All Forum Posts by: Account Closed

@Cassidy Burns Congrats on the potential deal.  If there are any similar size properties you may be able to partner with another owner who is in the same situation and share a resource.  

Good luck!

@Rahul Handa if you want to get some great information on index funds, and the 4% rule, I highly recommend The Simple Path to Wealth by JL Collins.   

The book is an easy read with strait forward information, good luck.

There was a jump in foreclosures in Austin for January, and then the total number dropped in February.  The total number for February was in line with the monthly average over the last 12 months

@Chris Lawrence that is great!  Nice job with the rehab. What did the house appraise for after the rehab?  Where is the house located?

@Ryan Arthurton what are your plans for the property?  Are you looking to sell or hold long term?

@Ryan Arthurton completely agree with Brendon.  Have installed luxury vinyl recently and it looks great and should stand up well to snow and salt. 

Where is the 4 unit you are renovating?

@Anthony C. congrats on the first purchase, great job getting started. There is a lot of good advice. Something I learned the hard way is that a bad tenant is worse than a vacancy. 

Stick to your screening standard and don’t compromise. If someone is late with the rent 3 day notice, then evict if not paid, don’t wait. 

Manage your properties like a business and you will be fine. Good luck. 

Russ

@Darren Cusanelli I don’t know anything about the Binghamton market or the cash flow on your property. Just my perspective you did an amazing job on a BRRRRRR. 

If you are looking to grow, and the cash flow will support the debt, take the full 80% on the refinance. 

Again just my perspective but here are the thoughts.

1. Refinancing will cost a few thousand, with a 62k house the opportunity may be a while before you get another shot so take the max when you can. 

2. You said you are looking to grow so keep turning the equity you create and keep rolling. 

3. Even if home prices drop as long as your rent is steady the price isn’t as important. 

Good luck and great job on the first deal!

@luis 

@Luis C. Luis can you share any insight into what about the Rochester market would make you want to limit the LTV to 60%.

And any thoughts on when there will be a downturn and how bad it will be. 

Do you invest in the Rochester? Thanks

@Shane W. Chapin 

Congrats on the deal!  Will the renovations increase the value to allow for a cash out refi when you are done?