All Forum Posts by: Sandy Preston

I do not have advise except to talk with some realtors and property managers to see if the market suggest it would support the expense involved in a new construction. 

@Joe Prillaman very motivating in the process of looking for my first deal!! Hope I am half as successful as you have been.

@Greg Dickerson the surrounding area is primarily residential. How is the best way to find the information you suggested?

So inherited 17 acres from my parents that is free and clear. My parents originally purchased 20 acres and developed 3 acres of it by both building rentals, which they sold, and selling lots. There are 17 acres still undeveloped at the back portion of the property. I am looking for the best way to develop the remaining land with 2 goals in mind. First profitability, return on investment and raising current property values in the area. What are the best avenues to do these two things? The land has to be cleared and a road will have to be put in. What do you recommend. It is located in a town with 2 colleges and a military base and 2 larger hospitals.

The property is just outside the city limits.

@Tom S. CPA working on those now!

We were planning to do some fix and flips use that to pay cash for the properties and rehab.

I am willing to do that but are these issues that will be a problem across the board. They said because it was a rental the debt to income ratio requirements are lower than a primary residence requirements.

So I applied for a HELOC on a rental property and was denied. It has been rented 1 year this month. Because there is no history of rental income with taxes from previous years and a former business income loss. I was denied due to that and the debt to income ratio being too high.

The rental we own 100% out right with $1165 a month cash flow.

We have our current mortgage at $219,000 and $5000 in cc debt and that is it. We have no other debt at all!! Our credit scores ,both mine and my husbands, are over 750! Any suggestions on how to move forward?