All Forum Posts by: Arvi Carkanji

Thank you so much Andrew! 

I am looking to refinance my investments in Nasvhille. I just recently moved here and I have a rental that I would like to refinance. Looking to see if anyone is familiar or has worked with local banks before and can give me some advice. Thanks :) 

@jonathan, I would still get a loan for my primary. The more investments the better. To me it wouldn't make sense to tie up all the cash in one property. If I had a large sum, I would put as much as I could for down-payments and have as much cash-flow/appreciating properties as possible. I do not buy turnkey though and if I do they are at a discount. 

I would go with option 2 if it is as househacking. to me it would be worth it even if the other payment doesn't cover the mortgage completely if it is in a area or size that I really need it to be and it makes sense financially

Hi Brandon, welcome to this group! that looks like a good deal, however not sure if you took into account the holding costs, and closing costs if you have any. But other than that looks like a deal that might work. and definitely recommend doing an inspection even in gutted properties. They might or might not find anything but you'll have an even better peace of mind. and definitely have a contractor over there before you close as well. 

Good luck on this journey, would love to hear how this deal went for you and/ or other deals! 

 It doesn't look like you calculated your mortgage payment in the expense, unless you're buying it with your own cash. it looks like a good deal, but if you will have a mortgage payment definitely make sure that will cashflow there. 

the exterior paint for 800 also looks very cheap, not sure the size, hight or how much paint you have to do, but that seems a bit cheap to me. 

other than that looks good and it looks like it will cashflow and you'll be able to pull your money back with a 80% LTV bank

That is a very interesting question. I hate kicking out good tenants. I guess I would talk to them and be honest, like you said feel what the "vibe" is, what are their goals, if they plan on moving soon. Maybe which units needs more repairs (I would focus on that one first) or I guess if the units are not identical I would choose which one I liked better. But one thing I do have to point out is that house hacking is a great benefit. Hopefully the choice is easy for you after you talk to your tenants. Good Luck!

You do have to pay some taxes or "fees" to the county/city when you refinance. not sure what other taxes you may be referring to. hope this helps :)  

This is something I would definitely discuss with an attorney, but one thing to keep in mind is that as an LLC with all 3 of you as member, if you need to refinance or get loan the bank will require all 3 of your financials at all times. You have to be a 20% owner or less in order for the bank to not need all your financials. But going to an attorney for a consultation is definitely worth the money so you don't pay more in the future

Hey Eric, you got some stuff going on here man. Those are big expenses! I would normally shy away from all these things. New electrical you're probably like $10,000 if not more. for the window replacement, if you get them the same size as the existing maybe you don't have to touch the siding and thus avoiding it. 

and yes as a homeowner you can remove asbestos up a certain point. I forgot what it is but it's something like if it is above 0.7 then you need professional help, the homeowner won't be able to do it. You have to get an asbestos test done either way to find out. Hopefully this helps a bit.