All Forum Posts by: Westin Hudnall

Why not just save the $1000 bucks when a renter had renter insurance by removing landlord purchased insurance ? 

@Albert Bui 

I may have not been clear enough. My goal is fixed rate 30 year financing. I will include an example of one of the properties . Please explain if I can get 30 year fixed rate and what the terms would be.

May 2013 -- Purchased a house for $119,000 with my line of credit. Put $16000 in rehab from my line of credit.

July 2013 -- Got a cash out refi for 75% of appraisal (appraised at $174,000) so was loaned $130,500 with rates that would adjust every 5 years.

August 2014 - Now :) . I want to get fixed 30 year rates so I can rent it forever without worrying about rates increasing. 

@Albert Bui - Can you answer this ?

hello geniuses :

I have been purchasing buy and hold properties with a line of credit then immediately after rehab get a cash out refi for 75% of the appraisal value. The loan is an adjustable rate loan which is fine temporarily but not for the long haul for a buy and hold portfolio. I have owned these loans over 6 months ; some over 1 year and would like to refinance them to permanent fixed 30 year terms :

I would like to know how the amount I will get is determined and what are the terms 

Thanks :)

@Steven Myers I can offer you advice on loans in Wichita.

Message me

Last but not least :

The biggest mistake new investors make is spending too much time trying to find a property and not enough time trying to find people that can find properties for you. (real estate friendly agents ; wholesalers etc -- You can tell them what you want out of a deal . Follow up with them once a week and let the professionals do the work for you allowing you to work on other aspects of your business)

-- 90 % of your time should be spent on the 10% of your business that is most impactful --

lol

Thanks Bryan. Once I hit $5000/month cash flow I will be doing that. Right now I am at $3500-$4000/month.  They are higher end so headache free for the most part

As a passionate investor -- I often forget to be a husband and a father to my newborn (7 month old)

My Wife and I's anniversary is tomorrow (Aug 11) :  What is something meaningful/special to do for my wife and son for the father that often concentrates too much on real estate ?

Mistakes I've made :

1. Not making "being organized" my 1st priority. Put an accounting system in place; having a business plan (what types of properties you want to buy; how much equity and cash flow you want ; how you want to purchase -- cash/traditional finance etc) ; a strong plan for property management etc.

2. Buying properties that don't fit your plan - Getting excited / buying on emotion / putting wanting to grow ahead of finding the right deal

thank of it like car insurance companies do with repairs on new cars.

Anything that breaks down naturally is not the new car owners responsibility as its a warranty issue (nor the tenants responsibility I.E. - AC or water heater issues; roof leaks etc)

Anything that is a result of "an unwarranted action" such as causing damage to the body of the vehicle or causing "physical" damages to the property is the car owners responsibility (and your tenants)

Hope that helps -