All Forum Posts by: Reece Iovine

If you want to sell wait 2 years as your primary residence so its tax free capital gains. Honestly i'd say don't sell unless you need the capital now for a better investment. 

Could look into an owner occupied HELOC as well usually goes up to 90LTV.

If you have some cash saved up you could look into other markets as well. Columbus OH for one example ahs strong cashflow and appreciation, we get a lot of California investors here that want cashflow.

For a rental property they will include 75% of the income from said rental to qualify it. So that should help a lot. I would just go to a bank and tell them your situation and give them a ballpark on rents in the area you are looking at and ask what they can pre-qual you at based on the rent assumptions.

Congratulations! Feels great when a plan comes together like that :) Well executed!

Next time don't tell the lender you plan on refinancing shortly. Residential loans have no pay off penalty, and there is nothing wrong with leaving that info out. 😊

Sure could damage your long term rapport with that lender if they are a portfolio lender so keep that in mind. 

Any lender that is not a portfolio lender shouldn't mind the brrr method. They make their money up front and when they resell to the secondary market so if you refinance in a year shouldn't be a big deal with that lender.

I second @Ryan Mainwaring seconding of @Remington Lyman list...😊

I'd say in addition to what everyone has said, don't over think it. Real estate is such a simple business easily defined income and expenses. That does not mean it's easy but simple to understand.

Buy for cash flow in a neighborhood that has a good chance of appreciating. Work with a good INVESTMENT agent in the area you want to buy in.

Here in columbus ohio if you tell me you want 10+% cashflow and value add and have 20K, I'm going to recommend you house hack and put 5% down and do some light cosmetic work while you live on one side for a year in a B-C neighborhood.

Not much can go wrong when you buy a 150K duplex that you are living in as long as you run your numbers and do your due diligence :)

It won't be a home run but gets your feet wet and you'll learn a lot and buy better and better deals as you go.

@Michael Fyvie That is a great question. I'd say that is a personal question but I would not do a cash out refi where the fees make up more than 10% of my cash out amount, UNLESS, you need that cash immediately for a new deal where you will make substantially more money than the money lost, or you are also reducing you APR to a point where the interest saved will make up the fees over time.

Also I just did a cash out for 50K where the bank I worked with had a low income neighborhood special and closing costs were only $500 bucks (lender fees, and title fees) so might want to shop around and see if you have any local banks that do something similar.

As long as you buy right you'll be in a great position. I wanted to do the same thing as you and buy back in 2012 when I started college. But instead I didn't follow through and didnt buy until 2018... 6 YEARS! Get started now if you can you wont regret it.

I now own 1 campus rental and it is my largest cash flowing rental. However it is also my most management intensive so keep that in mind.

Unit turns will most likely be required every year as students are always graduating or moving in with new friends.

I personally don't buy campus rentals anymore for various reasons but I think its a great idea for someone in your situation.

I also own a property in columbus on OSU campus. It cashflows a ton, but keep in mind you will have unit turn almost every year and you are at the whim of the university.

Like @Steven Foster Wilson said OSU has asked students to refrain from signing leases till next year. This is obviously concerning for landlords and might be similar in your makret.

If the market has a strong macro economy then I wouldn't get into the weeds on cap rates and metrics. Can you add value? Will it cashflow? Is it in a C or better neighborhood. Boom good to go, buy it. Don't over analyze :) Let me know if I can be of any help pointing out my favorite markets in columbus ohio.