All Forum Posts by: Peter McDonough

It's been 75% of purchase immediately, or 75% of ARV after 6 months for quite a few years.

What Andrew was suggesting was a way to get around the 6 month requirement, but Freddie and Fannie seem to have changed the rules on this.

 Andrew, looks like Freddie and Fannie solved this by requiring that a person hold the property in his own name for 6 months before the refinance.

Don't do it lol!

How much are you renting the property for?  How did you put less than 20% down on an investment property(79k total-34k repairs < 20% of 245)?  What's the size of the property?

Yes, my wife @Deborah McDonough

It's the exception to the rule for the usually great tenants of 35802.  SFRs are much much better in the area.

Looks like they came back on the market after being taken off maybe a month ago.  Not sure why that deal went through.

That area is kinda weird--it's a street of four plexes that you enter by driving through what looks like the alley behind a walmart.  The tenant class is not great, and the density of tenant class means that better tenants have zero desire to live there.  Anyone who can afford 800 a month in rent will not want to live in one of those units.

Yes.

Schools, meh, jobs meh, not much crime, tenants are great.

Good area for a short commute to the arsenal, where all the jobs are.

You only get those low numbers when you pick and choose your starting and ending points.  Choose a longer timeframe, ie 2013 -2019 on that same link and you'll see appreciation hitting 5-6% /year.  And this is across the entire city.  We've had 20-30% increases on lower end housing just in the last six months.  Huntsville is red hot right now.