so far.

I like episode #2 because the guest gives a good synopsis of how she and her husband made the transition from their W-2 jobs to REI. This gave me an idea of how my wife and I might eventually transition. However, I think the best episodes for you will totally depend on your situation and what kind of REI you are interested in; multi's, flipping, turnkey, buy and hold, etc. Go to the website and do a key word search on what you're interested in and see which bigger pockets episodes come up in the search results. Best of luck!

Thanks for everyone's inputs. I think I'm going to hold onto the property and keep looking for a bank that will do a 30 year cash out refi. In the meantime, I'm also going to get a HELOC lined up to have just in case. Although, ive already had multiple banks and a credit union tell me they won't do HELOCs on investment properties.

Thanks! I spoke directly with the contractor and we are definitely not on the same page. I'm going to find a company to clean the shingles and install the metal strips. Since his company doesn't do cleanings, that's probably why he was selling the replacement angle. Kurt K. Thanks for your inputs, just what I needed to know. I'll stay away from the power washer too.

Hey everyone, 

This roof is 8 years old and the shingles are quite an eye sore from all angles. My understanding is that the algae in the shingles can also destroy ththe shingles over time. I asked my property manager about cleaning them, and her roofer suggested replacing and quoted $1,100. Is replacing the way to go? If so, is that a reasonable quote?

Zillow and Trulia rentals can get you in the ballpark, but if you really want to know contact a local property manager. I find that Zillow is generally high. If you look at enough places that are available for rent you will begin to get a sense of what rent is reasonable given location, schools, comps, etc. But, you gotta talk to a competent property manager to really know.

I bought a condo in Denver in 2006 for $2,700 down. I owe $30k and it is now worth $100-$110k. I cash flow about $250/month, which is nice, but I would like to put some of that equity to work as down payments on more properties. My REI goals are to acquire 1-2 buy and hold properties a year. I have two other properties in South Carolina right now.

Cashout refi - Maybe I could get about $45k cash to work with. I've spoken with two lenders about a cashout refi and they both said they would only do a 15 year loan on an investment property, which would increase my monthly payments and bring me close to cashflow neutral (within $50). I worry that a market dip would make it cashflow negative. Do lenders offer 30 year loans on cashout refi's? 

Sell - I could just lock in my appreciation gains right now and sell. However, I hear that Denver is still hot and likely to stay hot for a bit. I'd hate to miss out on additional appreciation. 

Heloc - I don't know much about Heloc's, but they seem like not a great vehicle for financing downpayments. Is that wrong? 

Am I analyzing things correctly? Are there other things I should be considering? Any thoughts or advice would be greatly appreciated. 

Loan forgiveness amounts are NOT taxable through the public service loan forgiveness program. Remember, there are different loan forgiveness programs and their terms are different. See page two at the link below. https://studentaid.ed.gov/sa/sites/default/files/public-service-loan-forgiveness-common-questions.pdf