All Forum Posts by: Tony Cash

@Aaron Hunt I doubt he missed it he is just waiting for people to message him to buy his turnkey properties.

Have been looking at a fourplex and contacted a mortgage company about financing and was given this info that I’m not sure about. Looking for some more info. A little history, we own 4 sf houses but all have been bought with cash except the one we live in which was purchased about 10 years ago. The building was appraised for 190 about 4 years ago for a refi by the current owner. I can get it now for 130. My thought was with the equity I could get the loan for the full 130 and get in with little to nothing out of pocket. They will do 75% of appraisal. Mortgage guy tells me there is no way to do this as he has never seen an appraisal more than asking price so no matter what the appraisal will not be over 130 and no matter what it appraised for I would still have to pay 25% down. We are doing owner occupied and plan to move into one unit. If any more info is needed I can add to this but just wondering if this sounds right to you guys. If it’s worth going to my local bank and asking or just out of my league at the moment. Thanks for your help. You

Welcome to BiggerPockets

Closing on Thursday 3 bed 2 bath 1700 square feet single family on 1 acre lot. This will be my biggest rehab I have ever done by far. Going to take about $70000 to rehab but will be 5 bed 3 bath when I get it done and will be worth about $180000. 10% nervous 90% excited this is going to be awesome when it’s done.

I do all my work myself. It can be done although it’s a lot harder than it looks and will take a lot longer to get done. Just finished up my third property and just now hired some help but I still do most myself. I think it is a good plan when starting out and low on cash. That being said all the above comments are correct. A contractor will be faster and probably better quality work. If you do choose to do yourself be sure to check codes as some things you can’t legally do yourself with a rental property. I think it works for me as I don’t do 3 or 4 deals a year. I go at a much slower pace plus my town is really small so there isn’t a lot to work with at any given time. Plus the equity I get when I’m done is insane.

Welcome to BP I am a little south of you in Glasgow ky

Not sure if you guys are still looking but I’m in Glasgow (about 30 min south) and I would be interested.

I am in Glasgow ky that about 2 hours away I think. I might be interested.

Looking for someone nearby to talk shop and maybe meet up with. Maybe an accountability partner but mostly just someone who knows the area.

maybe I’m putting a space I will try again thank you