All Forum Posts by: Stephanie Wells
Stephanie Wells has started 8 posts and replied 23 times.
Post: One Water Meter Dilemma in Tampa
- Posts 25
- Votes 8
This seems like the easiest route. Thank you!
Post: One Water Meter Dilemma in Tampa
- Posts 25
- Votes 8
Buying a duplex in Ybor with 1 water meter. My cash flow is stretched super thin on this one and I’d like to be able to bill the tenants for water based on how many people are occupying each unit. Is this legal in Tampa or do I need to just guesstimate water usage and include it in rent? My other option is to try out Air B&B on the 1/1 and see if I can cash flow better that way, but I’m a little scared the area won’t do well until more development happens. Help!
Post: Who can recommend a CPA in Tampa?
- Posts 25
- Votes 8
@Kristina Kuba Can you please message me his info also? Thanks!
Post: Any value in replacing driveway before appraisal?
- Posts 25
- Votes 8
Debating whether it would be worth it to replace the 4 car driveway for a duplex I'm getting a cash out refi on soon. It looks awful now, but would run about 6-8K to replace/fix it. Would this impact the appraisal much, or should I hold off and wait to replace it until a tenant mentions it?
@Jeff Rogers
@Matt J.
I am looking into Duluth also! Curious how your investing is going? One thing I'm nervous about is having to pay for snow plowing. The realtor I'm working with said it costs about $70 per plow and sometimes it can snow 5-10 times a month. Any insights or other considerations for buying rentals there? Thanks so much.
Post: What would you do with $150-175K cash from refi?
- Posts 25
- Votes 8
@Mike D'Arrigo…Super helpful thank you.
Post: What would you do with $150-175K cash from refi?
- Posts 25
- Votes 8
@Jeff Shumway Hoping to not have to do too much to the property I find, especially if I go out of state. Don't think I'm mentally ready for a full on rehab yet! Thanks for the insights though.
Post: What would you do with $150-175K cash from refi?
- Posts 25
- Votes 8
@Raymond J. Rodrigues Definitely noticing that rent increase starting up, maybe by December rents will be closer to the 1% rule if home prices simmer down even more.
Post: What would you do with $150-175K cash from refi?
- Posts 25
- Votes 8
So I’m finally taking the equity out of a duplex I purchased back in 2015. I will have about 150-170K cash after doing a cash out refi. I was going to play it safe and stay local in my Tampa Bay market, which means the cash would be a down payment for a multi family property in my area since everything is so expensive (also rents aren’t amazing, 1% rule doesn’t apply in Tampa’s market).
I am now tempted to try an out of state market where I can use that cash to buy a multi-family property outright and then cash out refi to buy another multi-family. If I go this route and can only fly out once, when is the best time to go - to initially view properties, or to see the final property with the inspector?
Appreciate your thoughts!
Stephanie
Post: HELOC For Down Payment + Using Cash Out Refinance to Pay it Off?
- Posts 25
- Votes 8
Originally posted by @Allen McGlashing:
Seems like you have a lot going on here. The good thing about HELOCs are that's it works like a credit card so you can draw and pay down whenever you want. Some lenders will put a early payoff penalty in so I would make sure you get one without. Once you take out the HELOC, that goes against your equity on the property so a Cash out Refinance would be a little more difficult because you would have less equity. I have heard of lenders rolling the HELOC into a 30year fixed rate mortgage, but haven't done enough research on that. I am currently doing the same thing by taking the HELOC funds and using it for a down payment on an investment property. The plan for me is to cash out refinance the Investment property after fixing the property up and putting forced equity into it, then pay the HELOC off or more likely put the HELOC into another deal. I did a 5 year interest only with a repayment plan of 10 years. So I get 5 years to reuse the funds with only paying interest (smaller payment).
Best of luck to you
Exactly what I needed to hear, even my lender couldn’t explain it this well. Thank you!