All Forum Posts by: Philip Joseph

What is the best way to pull money out of a property that is completely paid for? Cash out refinance or home equity loan? Which one is more expensive long-term? Is there an option that I am missing?

Thanks, Cajun

@Joe S.

One thing that I learned from managing my properties and then hiring a property manager is that it pays to know what some maintenance cost.

I’ve had to challenge several expenses such as tree removal and ac repairs because I knew it was much cheaper. Saved me $800 on a tree removal.

I would like to pull cash out of an investment property that is fully paid off to use for more investment properties...What are my options and what are the pros and cons of each?  Thanks!

And I piggy back on talking to other managers.  If you know you will have high turnover rates, make sure to find out how long the eviction process can be...In my area, Bibb county is taking 3 months to serve papers, while Houston county will have a court date in three weeks from the date of filing.  The county's processes and timelines can make a huge difference. 

Just saw this, takes effect 16 Aug.  Be prepared before arriving.

And you can't beat New Orleans.  And if you can't get a room at the hotel, I know at least one member here (not saying names) who owns several airbnb's right on Saint Charles St.

Man, lots of questions today, so I thought that I would join in. Has anyone ever gotten a HUD or any other government grant for a rehab or new build in a low income area? This is specifically for an investment property, not a house hack. If so, I would love to know how you found the grant and how painful was the approval process.

Just break out the military clause and you are good.  lol, just kidding.  But, once you've been in the rental game for a bit, you will start to see them from your tenants.  Not a big deal, but I've had military tenants have to move out early and the military clause excuses them from paying early termination fees.

That's a tough call.  I would say you really need to go through the property with a good contractor and get an accurate assessment of what it will cost to repair.  And take into account that you will have to put in a lot of capitol up front before you can flip or pull your money back out.  If the numbers still work after the cost of the property and repairs then...

I've been reviewing listings on the commercial real estate websites and noticed these listings for 5 to 20+ single family homes that there calling "Investment Portfolios" or "residential income". The asking price seems to be based on the NOI of the portfolio. But, when I asked my realtor to run comps on the properties, the sale price seems to be higher than the sum of the comps. Based on this, I have a few questions for the community.

1.  Has anyone else run into this and if so, were you able to negotiate the price down based on individual comps?
2.  If I decide to purchase as is, could there be an issue trying to get a bank loan? My guess is that the bank will have appraisals done on each property individually.

Thanks in advance!

Cajun