All Forum Posts by: Nero Leblanc

Thank you.

Hello all, I'm Nero. Being new to REI mostly absorbing Information. Now looking to meet up with any San Diego area groups or individuals.

 Yes, that is pretty low. 10% would be more realistic. Even with remodeling. Thanks 

last year i inherited a home, 4 on 1 1500sq apx 400k value, never mortgaged, no liens, and taxes $500 yr. But needs a good amount of work. My idea is to hack house into 4 private ensuites with kitchenettes(tiny homes style), minimal communal space. The rents in town are really high and a $900-$1200 seem realistic $1800 possible with abnb . I own the property outright. Have minimal credit(always paid cash) no car payment history. Self employed and don't earn much(spend less) I've talked to banks, credit union, and one lending co. Any ideas from hard lenders or private lenders on this.

Goal $150k 30yr mortgage.  $60k on remodel, $90k to invest in acquiring another property. The rents from from units would go 95% to pay loan 5% maintenance no early payback penalties.  Thank you for any input

Update: First of all thank all of you for replying to my original post, and the general support. Family, death and money......I have one house, no mortgage, no money and a want to invest the equity in real estate. (btw family wanted to divest of all 3 properties and split the cash) Now that this is mine free and clear, I've talked with a few cu and banks. Still absorbing information. 

@Arden Hillstrom Thank you, that is my first instinct. Would moving out of the 3rd house free up funding from it also?  

@Kyle McCorkel Thank you, I'll get on that list.

Hello, I just inherited 3 houses and property, none have mortgages. I live in one. I want to maximize this by investing in real estate without selling. Looking for insight and advice. I have no experience in real estate.

Thank you.