All Forum Posts by: Surya Kumar

@Bob : I got 2 quotes so far just to check the rates for vinyl flooring. I got one for around $12k and one for around $14.5k. (The property is 2141 sq.ft). May be I think I am going for a higher grade flooring than needed. 

@Alex: Transferring the closing cost to seller is a nice idea. I'll definitely try that. But wont using a credit card hamper my cash flow? ( Suppose the cash flow is $400, it means it would take me $15000/$400 = approx 3 years to get back my $15k) That would mean hoping the price of the property increases because of the flooring. Is that so?

I got one rental property and it was a turn key and it's producing a good cash flow. Recently I found a property for a good deal and that needs some fixing with the flooring. It's in a very good area that rents fast. So I don't want to miss the opportunity. I was thinking of removing the carpets and installing the vinyl plank flooring. That costs around $15k. My question is how to come up with financing for this $15k ( I can't put down $15k extra at the moment) . Do people include this with the mortgage or use some other means of financing? Is it allowed by the banks?  (If it helps, the cost of property is $105k and it rents for $1200-$1300). Any help on this would be welcome. Thank you.

I am looking to buy my first rental property and just started looking at mortgage rates from banks and credit unions. I saw Bank of America offering mortgages with only 3% down and without PMI. Is it a good thing to put only 3% down? Which means I can buy 2 properties with my budget. Has anyone used the Bank of America mortgage with 3% down? Is there any caveats in that? Please enlighten me( I do not qualify for FHA)

I am first time investor and an out of state investor looking to invest in some properties in the Cleveland area. I am looking for a B class area at least. Can you suggest me any areas that might go for rent in the range of $1100 - $1500. I am looking to invest in the range of $150-$175k. I am looking at areas like University Heights, Mayfield Heights, Parma and Lakewood. Can anyone help me with figuring out the areas from these ( or any other areas that you can suggest ). Since I am out of state, I am mainly looking for the quality of the tenants and a good occupancy rate area. Any suggestions would be greatly welcomed.