All Forum Posts by: Tim Burdette

I bought a single family fixer upper back in the summer for $125k, I currently owe about $99k on it.  I am done renovating and think it is worth around $170k now.  My current mortgage is $630 a month and I think I could rent the property for $1300 - $1400.  I have really good cash flow on the property but my question is this.  Is it a good idea to do a cash out refi now to buy another property (to move into and fix up) and sacrifice some cash flow on the current property or should I stay in this place for a couple years and save up to buy another place in the summer of 2018?

I currently have on SF rental plus the house I currently live in now.

Do you have any experience with them? Why do you recommend them?

Can anyone recommend a good property management company in central Kentucky? My property is in Richmond, KY and I live in Lexington, KY.

I created an LLC in Kentucky and it was really easy. The secretary of states office was helpful through the process. You can do it yourself easily.

Mark S. I am under contract on my first rental property in Richmond. Would love to pick your brain about that market if you have some time.

What is everyone's experience with how much is required to put down on a single family vs multi family? I expected 20% for both but found a bank that will do 15% on single family. Every bank I've talked to for the duplex I have under contract has required 25% down. What's the banks logic behind 25% for a multi family?

What kind of insurance do you guys typically get for a multi family property? Obviously I will require the tenants to carry renters insurance but not sure what kind of policy I need to carry & what value of coverage.

Thanks for the advice guys. I think I will get to know these tenants before committing to them for at least 12 months. Ideally I'd like them to leave. Both are smokers and one has a cat, both things I will not be allowing from new tenants.

Been lurking on the board for a while.  I'm under contract on my first investment property in Richmond, KY.  It's an older house that has been turned into a duplex and is currently rented for $1000/month.  Purchase price was $75k and house needs minimal work.  Current tenants are not under a lease which I plan to make them sign when I take over or move out.  Local bank is having me put 25% down since the property is multi-family and I'm getting an interest rate at 4.25%.  Cash flow numbers look good compared to other properties I've run but I'd love to hear what everyone thinks.