All Forum Posts by: Amy Kendall

The photos look very nice!  It looks like you did an amazing job! Congratulations!

Very helpful.  Thank you @Merritt Noel!

I am not a lender, but the way that I understand it is that you will receive a PIN number from each of the credit bureaus when you freeze your credit.  You will have to use these PIN numbers in order to unfreeze or thaw your credit in order to complete the loan approval process.  I am not sure how long the unfreezing process takes, but it does scare me that they also use the term thawing.  Thawing can take a long time.  Hopefully someone has had some personal experience with this one.  I have looked into doing this on my credit as well, but will be closing a loan within the next month and wasn't sure if it was worth doing it quite yet.  I am sure that a few hours on the phone could accelerate the thawing process!

Once you get through all the BP podcasts, definitely check out the Passive Real Estate Investing podcast!  I also enjoy the Rental Income podcast.

I think this is a good deal.  Initially, it looks like you will have a slight negative cash flow after that cost of the water/month.  Considering this, you need to make sure that you have sufficient money reserves to cover any unexpected repairs that creep up (they always do).  However, once you move out, your cash flow should be around $350 - capital expenditure/month.  I just hope you plan on saving money from your free rent to purchase another property like this in the future.  Repeat this process and you could surely house hack your way to financial freedom!

It looks like you made a very good investment! Just wondering, what is your after market value after your renovation? If you have a significant of equity now, perhaps you could finish out the BRRRR strategy and refinance and repeat. If you continue to do this over and over, I think you will do very well for yourself. Great job!

@Hanan K.  I think it really depends on what your long term goals are.  Before I had a specific goal in mind for my rental income, I was focused on paying down my first two properties.  Then, I discovered BP and decided I wanted to increase my portfolio and returns.  Leveraging is the quickest way for me to achieve my long term goals for now.  I will, however, start paying down my loans again once I reach the cash flow/month that I want.  So, if you have reached your cash flow goals and are happy with your portfolio, then I would recommend starting to pay down your loans.  You could always access that equity later if you change your mind and decide to grow your portfolio again.

@Joseph Bramante  I found this post very informative.  So far, I have only invested in SF homes because of their affordability and ease of understanding.  Thank you very much @David Thompson for your link, it answered many of my questions regarding syndication deals!  

Welcome @Clayton Smalley!  I posted on your forum question.  Welcome to the forums and enjoy soaking up the wealth of information available!

@Clayton Smalley  You will only be able to pull out up to 80% of the property value on a refinance, which for you would look like ($240,000 x .8 = $192,000 - $179,000 = $13,000).  Refinancing your loan to $192,000 probably wouldn't significantly help your cash flow situation, and the $13,000 would only get you into a cheaper rental somewhere out of state (in a possible war zone unless you have additional capital to also invest).  

If you sale at $240,000, however, you would probably have around $45,000 after selling fees to invest elsewhere.  I would recommend doing a 1031 exchange on this money into another property or possibly two.  Are you interested in investing locally, or out of state?  If you are looking out of state, you could probably acquire two properties that combined could cash flow much better ($700-900/month).  Locally, you could invest in a MF property and possibly see around this much in cash flow as well.  Invested locally in a single family home in Utah, you could probably expect a $300-450/month cash flow.

I hope this helps!  It appears you would be better off considering selling.  If I can be of any further help to you, just let me know!