All Forum Posts by: Neal D.
Neal D. has started 14 posts and replied 26 times.
Post: Finding the right Real Estate Agent for flipping?

- Vicksburg, MS
- Posts 26
- Votes 3
Is there a podcast, webinar, blog or anything on this site that I could educate myself with about how to select the right agent to work with?
I know there is something like that because I cant be the first person to ask this question.
Or if you have any advice that you would like to give when looking for the right realtor that would be amazing! Thanks!
Post: Information on how heloc works in buying rentals.

- Vicksburg, MS
- Posts 26
- Votes 3
Post: Want to buy my first rental... HOW?

- Vicksburg, MS
- Posts 26
- Votes 3
Post: Want to buy my first rental... HOW?

- Vicksburg, MS
- Posts 26
- Votes 3
Well I decided that I want to run but I cant crawl just yet.
I need to figure out how to finance my first deal. So I will fill you in on my situation.
I currently own a home with a FHA loan at 3.6% interest for 30 years.
The loan is for 96k (owe 83K) and the actual house value is in the 125-135k range. I got it as a foreclosure on a VA loan from an expired man(motorcycle crash) and buddy was that a pain in the neck.
Should I do a cash out refinance or heloc on my house in order to get the money for the down payment or should I try to keep my monthly payment on my current mortgage as low as possible and try to get an Private lender to loan me the money? Is there a huge difference in the interest rates charged by using either of them. What are some of the advantages and downfalls to each?
Or on a completely different note I could try to also flip this property and make some money by adding a master suite and bathroom but I would really like to rent it out for a while first then do the equity loan to add the master suite and bathroom then try to live in it because it is a great area of town.
Post: Funding a six house neighborhood?

- Vicksburg, MS
- Posts 26
- Votes 3
Post: Funding a six house neighborhood?

- Vicksburg, MS
- Posts 26
- Votes 3
Post: Help analyzing a property for buy and hold, please?

- Vicksburg, MS
- Posts 26
- Votes 3
Thanks Robert
Post: Help analyzing a property for buy and hold, please?

- Vicksburg, MS
- Posts 26
- Votes 3
Also the property tax with homestead exemption is $1511 a year without that exemption I figure that it would be close to what my house is, around $2000 to $2200 a year my home is 2400 a year but it is in a nicer neighborhood and has more sqft and is in great condition.
Post: Help analyzing a property for buy and hold, please?

- Vicksburg, MS
- Posts 26
- Votes 3
Hi everyone,
In my haste to learn how to use the rental property calculator, I used all of the free trials to learn about how to use it. Now I have found a property that I feel like I could really take action on(Brandon has gotten me fired with those webinars) and want to know if anyone would spend the time to create a PDF for me that I could use to show my lender. Also, if you are seasoned at this, feel free to throw me some tips if I am high or low on any numbers here. If I could afford to go pro I would, but its just not in the bill fold right now. Or if anyone wants to privately finance this deal that would be great meet new people in the area and work with you too. So I guess I will just leave you all the info and if you get a chance to run it that would be great you can either pm me or email, whatever is convienient for you. I left you a link to the property on zillow to throw a picture in there. I hope Joshua D. or Brandon Turner doesnt get mad that im asking for a freebie! Thanks in advance so much for your help!
http://www.zillow.com/homes/101-Bellair-Dr,-vicksburg-ms_rb/
This property only appraised for $78120 last time it was appraised. So I am thinking that it may be possible to get the house for $78000 then put $10000 worth of reno into it(paint, flooring, appliances and hardware). I would be trying to wrap all the closing cost and reno into the loan so there is no money out of my pocket in the deal.
I would be charging $1100 to $1200 a month rent. That is not unreasonable for this area according to rentometer. Also there is a house across the street that is about the same age. It has 800 more sqft. and acreage but is terribly out dated and it is selling for 175K so I expect that this property should be in the 120K to 130k range by the time it is renovated.
Post: How does small positive cashflow turn into real money?

- Vicksburg, MS
- Posts 26
- Votes 3