All Forum Posts by: William Kenley

Was this purchased in Baltimore?

 Its less collateral in the house and more risk as far as the bank is concerned. Credit and equity are 2 of the main factors in risk assessment.

Cashout refinances usually have higher interest rates than conventional at least from my experience. I think you would have to give us more information to determine if it would be wise. Do you plan on buying a rental or flipping?

If I were in your shoes and I would. I would cash out and by a property for 50k-60k with that money.

 1) When you dont have a mortgage it increases your chances of succeeding. If the renter defaults on the rental agreement you dont have to worry about messing your credit up or ending up in foreclosure.

2) You wont have a 185,000 lien on your credit. This will allow you more room to finance projects out of your price range.

http://www.pbauctions.com/

http://www.peakauction.com/?page=what_to_expect

I have used peak in the past. I would also check craigslist, classified apps, and even approach contractors working on homes give them your number and tell them to call you if they have any left material. 

Well Im in the process of rehabbing my first home. The House is a 2000 sq ft row house that is roughly 100 years old. I was told quoted at 9k, 10k and 12k for a conventional (ducted) central air system. None of the installers sound to sure about how the ducts would run and given the fact that it is a retrofit it's understandable. Now I was quoted at 16k and 20k for a High Velocity system, but I have heard a lot of bad things about efficiency and maintenance with these systems. Then you have the multi-split units. They would cost me roughly 10k to get installed, but these can be eye sores and also can have reliability issues. Has anybody had any dealing with ductless systems and whats your opinion on them? Also whats your take on or do you have any tips on retrofitting a old house with a ducted system?

Invest is such a broad word. What do you want to invest in? Do you want to flip homes, rentals, buy and holds etc.......? Do you have a job that allows you to save money? Do you already own property? Are you looking to move? These are just a few of the questions that would have to be answered before anyone could give you in sound advice, but If you have stable income and wouldn't mind moving I think house hacking is the best tool to leverage your money. Instead of being required to pay the conventional 20% down on a property you are only required to pay 3.5%. That means you could jump out there and get something in the 500,000-600,000 range.

I just turned 30 and Im tired of the 9-5 grind. I figure I will never get ahead killing myself doing overtime, so I want to make a splash into real estate and I happened upon this site. I would love to meet with some individuals from the DMV area. I would also like to say hello to everybody else on the board. Although I just signed up I have been getting information off this site for years.