All Forum Posts by: Shawn Dandridge

I called Navy Federal and PenFed asking about these products today. Navy Federal does interest only HELOC's up to 70% LTV. PenFed doesn't have interest only but they do 15 year HELOCs on investment properties up to 80% LTV. Of course you have to be military, former military, or family member of someone that is/was military to qualify for membership.

9.5 years active duty Army, Information Technology. Tons of IT certifications. BS in Business Administration. Started a web hosting/web design business when I was 14. Did computer repair since I was 12. Owned a pro wrestling company in high school. I was always dabbling into something...

@Chai Sag 

My city's population is increasing every year.

Well I don't know about double but you can certainly make some impressive gains in the Northeast. I will use my own town as an example. I bought a new construction condo in August 2013. Appraisal came back at 240k. Purchase price was 237,900. I had an appraisal done about a month ago and it came back at 262k. When I first looked into refi'ing I just wanted to reduce my rate from 4.125 to 3.5 as I plan to hold as a long term rental when I move.

I decided to do a cash out refi. I walked away with about 22k after closing costs. I know values will increase substantially in the next 5 years. This is due to increasing prices in the DC metro area as a whole but the closest county to me, Montgomery county, the prices are moving up so fast that most people are being priced out of the market. I live in Frederick, MD by the way. The prices are increasing but they're not outrageous as Montgomery county. To put things into perspective, the EXACT same condo I live in, built by the same builder, was going for a 300K base price when I bought in 2013. Mine on the other hand was a 210K base price.

Jim,

Did you decide what you were going to do with your Memphis properties?

Speaking as someone one who has been to Baghdad, Iraq twice for a total of 26 months. Most of you people have no clue what a warzone is. To see how those people live will make the worst neighborhood in the United States look like Beverly Hills. I will have to dig through some of my pictures to post real life examples.

2014 Mercedes C250 coupe fully loaded

Steve,

I have equal or better amenities than the apartments. Everything the apartment has I have. This just leads me to believe that the realtors aren't familiar with the area or have never taken the time to investigate what the apartment is charging. Most of the condos are owner occupied but I do know that a couple are rented but I'm not sure for how much as they were rented before i moved in.

Mike,

I am off Md 26 in Frederick where they are building the new  mixed use development at. I lived in Hagerstown for a couple of years before I bought my own place. I lived in Hagers Crossing behind Wal Mart. I still come out there once a week for a haircut. John, the apartments are called The Haven at Market Square. You can google and look at their website. My condo is literally right in front of the building.

I currently live in a condo in a class A neighborhood. I bought the condo new construction in Aug. 2013. It's a mixed use community, the only one of its kind. The newest, nicest neighborhood in the city. I currently live in Frederick, MD which is about 40 miles from DC so we have quite a few government employees and contractors migrating to the area. Directly behind me is a set of luxury apartments. A 3 bedroom there runs $1950-2k per month. My condo is a 2 bedroom. I had the 3rd bedroom converted into a family room by simply telling the builder not to install a closet or doorway.

When I move, I plan to get a closet and doorway installed, making it a 3 bedroom again. The apartment 3 bedroom is about 1400 sq ft. My condo is almost 1900 sq ft. I have granite in kitchen and master bath, dual closets in master, deck, 1 car garage, hardwood on bottom floor. The apartments have similar amenities although no granite in the bathroom and no hardwood. I have been in contact with a couple of realtors and they both have told me rents in the area are between 1800 and 1850. At this price, with a PM fee I would break even. The apartments directly behind me charge between $1950-$2050. In essence what I'm asking is why is there such a discrepancy in the price. My condo is obviously nicer, bigger, and has more features. I would be under the assumption I could get the same amount of rent plus more for my condo. Also note the apartments are completely sold out of the 3 bedrooms.