All Forum Posts by: Andrew R.

Since my turnkey rental was already rehabbed, I can't just fix it up and improve the appraised value quickly. So what's the strategy for how/when to refi a turnkey rental to get some cash out of the equity? Can I take a HELOC ? Or cash-out refi? Are there rules? I have a conventional 30year fixed mortgage on the property, purchased a few months ago. Looking ahead for my next move. Thanks all!

Hi all, looking at a small duplex in Grandview (to be exact--east 155th street, across the highway 49 from the ADESA facility). I'm new to duplexes and not sure what to expect for selling price and rent. It's older but recently rehabbed, each side is 2 bed/1bath. No garage, no basement. Big yard with driveways. It's fairly small but nicely redone inside and out. 

SF Homes in the same neighborhood are 45-60K.  What would a reasonable price for a newly rehabbed duplex be?  And what about typical rents in this part of town for a duplex? Any insight much appreciated, happy to discuss details on private message too. Thank you, AR

I've completed 2 transactions with USREEB, (my thoughts and review are in another forum, search USREEB)

Hi, is there a general rule of thumb for comparing a mortgage for a duplex/triplex vs a single fam home for an investment property? Are multi-fam mortgage products available at the same rates and criteria, or are they harder to get and/or higher rates?  Thanks, AR

Hi, I just closed on 2 SF rental homes. I have 30 yr fixed mortgages at 4.825%.  When it's time to Re-fi, hopefully in 6 to 12 months, what can I expect for rates? Are re-fi Rates for investment properties typically higher, lower, or equal to the rates for a typical purchase? Thanks!

I just closed on 2 properties with them this month. Overall the staff has been helpful and easy to work with. I had to put pressure on them to perform some repairs that were discovered in the inspections (namely foundation cracks). They wanted to just do a sealant, I hired another inspector who said no-way, a structural repair was needed, so I had to pressure USREEB to do the structural repairs. The other house had a sewer issue that came up during appraisal, that I would have never known about except my appraiser was very diligent.  So do your due diligence and inspections aggressively. They might try to cut corners on some of the repairs if you're not aggressive.  The properties seem to be cash flowing but it's brand new so I can't speak to the long-term.  Their inventory is mostly C and B, so make sure you're familiar with these types of neighborhoods, some are rough.  

Hi, I got 2 appraisals done and the cover sheet showed the fee around $300 each.

The lender (Wells Fargo) charged me over $600 for each one.  I had to pay this fee in advance on my credit card, directly to Wells Fargo.  

I'm miffed that WF charged such a huge markup when all they do is schedule the appraisal. Is this typical? Anything I can do to get some $$ back when the true cost of the appraisal is so much lower than what WF charged me? 

Thanks!

I am currently in escrow with them. Will post some summary comments when we're finished. 

Hi, I'm looking for standard language to insert into my purchase contract for contingencies. I know I need a contingency for the home inspection.  What other contingencies should I include, and is there some boilerplate language to use?  

FYI I'm looking at an out-of-state, SFH rental in Kansas City, as my first investment property. (Working with a turnkey provider). Thanks all for the tips!

Hi, I'm looking for input / review on working with US Real Estate Equity Builders (USREEB) in Kansas City, MO. They do mostly turnkey-ready investment homes.  Thanks for any input on this company.