All Forum Posts by: Summer Cherry

Where can I get email addresses of absentee owners? Also, how do I skip trace Trust-owned properties? Most websites are offering mailing addresses and phone numbers. It's too time-consuming and expensive. Any leads would be greatly appreciated. Thanks!

Hi Leah, what company did you use to obtain email addresses? 

@Jon Arsenault

Furnished Finder without the "S". After a full year, I got one tenant. That was a long time to wait for some ROI. But I left the platform after that. Airbnb is still my #1 platform for short and extended stay. Hawaii has cut our lines and profits with their new laws. Just waiting to execute my exit strategy when the time is right.

I agree with JD Martin. If you want to scale,  leverage yourself while the money is so cheap. But if you can't borrow for some reason, then I can see the appeal of doing cash. I did cash on one of my condos only because the banks didn't want to loan to me for a vacation rental. 

Thank you Bradley. Yes it is a Streamline and I am only expected to live in the house for 6 months. Once I make it past this, I can rent out my 3rd unit and cash flow nicely. Yes it does seem like a no-brainer lol. 

Yes that is what I thought. I will be keeping this property for the long haul. 4.375% seems so expensive now! We are getting spoiled!

So my current mortgage is a FHA loan at 4.375% with a $2600 pmt and I have 28.5 years left with a $340,276 balance. Values in my area have gone up more than 5%. My house is a 3-unit MFH and comps are hard to find because I am surround by mostly SFH. But it probably is worth around $400k now because I renovated one of the units. I purchased this house last May 2019 for $360k. So my question is this....how should I structure my refi? I don't need any cash. My current lender offered me 2.75% rate with the FHA fee of $5921 rolled into the loan. If I keep the 28.5 years, it is $2350 pmt. This requires no appraisal, no credit pull, no income verification, and a 45 day closing. Another lender offered 2.5% rate with a $330/mo savings on the payment but I'd have a 60 day closing with the appraisal, income, credit pull etc. Our credit is in the mid 700's and income went up 2%. Nothing else changed. I just want to lower my payment as much as possible and get the best deal. Any thoughts or suggestions?

Investment Info:

Townhouse buy & hold investment.

Purchase price: $285,000
Cash invested: $76,000

2 bedroom 1 bath townhouse with two parking stalls near military bases.

What made you interested in investing in this type of deal?

It was easy to rent out and was turn-key.

How did you find this deal and how did you negotiate it?

Through my agent. I had no competition and purchased it off season.

How did you finance this deal?

20% DP conventional 30 yr. 4.625%.

How did you add value to the deal?

It generated $1850/mo from military tenants. It is in a highly sough-after area that was still affordable on Oahu.

What was the outcome?

I paid my mortgage down to $150k, renovations at $12k and will put it on the market this month. Sellers market heavy now in SFH with low inventory. List price will be $350k.

Lessons learned? Challenges?

I would avoid properties with HOA fees because it brings your profits down a lot. It can go up a lot within a short period of time.

Thank you everyone for your input! 

@Elham Aghili Me too! They took $175 from me after I complained that I wasn't getting any real leads.