All Forum Posts by: Brendan J.

Kenneth,

It sounds like you got this figured out. I wouldn't encourage anyone to jump into an ARM type loan. There are fixed rate mortgages available for re-fi's, you'll just have to look aroud. If I were you, I'd look to refi those F&C properties you have, keeping 30%-50% equity position in each, and buy 2 more rental properties with a low fixed rate mortgage. You're right, rates are only going to go up, and if you want to add to your portfolio, now is the time.

Hey Kenneth,

Great job on finding a good cashflow property, even if it is in a less than desirable area.

Im confused with how you're interpretating ARV. It seems like you're saying this is how much of your cash you have invested, when ARV (After Repair Value) should instead be used to describe the current market value of your property. This would most certainly be more than 33K if you subtracted the 8K HBC out already, and I'd venture to say its worth more than even the 41K if you did buy it at such a discount. If you're looking at a cash-out re-fi, the true ARV would be what the appraiser the bank sends over says it is.

The cash you have invested is entirely different from ARV and it will change your listing price dramatically should you decide to sell in the future.

Uwe,

That seems like an awfully large spread based solely on utilities. How did you arrive at this conclusion?

Hi Tess!

If you're just starting out, I believe that Gary Keller's "The Millionaire Real Estate Investor" could provide a great overview of the buy and hold mindset. I know there are many more good books and hopefully others will chime in.

Don gets the first prize. +1 for that story. Keep them coming guys...

Welcome Frank. I'm sure others will great you too when they start waking up. Cheers!

I do apologize for the hasty judgement. I hope you find good information on this thread and work it all out.

John,

You should be looking for assualt rifles, bloody bodies in the street, piles of cocaine on the sidewalk, and perhaps the occassional 35 ft fireball. Lol.

All joking aside, if you do drive by late at night, I would be on the lookout for adiquate street lighting, people just hanging around aimlessly, loud music, etc. If its a generally good neighborhood, it should be fairly quite as honest people are typically in bed at this point.

Why on earth would you be collecting the rent and not be trying to pay the mortgage? [EDITED]

Dave, I haven't used this software before. However, I'll give you a friendly bumb back to the top.