All Forum Posts by: Adam Drummond

@Robert A.

Thanks for the response!  I bought it with cash, and it needs only cosmetic work.  I was hoping to just be able to recoup some of out of pocket money.  I have talked with several lenders, and they will let me do a cash out refinance, but they want me to own it for 6 months.  Once i refinance, i will hope to repeat the process on another property.

Hey Everyone-

Any recommendation on doing a cash out refinance on a rental home where you do not need to own it for six months?  I bought a house that I am going to use as a rental.  I was hoping to pull some cash out of the house (loan would be under $50k), and did not want to wait 6 months to refinance.  Any suggestions or ideas?  Thanks in advance!

Adam

@Chesley White

Thanks!  I will give Scott Timmons a call on Monday.  Do you have any thoughts on Nicholtown?  Thanks again.  

Adam

Hey Everyone.  I live in Greenville, SC, and set to buy a property in the Nicholtown community in Greenville.  Any thoughts on this area from other investors.   Also, does anyone recommend a local bank /mortg company to refinance the house AFTER I buy it.  Thanks in advance for any feedback.  

Adam 

@Mario Brown @John Coleman @Katherine Umstetter

Hey Guys,

I found your old thread here talking about the mills mill area in Greenville.  I am very curious to get your most recent thoughts regarding this neighborhood.  The Dunean area has /is changing.  There are 3 new construction homes right now between mills mill and dunean mill.  I bought an old house that is in extremely poor shape a couple months ago on mills mill for dirt cheap.  I am hoping that i made a good choice in buying it.  I'd love to hear what you guys are doing on this side of town.  

Adam

@Jacob Malo

slightly different, but I got my real estate license 13+ years ago.  i didn't have any clientelle, and didn't know much at all about the business.  i worked at the office during the day, and from 5-11 every night, I worked as a server at a local restaurant.  met several clients in the restaurant that helped me in real estate.  

@Marina Flu

i think that i would pass on this property.  i am not sure what experience you have with investment.  I know when i was newer into investing, I would get emotionally attached to a certain property.. or feel that i had to buy it.  i think sometimes that the best decision you can make is to be able to walk away.  in saying that, i don't know your market at all.  i am going by your first small paragraph explaining the property.  best of luck.  :)

@Marina Flu  

does not seem like the numbers work for that asking price.  i'm in south carolina, and i would expect a MUCH higher return for that kind of price.  however... even in a "C" neighborhood in california, are you expecting appreciation?  

@emily 

@Emily Allred

Each market is different.  In upstate SC where i live... those numbers do not work for me at all.  Figure out what your monthly mortgage payment is including taxes /insurance.  Also include repair costs to set aside every month, and also management fees.  I just plugged numbers into a mortg calculator:  mortgage of $110k at 4.25% for 15 years $827 per month, and for 30 years is $541.  If you include $2k per year for taxes and ins combined then you're adding another $170 per month.  I would not want to buy this as a rental.

@William Huston

Hi William, 

I just ran across your post on here about door knocking.  I am a Realtor in upstate SC, and I am thinking about door knocking as a way of prospecting expireds /fsbo's.  I am a people person, and hopefully will be able to grow my business.  I was wanting to see what kind of feedback you were getting from "door knocking".  Thanks in advance.

Adam