All Forum Posts by: Travis Sperr

 Great point - I had that exact thought about sky rocketing values - but assumed it wasn't there becuase it wasn't mentioned.

Sell the house - you would never buy that house as an investment property - it doesn't cash flow. Take your equity while it is still tax free and buy your duplex and another SFR or multi-unit that produces cash flow. Otherwise you are going to be out of pocket every month keeping the house as a rental and will have to fix it up when it is time to sell.

Looks like a lot of dollars to invest in a property that doesn't generate a lot of income relative to price/value, especially on your first deal. I am not even sure this is cash flow positive with a loan. 

Buy a home for your family that you can turn into a rental in 1-2 years. If you buy a house using FHA financing it will be very difficult to get a line of credit against it because you will be at 96.5% LTV - no line of credit will go that high LTV.

The last 3 I financed with a local bank were 15 yr fixed, 4.5%. You have to find the right bank/banker that doesn't see it as a commercial loan, just a portfolio loan. I was running into the same offensive terms until I found the right fit - one bank wanted like 6% rate, 10 yrs fully amortizing. 

@Ismael Souley make sure you come out and join us!

Do you have your 2017 goals in mind?

Don't miss our last Happy Hour of 2016:

Tuesday, December 20th! 5pm to 8 ish

This is a great opportunity for you to ask any questions you may have and make your connections with other real estate investors before 2016 is over! Let us help you set yourself up for success for an awesome new year.

This month we will be meeting at Wonderland Brewing.

As always, we will have our own space to connect with fellow real estate investors and answer any questions you may have. This is a pure networking event - we won't have any presentations or pitches as we want this to be an opportunity for one another to connect, have a beer (or don't), and be able to stay as little or as long as you'd like!

Mention this post or beat me in ping pong and I will buy you a beer. 

Come on out and join us!

@Lindsey Iskierka not sure how active she is on BP but all of her contact information is in her profile. 

contact @Kim Burke - she is the best mortgage lender in Minnesota. She closes a ton of investor deals. 

Depends on how good your refinance lender is. What I've done in the past is work on the refinance right after I purchased the property and just wait to order the appraisal until the work is done. That way the only thing the lender is waiting for is the appraisal. Appraisals are pretty slow in the Denver metro right now so that I could take 3 to 4 weeks alone.