All Forum Posts by: Thomas C.

Hello everyone!  Finishing up my first flip and will come out with about a $35K to $40K profit.  I'm looking to invest that money in the smartest way possible so I can continue to fund future investments and hopefully not have to deal with the trouble of getting loans, placing financed offers instead of cash, etc.Debating between an SDIRA or a WL policy.  I understand very little about either of them and I find sources that say SDIRAs are better, and others that say WL is better.  If anyone can explain both of these to me in laymen's terms and help me decide which is the better option, I would greatly appreciate!

Quote from @Joseph Coleman:

Hi @Thomas C., I have not used New Silver's personal loan but their founder @Kirill Bensonoff is on BiggerPockets. @Kirill Bensonoff, do have any examples of how this new product can help investors like Thomas? 

Thank you!  I should note I’m self employed which always makes things harder.  Let me know if there are any options you can think of!

Hey guys!  Curious to see if anyone has used New Silver's personal loan option.  I have a great deal that just came up and I'd love to purchase for a quick and easy flip but it's just out of my normal price range and the down payment that I need is just a lot to fork over compared to what I've got in the bank right now.  Anyone have any experience with it?  Seems very promising and a great solution for my needs.

Originally posted by @Adam Martin:

Your last sentence in this post answered your question.  Rentals are scarce so you really don’t need to do a lot to try to stick out and win over the competition.  This is a large expense that won’t get higher rents or increase value so it is a bad investment.  Hang onto that money for your next down payment.  

Originally posted by @Thomas C.:

Originally posted by @Nathan Gesner:

You're on the fence about keeping the property long-term, so I wouldn't invest in something significant. Window units are common for that area. Stick with that.

Thank you for the advice!  That's what I am thinking too.  I will most likely hold the property because rentals in this area are few and far between.  But even then, I am not sure if the mini-split units would do much to increase the rental price of the home or increase the sale value.

Thanks for the insight!  I agree with you - just was curious to see if anyone else thought that maybe it WOULD increase the value.  Glad to know I am on the right track! 

Originally posted by @Justin R.:

@Thomas C. I can’t stand window units. Spend the extra 5k and make it nice. Get that extra rent because you have the nice house that has usable windows, a quality heating system, and natural light.

Personally I don't like them either.  I'm not even sure if I can put a central HVAC in this home because it has 8 foot ceilings, almost-flat roof, and no attic. Did not think about the natural light aspect though, that is a very good point.  Window units are incredibly ugly and do restrict window function so maybe it is worth the extra $5K to $7K to go ahead and do it.

Originally posted by @Michael Hamby:

I recently got a quote for a mini split and it wasn't as inexpensive as I thought.  He also advised that it 's really only good for studios since any door would block it's path to do it's job.

Makes sense.  I was thinking of doing a multi-zone with a unit in each bedroom and one in the living room but I am sure that would not be cost effective or in budget.  Thanks for your input!

Originally posted by @Scott M.:

If window units are the norm for the area there is no need to spend the money.  

Agreed.  Thanks for the input!  

Originally posted by @Nathan Gesner:

You're on the fence about keeping the property long-term, so I wouldn't invest in something significant. Window units are common for that area. Stick with that.

Thank you for the advice!  That's what I am thinking too.  I will most likely hold the property because rentals in this area are few and far between.  But even then, I am not sure if the mini-split units would do much to increase the rental price of the home or increase the sale value.

Hey everyone, 

I have a property I'm considering purchasing and it currently has window units.  This is typical for the area, although some (not all) of the renovated homes out there have been converted to central air.  I am considering using a mini-split system and getting rid of the window units but I'm unsure if it would be a smart investment.

The home is a 3 bedroom, 1.5 bath concrete block house, just over 1000 sqft in Pensacola, FL.  I will be keeping this home as a rental property for a while, and I may eventually sell it down the line.  The home would rent for $1200 to $1300 a month, or I could list it for sale once rehabbed in the range of $150,000 to $160,000.  Just curious as to whether I should splurge and go with the mini-split, or should I just buy all new quiet efficient window units and call it done?  If going with a mini-split, how many units would I need?

Thanks in advance for your advice!

@Philip Beckwith I personally love Sherwin Williams Alpaca if you want a neutral gray, or Comfort Gray if you want something a bit more nautical/beachy with a bit of a green tint.