All Forum Posts by: Tookie Nemchak
Tookie Nemchak has started 4 posts and replied 37 times.
Post: Is Section 8 Housing as bad as people say?
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
@John Underwood How did you originally get started with the program? Is it in all SC counties? When I briefly looked into it, it seemed to only be in a dozen or so towns here.
Post: Year end thought: Multifamily Investments
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Originally posted by @Priyanshu Adathakkar:
Investing in apartment complexes should be considered a longer-term and possibly deeper commitment than owning and renting out single-family homes. It takes longer to sell a building or large complex than a home and it may take some time to get the hang of managing such a large property. However, if it’s done right, owning a multifamily complex can provide a constant source of income for years to come with considerable upside along the way. Any investment is a balance of risk, work, and reward, but if you’re ready to take on a bigger challenge and move to the next level of investing, then a multifamily project might be the right bet.
Investment Tips
- Have a property management firm screen your tenants
- Require that your tenants have renter's insurance
- Make sure your property is protected for vandalism due to the tenant not taking care of the rental
- Make sure you have insurance that covers you for fair rental loss
- Make sure you have adequate limits of liability
Great advice. We just purchased our first multi-family complex so your timing is perfect for this post. Thanks!
Post: Well I did it, I purchased my first rental property today!
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Originally posted by :
Good for you! @Brandon Turner is the best! I did the 90 Day Challenge to buy a property by the end of the year. We closed on a 4-plex 2 weeks ago. Good luck with your new property
We closed on our first multi family (4-plex) this past Friday. Also due to the 90 Day Challenge. Amazing how motivating a challenge can be, huh?
Post: Hadn't counted on this curveball - refinance woes
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Post: Off Market Deal with great Rental Potential: South Carolina
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Post: Cannot access the Pro Forum on the BP app
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Post: Hadn't counted on this curveball - refinance woes
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Post: Hadn't counted on this curveball - refinance woes
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Originally posted by @Brent Coombs:
Originally posted by @Tookie Nemchak:
Originally posted by @Richard B.:
Hi. Seems to me the numbers don’t work for a refinance. You have $38k equity. ( $150k-$112k cost). And you need $38 k equity to put 20% down on the $190k new purchase. there are closing costs on the new purchase you’ll need to fund. Plus you can’t pull out 100% of your equity on a refi or line of credit from the existing property. The bank will likely want loan to value close to 80%. Maybe a little more. Adding $ from savings, 401k or elsewhere seems necessary.
Your correction is correct. We have some cash. It would have been enough with the cash out, but now we are looking at pulling from 401K. The 401K doesn't loan on investment property so the only option is to pull it out and pay the tax burden.
Did you check Bob Razler's idea out? He wrote: "Regarding your 401k, you could always take a loan rather than withdraw. You can get up to $50k". Looks like a good option to me...
We checked... this 401K will only loan on primary residence. I know, it sounded like a great idea.
Post: Hadn't counted on this curveball - refinance woes
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Originally posted by @Richard B.:
Hi. Seems to me the numbers don’t work for a refinance. You have $38k equity. ( $150k-$112k cost). And you need $38 k equity to put 20% down on the $190k new purchase. there are closing costs on the new purchase you’ll need to fund. Plus you can’t pull out 100% of your equity on a refi or line of credit from the existing property. The bank will likely want loan to value close to 80%. Maybe a little more. Adding $ from savings, 401k or elsewhere seems necessary.
Your correction is correct. We have some cash. It would have been enough with the cash out, but now we are looking at pulling from 401K. The 401K doesn't loan on investment property so the only option is to pull it out and pay the tax burden.
Post: Hadn't counted on this curveball - refinance woes
- Real Estate Agent
- Seneca, SC
- Posts 39
- Votes 19
Originally posted by @Brent Coombs:
@Tookie Nemchak, unless I'm missing something, even if your Lender did agree to a "cash out" after only 4 months, I'm not convinced you've achieved enough additional equity to qualify to get enough to cover you for your deposit for a property that's costing 70% more than your first one.
Right? Good luck...
Good catch, we have the rest in cash.