All Forum Posts by: Amy Kendall

@Hayden Haucke Welcome to the forums!  Congratulations on all your success in real estate so far and best of luck in the future!

@Anirudh Goel Do you not qualify for the loan if this is not resolved? I have found that it is like beating your head against a brick when dealing with banks about these issues, they are very inflexible. If this is going to kill your deal, it sounds like you might have to drop the HELOC. You could also consider going through another lender that is more investor friendly. I have found a huge difference in the way I am treating as an investor depending on the bank that I use. I haven't personally used Chase to finance a mortgage so I can't speak for them. Good luck!

@Chad Bilstein Welcome to the forums!  Good call on not forking up all that money for an overpriced education because all you need is located right here!  It sounds like you already have a solid foundation and plan as well.  Best of luck to you!

I thought the podcast was amazing!  At first, I wasn't sure how they were going to make a podcast about taxes interesting, but it was very entertaining and informative!

Sam! I am a Nurse and I also love that field! My husband and I bought our first property in 2006, and it was the best thing I ever did! Your path may be different from ours, but house hacking a multi- unit would be a good way to get started. We started house hacking and lived in a couple homes to get our first few. I have also always had a passion for real estate. It took me years of perusing the MLS like people do with facebook for me to figure that out, and both nursing and real estate have blessed my life. Best of luck! I am always happy to help if you have questions!

@Stephen Hall My husband and I have had some success with new construction of townhomes in Utah county in the past few years, but our older single family homes still outperform them in terms of cash flow.  The appreciation has been a little bit incredible around here lately.  We bought a new townhome in Saratoga Springs in the first phase of construction for $205k about a year and a half ago, and the same floor plan in the new phase is now selling at $260k!  We rent that townhome for $1650/month, and I know of other investors in our area renting townhomes upwards of $1850/month.  By chance, is this rental property located in the Oakwood development in American Fork?  That is a very nice development.  Last summer, I know of at least one of those that rented at about $2000/month.  I hope this is helpful and good luck!

@Thomas Garcia I have also been researching out of state possibilities for myself and recently went under contract on a property in Florida.  I found it really helpful to call property managers in locations I was considering.  A good property manager can give you very valuable information regarding the neighborhood and rental outlooks.  Plus, it helps you build your team if you do decide to invest there.  Hope that helps, good luck!

@Kapil Patel All of these discussions are very good.  The amount of equity you have in the property also has to be considered before you can really determine the effect it will have on your cash flow.  For example, last year I did a cash out refinance on one of my rental properties that I have owned for over ten years.  The new loan amount per month was actually lower than my previous loan, so I was able to increase my cash flow by over $200/month.  In addition, I was able to buy another cash flowing property of $450/month.  Every situation is unique.  Just make sure you do all your calculations correctly before deciding if this type of move actually will make sense for you.  Good luck!

@Cesar Egas Congratulations on your achievement!  Your background as a general contractor will no doubt propel you forward in your real estate endeavors!  Good luck!

@Brian Bradley excellent post and advise to anyone thinking of using a turnkey provider.  This should be required reading for everyone!  I am sure with your due diligence process, you will find a great provider!