All Forum Posts by: Robert Dobbins

Sorry if this is in the wrong location - I am trying to set myself up financially with your feedback on my current options. I currently own a home with a value of 170k - currently owe around $125k. I am 3.5 years into a 15 mortgage at a rate of 3.75. 

I will be moving early next year and renting this town home out in the Birmingham/Hoover area - I can get 1250 per month rent and expect to clear 1k per month after management and expenses. 

My question - what's more important - paying off this house and creating negative cash flow? My payment is 1350, so 350 per month to carry. OR refi to a 30 year with an expected payment of around 750 and creating a positive cash flow of $250?

I will be buying a home in the 300k range when I move - I also plan to looking for buy and hold properties in the 60-80k range in the near future. I am trying to ease my way into the investment world by renting out this home. Thoughts?

I assume there is no way for me to do my own research on the home to find out how much of a RM he received? If I am understanding a RM correctly - it is in payouts? So if he has only had the home as a RM for 6 months, then it would be 6 payments he had received? and Generally is a RM a % of the home value? i.e 50 of market value or something? Just trying to understand as many facts as I can - this owner is pretty much done with the house and is living with other family.

I have a house that I found through driving for dollars - oddly enough the home turned out to be a friend of a friend of a friend situation. The gentleman who owns the house is elder and had the house paid off 100% ------- he has moved out of the house and from what I understand has a 'reverse mortgage' on it. Does anyone have any experience at all with this? Any way I can still get the house a great price? Maybe some of the Birmingham Alabama guys have experience? Thanks for any thoughts!!

For you Birmingham guys - let me get your thoughts on 2 properties - both appear to need $8k-10k max in repairs to be in very good shape. I would like to see what you think of these properties - from there I can compare your ideas vs what I have thought about and see how far off I am. They appear to be overall good situations.

1. 306 38th ave centerpoint - basic updating(floors, paint), garage doors, deck work
2. 224 bayberry rd bham - basic updating

Any feedback is greatly appreciated - as I am still continuing my education as has been suggested many times.

Is it possible/logical - buy a home - example $50k - use traditional financing requiring %20 down. As soon as closing settles refinance with a heloc pulling out additional funds. Attempting to use traditional lender but obviously will not be able to get a loan for 80% ARV. The ARV for this home is assumed to be $120k.

I only have enough capital to pay for the down payment or the needed repairs(approx. $10k) - If I secure financing then I could 20-30k out.

One suggestion would be use a private money lender - this is a buy and hold - I assume pml is for flipping. Thanks for any thoughts!

Great info - I planned in getting with Bank of America to find out whatever I could then go from there. The property is recently vacant. I will ensure before I move forward that I do the needed research on potential Liens.

Anyone have thoughts on quit claim deeds? And properties being sold this way? It is an auction property that requires cash only - my hope is that the property does not get any bids and I can contacted the bank directly for an offer. Thanks for any help.

Since I have the group here: Are there any ARV lenders locally? Besides using a private lender? And if private lender is the only option - do you apply for them the same way as a normal loan?

Thanks for all the advice. Could you guys give me an example of a live property in birmingham as a rental investment option? Something I could use as a reference point? There are a few things I am struggling with: 1. This all seems easy - if it is as simple I. Most locations as getting a property and creating cashflow - then why do more people not do it? 2. Scared to start the first step. 3. Wholesaling - I have read numerous articles and watched tons of videos - but all skip over the details of how it is executed. How do you get a contract on a house without being pre-approved - does a random real estate agent execute the sale for you? How do you transfer ownership. I hope none of these questions come off as if I have not done research - I have - I am sure the answers are obvious and in front of me and maybe I am looking to make a simple process difficult. Thanks again for continued direction.

Could you guys advise on general start up capital? Would a conventional mortgage cover an investment property? One site I used to look at properties was http://www.premierequitygroupllc.com/ - as well as a cross between hotpads.com and Zillow. I will have MLS access soon through a contact. Thanks for the quick posts.