All Forum Posts by: Keith N.

I would never replace an AC unit unless it was completely broken. Even if the Freon is leaking (which is very expensive), replacing that is WAY cheaper than replacing an entire system. And it may last for years and years after replacing the Freon. I own a duplex built in 1975. Both (two) of the interior blower AC things are original AC units from 1975. Made by some random company that doesn’t exist anymore and they both work fine. Both outside units are 15 and 20 years old. They also work fine. If serviced regularly, they’ll last EXTREMELY long.

1) ALL areas are being built up 2) the worst area is Southeast Raleigh (crime) but even lots of normal people with great jobs have started moving there because everywhere else is getting expensive 3) I’m not sure about flipping. The market is tough, but there are lots of flippers in raleigh here on BP that do really well

I will be there

@Harjeet Bhatti I owe 168K on the property, therefore if the property was valued at 210K I would be at 80%LTV. I think it's worth around 230K, so while it's not a ton that I could pull out, it is something. I had applied online previously and talked to loan officers on the phone for PENFED. They will do HELOC and Home Equity at 80%LTV for investment properties (as long as you had lived in them previously).

I'm just trying to figure out the best option to tap into my equity if I do decide to do so.

I own a duplex that I bought 2.5 years ago. I lived in it at first, but now both sides are rented and I live elsewhere. I used an FHA loan to purchase it at 180K, but now I'm confident that it's worth at least 230K (the area has appreciated quite a bit).... I also own 1 other rental but that's irrelevant I suppose.

I want to pull money out of the duplex which I will probably use to finance another buy and hold rental property.  OR just hang on to the chunk of money available until I decide to pull the trigger on another business idea.

What is my best option for doing so. I see the most people like HELOC because it is "most flexible." But would a Home Equity Loan or Cash out REFI make more sense in my scenario? I'm ready to take action on this soon, as I've had this planned for a while. I know that I can already get a HELOC/Home Equity loan from PENFED as long as my house appraises high enough.

@Richard Naimy Shouldn't matter at all.  The lender should know if they're able give you a loan for whatever property you're trying to buy.  

Personally, I'd find either A) a local NC lender or B) a huge national credit union that can lend (Like PENFED)

Hey @Matt Campbell, I own a single family rental in your exact market.  My house is in the Grove Park subdivision.  

The Brightleaf subdivision is definitely a pretty uppity neighborhood for that area of Durham.  With granite countertops, stainless steel appliances, new sink faucets/fixtures you can probably squeeze another $150 of rent out of your tenants, but it all comes down to whether it's worth it or not compared to the price of updating all these things.

My house in Grove Park is a 3/2 1,400 square feet and it has all of the original faucets, appliances, etc. from when the house was built in 1999.  the house looks very clean and even looks pretty "new" even though I don't have a bunch of new stuff in it.  It's currently rented for $1400.  

Shoot me a PM if you have any specific questions

@Richard Williams I don't know of one specifically in NC, as I just use one of my friends from college.  What I do recommend is find a guy you like, and keep using him every year.  He'll become familiar with doing your taxes and you'll be able to trust him as each tax season comes around.

Hi @Igor Kalabukhov, Welcome to BP! Small-multi's are tough to find here in the triangle, but you'll be able to snag one if you have a good eye and put in some work.

Is it really that bad up there in Boone? I've browsed through the MLS, and from what I've seen houses tend to stay on the market their for a lot longer (not really a sellers market like in the triangle). Looked to be some decent cash-flowing houses near App State that could hit 1% rule... I could be wrong