All Forum Posts by: Sammie Baker

I’ve been evaluating deals on single family homes in Lawton, OK and the cash flow seems pretty nice. 

Im curious if other investors are in this area? I know it’s a military town. Would love to get some feedback from locals or current investors. 

@Reid Chauvin thank you!

So for example:

We purchase the home for $235k. (it was appraised for this amount during the home buying process)

Put 15% down on the house. So we have $35,250 in equity on day 1.

We then renovate the kitchen and redo a bathroom for a total of $25k.

We get the house appraised after the seasoning period (guessing 6 months?). Let's say it appraises for $250k.

You're saying that we can refinance for a lower rate than our current (6%) plus get cash out. We can get up to 75% of the new appraisal amount or of the ORIGINAL appraisal? 

@Tarik Turner Yes, we purchased the house. I will confirm what the seasoning period is for refinance; isn't it usually 6 months? 

@Colton Hahn Thank you for your reply! That's reassuring. So I guess I just have to find a lender that works specifically for self employed individuals and keep our credit top notch. 

Got our first investment property through a bank statement loan since we are self employed. We are putting 20% down and are stuck with a 6% interest rate. 

Two part question:

A:  I'd like to do a cash out refinance eventually but can I do this without a W2? 

B:  Is it possible to both lower our current interest rate (6%) plus get cash out of the property to use as a down payment for another investment property?

Ultimate Goal is to BRRRR all investment properties. (rent using STR-airbnb)

I appreciate any advice! 

My wife and I are closing on our first investment property in 2 weeks. We used a bank statement loan given that we are both self employed. We plan to use this property as a STR but it's currently under our personal name. How important is it to put the property under our LLC? We will be using the business to pay for all expenses (mortgage etc) as well as collecting all revenue in our business bank account. Does this really matter? Thanks in advance!

@Bob Okenwa didn't think to just paint the tile. Great $ saving tip, thank you!! I'll do the electric panel research now. 

Thanks again!

@Mike Shemp thanks for the feedback! I never knew that I could get traditional homeowners insurance with the STR coverage added! I'll factor that in as well. I reached out to Proper a few days ago and they said they've reached their "capacity limit" for the month..

@Benjamin Hirsh Hey! Would love to learn from you! I'll send you a message 

@Bob Okenwa Thanks for your feedback! Yes, my realtor has been very responsive and vocal about everything. We sent him the list of things to get fixed with estimates. I'm not sure the cost of a new electric panel and I'm sure it's all a case by case cost. 

I have attached pictures of the current kitchen. I plan to salvage the fridge, update to stainless steel and update everything with white shaker cabinets and a tier one quarts or granite. 

Closing for the investment home is set for March 4th and we are looking for quotes for short term rental homeowner's insurance. The property is located in Tavares, FL. Feel free to message me directly or comment if you are a broker or can recommend an insurance company. 

Thank you!