All Forum Posts by: Ryan Rogers

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Updated with 5% Cap, Repairs, Vacancy. 1st investment property?

I didn't go to conservative because I am going to live in it as a primary residence for a year or so with a friend and cousin and update all the essential costs to have less risk with repairs. I have a primary residence now that i live in with my friend and cousin whom pay me rent and are willing to move with me to my 2nd investment home. 

I did check the rental rates and I am probably on the lower end of 1,795 as the 2,000's for three bedrooms are common.

Thanks for the scoop @Cristian Aviles-Morales

Also, Manufactured home on land. Built in 07. Double Wide 3bed, 2bth. 1350 SQ ft. These  will rent for high around Seattle area. 30 mins south of Seattle in Auburn WA. 

Hopefully this can be my first investment. Let me know if you guys agree.

Ryan

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello BP,

I am going to put a offer on this property after Thanks Giving weekend. 

Details: Foreclosure. On market for 108 days. Price dropped from 243k to 230k. Rental Estimate 1,795 Zillow, Rent-0-Meter. 10k for fixes. Need laminate, paint, fixtures, and furnace, and toilet.

This will be primary residence and housed hacked first year. Asking 40k below. What are your guys thoughts buy and hold. Potential equity as well after fix up around 260k.

Does the 50% rule rule over cash flow and 14% Cash on Cash?

Ryan

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello BP,

Here is a possible one year primary residence fix and rent home. Here are the numbers. Without loan pay down, PMI falling off, not too bad?

Give me your thoughts. I have the inspection report and that is what I based the 10k off of.

Thanks,

Ryan

Thanks @Dave

@Dave Skow

Interesting points,

I actually was just thinking the same about paying off the loan quicker. 300 is going straight to principle and I think that is my best way to go at this point. Save a specific amount of capital for next investment while also paying off years into this mortgage to earn equity and potentially REFI in a year or so. I am hoping to hopefully get into a conventional and house hack a duplex-triplex with FHA owner Occ but sounds like I may have to pump the brakes.

Thanks for the advice and the warm welcome.

Ryan

@Brian Hughes,

Great time to buy. First duplex I lived in after college (Rent) owner bought around the same time. 

Impressive portfolio and congrats. Do you do your own property management? Or have one? Did you work with an agent on all of these properties?

Ryan

@Dave Skow

Thanks for the advice. Does the loan amount stay the same after a REFI from FHA-Conv? It's pretty much the upfront cost of the Refi and possible higher interest rates that I will run into but initially PMI will fall off eventually years later once 78 percent of the loan is payed off?

Ryan

@Brian Hughes,

I have had two different lenders express the FHA mileage. Yes, if you can PM me that would be great. She sounds like someone that is reputable.

True, I could work on this house as it needs some appliances all across the house and focus on getting it to be rent ready in the next year or so. It wouldn't be a bad idea to pump the brakes and save some capital. 

Impressive portfolio. Did you use FHA and leverage with HELOC's to be able to move on to the next one? I wouldn't mind house hacking a duplex if one comes on the MLS. Single. No kids, and time to work on investments.

Let me know about pierce county. I live down here and would be interested to see your ideas. 

Ryan