All Forum Posts by: Kirk R.

 Of course, asking this group if you should keep your condo as an investment I suppose is like asking your bartender if you should order another drink :)

lmao! good one i needed a good laugh 

I think i wouldn't do any of them.  I'd be patient at this point.

my feeling is the more basic/utilitarian you go better off you'll be.  Tenants gonna be looking for something cheap after this passes. 

deal A vacant land would worry me getting stuck with it. 

deal b how long to get rehab done? 

deal c.  university might go more online vs. on campus

just my thoughts.  I'd sleep better with money in my account.  If find a vaccine tomorrow, you might miss an opportunity.  if we go great depression, you still have your money.  if economy starts improving you will still be able to find deals. 

 How much is lowest a hard money lender would lend? I'm more looking at it from being the hard money lender? 

How would I become a hard money lender?

What kind of interest rate should i expect? 

How would i protect myself so rehabber doesn't run off with my money?  So if property sells for less or doesn't sell I'm not left holding the bag? 

Any hints or tips appreciated. 

Buy owner occupied! I'm most likely gonna pay myself rent :)  altho had to pass on renting to myself cause my credit score wasn't high enough :) ha

quality of school districts are supposed to be #1 indicator if a property will appreciate. 

 You've probably taken great care of your property & could get a tax free retail sale? 

How will u feel when 1st tenant dents a drywall corner moving in? 

Seems like something that is not too nice almost makes a better rental.  like carpet that is at its 70% useful life.  A little dated counter tops.  renters seem more willing to accept these things vs retail sales want everything updated & perfect. 

What things do you look at & walk away from when you see them?  Anything can be fixed but many are cost prohibitive. 

I looked at a property.  Gorgeous on inside with great river view. 

Has water sloping in.

Horrible parking. 

Big Trees overhanging. 

built on side of hill that appeared to be eroding 

Other tthings I've seen are where had to walk thru a bedroom to get to another bedroom.  or garage had to walk up 2 flights of stairs to get to kitchen (hey i needed to lose some weight neway :))

If you find a million dollar house & pay $500k. probably lot more wiggle room to cut down trees or fix something.  my market is around $100k.  so if you get a property for $70k pretty easy to spend $30k on rehab. 

What are some things that you see in a potential investment property that you make quick decision to walk away from?

some say you can't rent out. plus you're at mercy of HOA. they jack up fees or change whether you can rent.

i was looking at condo til saw couldn't rent it out plus parking no good on this one.  

Not sure if I could rent out rooms if i went owner occupied? anyone? although maybe specific in HOA agreement.

debt to income (dti) Example.  you have gross $3,000 a month coming in.

about 1/3 (I've seen 40%)is how much a banker will loan.  so you could afford $1,000/ month which includes mortgage, taxes, insurance.

i yyou have a cc/car payment of $500/month.  then banker would only loan $500/month. 

I'm not an accountant.  I'm pretty sure mine has in the past.  On paper i lost money driving Uber & bit coin mining.  This reduced my taxable w2 pretty sure. 

If you're a physician you should talk to your/an accountant.