All Forum Posts by: AJ Satcher

Hello everyone,

Now to get an actual valuation I know I'd just have an appraiser come out, but that's $300 just for being curious. Zillow and Redfin give different estimates so its kinda tough to know which one to go with. Is there a way to find out the current value of your home without having an appraiser come out?

I bought my first home 3 months ago and I've just been keeping an eye on where the price has been trending. At some point I plan on using the equity so of course I will get an actual appraisal when I'm ready, but until then it would be nice to know if there's a solid way/resource to be able to accurately price the home.

Hello,

I've recently purchased my first property as an owner occupied but I'm looking to really scale my portfolio. I would like to begin a BRRRR no later than April 2023 once I've saved enough again.

My question is when should I get my LLC, now or later? Also, should I purchase this next property using my personal profile or use the LLC? I've briefly heard of transferring the property over to an LLC after purchasing under yourself as well. I'm just now beginning to look into LLCs and how they could benefit me so looking for some good advice on this topic!

This could seem like a silly question, but I am going to ask it anyway to gain a better understanding of how a HELOC works. So….

If a HELOC is a line of "credit", what's stopping me from using my personal credit lines from purchasing a deal? Right now my limit on personal cards is over 30K but that's not cash I can use to fund a deal right. So is a HELOC really credit in the sense like my credit cards, or does it work like actual cash?

Thx

Hello Everyone!

So just a few weeks ago, I closed on my first owner occupied real estate investment. This is a SFH that I saved for in a year and was able to come up with the 3% + closing costs (about 15k). The plan is to live in it for a year, rent it out, and then repeat the process.

I am currently 24 so by the time I'm 27, I'd ideally have 3 properties or 5 by the age of 29. One might say this is good or one might say there is room for more depending on who you ask.

My problem is just that. I do feel like there's a better way. Being able to get this high priced asset for only 3% down is great, but it leaves little room for cash flow given that I am in fact leveraging so much debt. Speaking of debt, I feel like I'd run into the issue of banks/credit unions not wanting to lend to me any longer due to a high DTI.

With all this being said, I am trying to formulate my plan for the next deal in a year and would like some advice. With how my wife and I save, we are able to put away 20-30k in a given year, which to me is just slightly not enough to do bigger deals. It's very frustrating that after a long and hard year of sacrificing our funds that we come up just short of enough! Is wholesaling a good idea to learn to start adding to our savings? Are we okay just continuing on the track we are currently on? Ideally I'd just like to get to a point where I have more funds to work with and to do more than just a 3% owner occupied, live in it for a year (slow/not attractive). I really want to do a BRRRR!

Let me know what you think! The advice is really appreciated

So I just closed on my first home on April 8th (almost two weeks ago), and I notice that the electric and gas has not been cut off. Is the seller still paying this unknowingly? I really don't know what to think of this because I haven't set up any utilities yet. I definitely don't want to be paying for stuff I'm not even using.

@Account Closed I'll be honest the numbers are not amazing. Currently around $1700 in expenses right now (PIT + repairs +Capex + vacancy), but that can also change with a refinance and leaving the equity alone. Rent for comps are anywhere from $1700 to $1800. The main factor for moving forward with this was building experience by getting a property under my belt. This could be great, this could be bad idk... but I will never find out if I never pull the trigger! Plus I feel that I win regardless by lowering my monthly living expenses. I currently rent, throwing $2000 at absolutely nothing.

Investment Info:

Single-family residence other investment in Atlanta.

Purchase price: $222,000
Cash invested: $6,660

3 bed 2 bath 982 sq. ft, SW ATL
This will be an owner occupied SFH, which we plan on renting out at the end of our 1 year agreement with our lender. A low money down loan while preparing ourselves for our future tenants seemed to be an easy way for us to get our foot in the door, while also practicing home ownership. The goal is to rent in a year and repeat the process. If the market becomes favorable, we will also consider selling and using the proceeds for another investment.

What made you interested in investing in this type of deal?

Low money down and reduces my monthly expenses compared to what I will pay if I rent.

How did you find this deal and how did you negotiate it?

Agent

How did you finance this deal?

3% down 30 year fixed rate conventional

Hello,

I'm in the process of purchasing my first ever SFH. Have a couple questions on the appraisal:

1. Is it okay to share this info with my agent (I know I have the right to keep this to myself)?

2. Is it normal for the appraised price to come in at the purchase price? I just thought it was odd because the agreed purchase price was just slightly higher than the listed price. My guess was that it wouldn't come in any higher than the listing price, but I guess I was wrong

I can't speak to condos, but I do know for a fact if you are looking for a solid single family investment in that price range without having to put in any extra cash in ATL... good luck! In all seriousness though, I do think you can get something decent at 250 but anything 230 and below, thats when things REALLY drop off in terms of quality. Multi's in that price range are virtually non-existent. I'd just be careful in ATL right now, theres a lot going on here with investors just trying to take advantage of the market conditions currently.

I know there's the investor saying of "Never wait to buy real estate. Buy real estate, then wait". But with interest rates climbing at record high pace, along with extremely low inventory (pushing prices up), how does one really justify buying a home right now? Is there any value proposition?