All Forum Posts by: Robin Simon

Have you checked out 30 Day Stay? I feel like Zeona McIntyre and Sarah Weaver nailed it on providing amazing, immediately applicable content in their book.  They have a whole chapter on pricing and resources.  Just sharing a resource I found helpful!

Hey Robin what areas in Tennessee are you seeing that are going to have a significant decline? I work here in Nashville and compared to other markets Nashville hasn't fallen to the same extent. From the highs of 2021 Nashville prices have only dropped 4% while other cities like Atlanta and Dallas have dropped by 9% and 13%. Looking forward to hearing what you have to say

Hey, just wanted to get some input on the midwest real estate market. I'm specifically looking in Columbus, Ohio to buy my first house hack and was wondering if I should wait to pull the trigger. Any advice would be great!  

Hello, I am currently looking at doing a cash out refi on a rental property that I inherited. I recently renovated the property and put about 15k into remodeling bathrooms, floors, paint, etc. This property has no mortgage so the goal here is to leverage the equity to be in a strong position to purchase 1-2 investment properties in the near future (2023). I was recently offered 10.5% rate at 70% LTV. Right now I am cash flowing $1700 a month after HOA/Insurance expenses. After reviewing the loan details I am looking at an estimated monthly payment of $1797 a month. This will leave me about -$100 cash flow a month. Because of my current DTI situation I asked my mortgage broker to look for a DSCR product.

1. I know today's mortgage rates are at about 6.5%. Are the interest rates on DSCR loans typically 3-4% higher than current market rates for conventional?

2. This was just the first offer and I haven't responded to the mortgage broker's email yet but I feel as though I am being taken advantage of.  Also I was thinking that having more of a cushion at least ($300-$400) cash flow can help me with unexpected cap X and other issues that may come up.  Am I being unreasonable to think that this rate is ridiculously to high even with todays rates?

3. Any reccomendations, I was thinking maybe a HELOC but I hear that getting a HELOC on an investment property is much more difficult than a cash out refi. Any suggestions/advice would be much appreciated.

-Rookie Investor.

To buy a foreclosure at auction I need to have the full amount of cash within 24 hours of getting the house at auction (that’s after paying $20k at the auction). I’ll go to auctions with specific houses in mind that I’ve scouted beforehand, but I‘m confused on how I can secure the funds with a private money lender before I even know the purchase price of the house or even which of my pre-chosen houses I’ll get or WHEN I will even be successful at auction. 

Hello All, 

I have recently acquired a 2/2 Condo in the heart of the Tampa Bay. Prime location, just inside Rocky Pointe. I am looking for general advice given the current market conditions. 

I have always wanted to build a real estate portfolio and I am working to clean up the property a bit (paint and small bathroom rehab) - and hope to put a renter in the property starting in Jan. 2023 on the higher end of rents (2.5K - 3K) 

Property is paid off, estimated appraised value: 265K

Given the current market conditions, would it make sense for me to do a cash out refi to get into another property within the next 6 months? Or should I just cash flow through 2023 and hold off until 2024? 

Thank you for your insight and direction. Its greatly appreciated. 

-Mike