All Forum Posts by: Alec McGinn

Jordan Moorhead can you tell me more about your property in Kentucky? How did you find it, how do you manage it, and what made you go out of state?

Jordan Moorhead 1 year live in, add 4th bedroom, paint, and landscape front yard. This plus appreciation will hopefully refinance it to a lower rate and out of my PMI. If the numbers don’t make sense I won’t refinance but if they do I will. The property will cash flow either way.

Kevin Auyong thanks! I would have to get an egress window installed plus have a wall built. Thankfully there is already a closet.The seller who is a carpenter told me with materials and labor it would be roughly 2000$ to do it. I’ll keep everyone updated on this I’m waiting on our closing to talk about how I bought my first property with 17$ in my bank account.

Kevin Auyong not to mention the seller payed my closing costs😏

Kevin Auyong that is a very good point thanks for bringing that up. When I say turnkey I’m just talking about a home that does not need work done to it. I’m about to close on a house later this month that I only had to pay $1150 for a down payment. It’s a 3 bed 2 bath fully updated home that I am going to add a 4th bedroom in the basement, paint a little, and landscape the front yard. The property appraised at what we bought it for $183,000 and we are gonna live in it until it is renter ready in about a year. I mostly want to refinance to get out of my PMI for better cash flow, hopefully with these additions, I can get a little more out of a refinance, but if the numbers don’t work I’ll just hold on to it until the numbers make sense.

@derrick that’s great to hear! I’m looking forward to my first rehab.

Jason Ray Richardson thanks! Well said!

Jordan Moorhead but what If it’s nearly 100% financed with FHA? You do make great points about equity built in and I can see doing that, but my first couple properties are gonna be bought turn key that cash flow I’ll refinance in a couple years and then hopefully start some rehab projects. I’m all about cash on cash ROI.

Jim K. Tell me about your portfolio and numbers?

Kevin Auyong