All Forum Posts by: David K.

Thank you @Raul R.- it did not even cross my mind to check with the HOA. Are you saying that if i am allowed to refinance and the appraisal is higher than the purchase price then they will raise HOA fees? The property was last sold (according to trulia records) in 2003 for $130k, which is still higher than today's evaluation.

Thanks @Steven Gesis- cash def seems like a viable option for this particular deal, I am just afraid that it will take a long time until it is refinanced.

Does anyone have any idea as far as timing is concerned - will they allow me to refinance right away or will I have to wait 6 mo/year

Thanks @Ryan Cox,

yeah, we have a contract but it is dated and the seller can easily get out of it by now.

They basically gave us a deadline to get it done, which is this coming Friday.

I have a pending deal in NJ - it is a condo townhouse - the selling price is 107k. The appraisal came in for 117k. The rents are around 1200 or more if lucky but i am counting on 1200.

With all the calcs it should be generating roughly $2500 / $3000 annually, which is not bad at all.

I am having issues getting mortgage as the y keep asking for more and more documents but the seller is frustrated and will pull away from the deal if I dont get a loan in the next few days.

Question - does it make sense to buy for cash and refinance later? How soon will I be able to refinance given that I have the appraisal in my pocket? Does the appraisal matter at all, or when refinancing, they will not account for this appraisal at all?

TY

Hi @Kevin Myhre,

kindly send me info on the next meetup - my email is [email protected]

Ok,  I just RSVPd for Jan 25. Hopefully,  the fam will not get in the way of this meet up

@Joe Vastola,

I only invest out of state - there is nothing locally that I can afford. Unless you do flips,  there is no investing on LI or Brooklyn as far as my knowledge tells me.

I am working on 1 investment in NJ right now though and hope to close that in the next few weeks but don't expect that will be able to find much more there.

Thank you both @Lance Robinson and @Jay Hinrichs,

Everywhere I look in Indianapolis - those are all rentals :)

I just revisited both my properties locations and actually feeling better. One that I got for 96K - all comps are higher, closer to 120k and the one I got for 67K, the median is about 75k.

So, my other big puzzle is how and when will I ever be able to refinance them to get all or most of my money back? I don't like speculating that the market will keep appreciating...

There are lots of very honest and good TK providers out there but my problem with the approach is that I have to buy at the top price and the chance of getting my cash back out is very slim.

Has anyone had luck buying directly from TK and then refinancing?

@Lance Robinson, this is one great thread! My head is spinning bc I am still in my first year so too early to draw any conclusions.

How do you determine whether the price is close to median? I purchased 2 tk properties in Indy and both are in similar neighborhoods but the price delta was 30K. I have no idea if I got a great deal below market with one or perhaps I paid median for it while overpaying for the other. When I try running comps, they are all over the place.

Appreciate you feedback!

Hey @Joe Vastola,

congrats on taking the first steps...

I started less than a year ago and have invested into a few since then. Not enough time has passed to conclude but I can already see some trends developing. 

I live on LI and also looking to share my experiences and to meet local like-minded individuals.

Anyone can recommend a goo insurance company? I went to my guys at allstate and the quote that I got was 800 for 2mm - too steep.