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re: Information for my fellow Real Estate Investors
Posted on 9/28/16 at 6:24 pm to jimbeam
Posted on 9/28/16 at 6:24 pm to jimbeam
You may be right. all the houses I have bought for owner occupancy have been under 75k so my 9-5 income covered plenty of additional mortgages.
They won't give you three owner occupant loans of 250k each if you're making 50k a year.
I hope not anyway....
They won't give you three owner occupant loans of 250k each if you're making 50k a year.
I hope not anyway....
1
Posted on 9/28/16 at 6:40 pm to I Love Bama
They wouldn't do that. It would crash the economy
Wait
Wait
Posted on 12/7/16 at 10:35 am to jimbeam
ok after a long arse rehab I am finally getting my inspector lined up. Maybe i can close on this duplex this year now?
Posted on 12/22/16 at 3:13 pm to Fat Bastard
quote:
Maybe i can close on this duplex this year now?
nope.
I should have known better. Waiting on my inspection report. Still waiting on a document from the IRS. geez.
Posted on 12/22/16 at 3:48 pm to Fat Bastard
I am wrapping up a rehab right now too. Had appliances delivered today and just need elevation certificate, then it goes on the market.
We have learned to take our time on these projects. The price point in which we are selling, we end up with mostly HUD or FHA loans. They will not close until the property has been owned for 90 days by the current owner.
We have learned to take our time on these projects. The price point in which we are selling, we end up with mostly HUD or FHA loans. They will not close until the property has been owned for 90 days by the current owner.
Posted on 12/22/16 at 5:25 pm to stevengtiger
This thread has been good. Decided to get serious about this and plan on buying an investment property to rent out in the Nola area. Hopping to do so within the next six months but only if the property and the numbers work.
Picked up John Schaub book and been reading bigger pockets to get some more knowledge.
Got quoted for a 5.125%, not apr, 30 year loan from a local bank and thought that was high.
No debt, 760+ credit score.
Picked up John Schaub book and been reading bigger pockets to get some more knowledge.
Got quoted for a 5.125%, not apr, 30 year loan from a local bank and thought that was high.
No debt, 760+ credit score.
Posted on 12/23/16 at 9:29 am to lighter345
quote:
Got quoted for a 5.125%, not apr, 30 year loan from a local bank and thought that was high.
That doesn't seem too bad for a commercial loan. We have been getting 4.75% at 5/1 15 year loans. I think we will see a tick up of rates with the Fed bumping interest rates a few times in 2017.
Bigger pockets is a great tool when first getting started. It's how I met my realtor and bought my first property within a month or two of joining that site.
Posted on 12/23/16 at 9:34 am to lighter345
I would suggest buying the rental for you to "live in". Your intentions must be to live in the home but life circumstances can change if you get my drift.
Posted on 12/23/16 at 10:19 am to I Love Bama
quote:
if you get my drift.
Good advice if this is your first one.
Posted on 12/23/16 at 10:38 am to stevengtiger
I've done 3 this way. I don't qualify for any more home loans right now.
Posted on 12/23/16 at 1:00 pm to lighter345
Another thing to consider if you own your current home outright or with a lot of equity, is to finance it and pay for your rental/s with cash. Normally you want to keep your personal finances and business separate, but you should analyze everything with an open mind.
Instead of refinancing my last rental I bought with a mortgage of its own, it made more sense to refinance my current primary and pay off this rental with a cash out mortgage. I am getting a 15 year 3.5% mortgage with 0 points, instead of a 4.6% mortgage with a 1 point requirement because of the amount of the mortgage being so small. I can additionally use the mortgage interest as a write off for my personal taxes.
I've done the math and talked to my accountant about it, and it will save me a good bit of money doing this. Now obviously you can only do it occasionally with a rental, but if you are looking for your first its something to consider.
Instead of refinancing my last rental I bought with a mortgage of its own, it made more sense to refinance my current primary and pay off this rental with a cash out mortgage. I am getting a 15 year 3.5% mortgage with 0 points, instead of a 4.6% mortgage with a 1 point requirement because of the amount of the mortgage being so small. I can additionally use the mortgage interest as a write off for my personal taxes.
I've done the math and talked to my accountant about it, and it will save me a good bit of money doing this. Now obviously you can only do it occasionally with a rental, but if you are looking for your first its something to consider.
This post was edited on 12/23/16 at 1:01 pm
Posted on 12/24/16 at 4:36 am to I Love Bama
Yea I hear you. I guess I'll try and go that route.
Posted on 12/27/16 at 8:42 am to poochie
Might be user error, but I'm only seeing the SFH spreadsheet in the shared folder. Are there other files currently available?
I'll look to contribute as well, as I come across any files/articles worth sharing!
I'll look to contribute as well, as I come across any files/articles worth sharing!
Posted on 12/27/16 at 12:03 pm to brantsg
So, if you have enough rentals, and make enough money from it, can this be considered a 'job?'
Posted on 12/29/16 at 9:39 am to stevengtiger
quote:
They will not close until the property has been owned for 90 days by the current owner.
that is correct.
Posted on 12/29/16 at 10:12 am to Fat Bastard
I do hate that though. I can generally have a total rehab done in 6 weeks. But I have no incentive to move that quickly, if I know that I can't close before that mark.
On another note, I have made 5 offers in the last 2 weeks and not won any of them. 3 of them were cash offers over the asking price. Fishing for foreclosures is getting very aggressive in my market.
On another note, I have made 5 offers in the last 2 weeks and not won any of them. 3 of them were cash offers over the asking price. Fishing for foreclosures is getting very aggressive in my market.
Posted on 1/2/17 at 11:48 am to I Love Bama
quote:
I would suggest buying the rental for you to "live in". Your intentions must be to live in the home but life circumstances can change if you get my drift.
I've heard this from a few people... what do you do? Change your mailing address for a few weeks in case someone checks on you and then change it back? Does anyone even check to make sure you "live" there?
Posted on 1/2/17 at 2:28 pm to poochie
quote:
Happy this thread was made, I’ve been working on analyzing some properties and have a question about calculating ROI. Example:
Purchase cost: $100,000
Down payment: $20,000
Monthly Rent: $1,000
Mortgage+Insurance+tax: $600
Maintenance: $100
Repair Contingency: $100
Vacancy Contingency: $50
Positive cash flow/Month: $150
PCF/Year: $1,800
Do I judge your ROI on my cash flow before contingencies or after? Is my ROI $1,800/$20,000 or ($400x12)/$20,000 or somewhere in between?
Don't you get a depreciation writeoff for the building? Tacks on at the end but should save you a little in income tax.
Posted on 1/2/17 at 2:29 pm to Bestbank Tiger
$1800/20000 is your cash/cash return.
Posted on 1/2/17 at 2:36 pm to Bestbank Tiger
I think you have to recapture depreciation as ordinary income when you sell the property at a higher rate than capital gains.
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