All Forum Posts by: Anthony Dooley

Brandon's standards are not relevant to your market. These are assumptions and you are probably over-thinking it. Buy the deal if you can't lose money. If there is a chance that you can lose money, don't buy it. $215 per month is not enough cash flow for me personally, but my standard will differ from yours.

Fire the GC today. If you have evidence that you have paid him, then you should have no problems in court. Never be afraid of idle threats when you are in the right. If he wants to file a lawsuit, tell him to go ahead, but don't spend $10K on an attorney to avoid paying $9K to the guy.

What you are describing is a HELOC, not a refinance. A HELOC is an interest only loan that you only make payments on the amount you used. Talk to your local lender about this possibility.

Homes in poor condition can rarely be financed with a traditional conforming loan from a bank. You should ask about a HELOC on the property instead of a refinance at this stage. Refinance would come after rehab. It sounds like you over-paid or your rehab budget is over-ambitious. Focus on fixing the items on the list. Nothing fancy or high end, just correct those issues first in order to make it financeable for the next buyer.

The tenant's gross income times .35 equals how much rent they can afford. This is the metric that property management companies in my area use. College rentals didn't do very well in 2020. Will students continue to learn online or actually go to class this fall?

Yes, but your son would need to be the primary borrower. My question for you is does it make sense to buy a four-plex at that price and have three paying tenants on your son lives there for free? Does it cash flow? After expense and debt service, how much are you really making? 

@David Klem The savings and loan debacle. Dave's lender was bought out. The new bank didn't like the risk. According to Dave, he owed $3M on $4M of real estate. $1M in equity. He also had consmer debt as well, such as cars, credit cards,  etc and filed bankruptcy. I'm sure it's on YouTube. 

Do you want to be a top selling real estate agent or do you want to build a portfolio of rentals ? These are two very different goals with different activities required to achieve each. As an agent, you will use traditional proven marketing strategies.

You would first have to find a duplex to buy. This isn't as easy as it sounds. House hacking is a commonly used financial defense to reduce living expenses. The best defense is a good offense. Go double your income.