All Forum Posts by: Brandon Graves

Team,

My tenant in Fayetteville, NC has recently decided to purchase the property. I owe 99k, we've settled at a 114k purchase price. Any recommendations for a solid, quick, title company in the area? And just so I'm not missing anything, I'm clear to draw up a contract between the 2 of us, no realtors involved, FSBO?

@Gerald Barron, Let's keep in touch. I've narrowed things down to where you are as well. As some have mentioned above, I've already done the long math and I'm a realtor, so I'll walk away with somewhere between 90-110k. I'll ping you privately. I'd like to hear your plan for purchasing the multifamily. Cheers!

@Justin Guidry, Yes it was primary residence prior to renting it almost 2 years ago.

@Thomas S., even though I've only parked 0$ (VA loan) of my money into it and 235k of the bank's funds? Also, @Max T., I thought equity = appraised value minus owed balance? Am I missing something there?

@Justin Guidry, how long is the LOC good for? Are your plans to use LOC as down payment towards next property I'm assuming? If so, do you use different financing (bank) for the remainder of that next purchase?

@Jason D., Awesome. Great insight. And for the LOC, that's a conversation with the bank that currently owns my mortgage, correct?

@Jason D., Ok, noted. Thanks for the advice. Any preference on where to take the equity? We have other great rentals here, I'm just wrestling with the fact that everything is back on the high end...

@Jason D., Mortgage: $1420/month. So, with rental up to $2100/month, it's positive $680/month minus Cap Ex's.

OK BP fam, here is my situation:

3/2 SFH rental that currently rents for $1700/month, but will demand $2100/month beginning 02/01/2019.

I owe 220k. 

I can sell tomorrow for 320k on the low side.

***I've considered selling, upping rent, HELOC. Thoughts?***

@Joshua D., maaaaaan you better cover your wife and protect her. No telling how long she's felt this way...you've got some serious storms ahead if you don't figure this out now. Start having hard conversations daily my friend. Better find a clear way to communicate expectations, serve your wife, and understand that life is short...no point in building this business if you're not married long enough to enjoy it...figure it out or get ready to walk away with 1/2.