All Forum Posts by: Jeff T.

@Eddie

My understanding is that you can get only 50% LTV inside the IRA and it's a non-recourse loan only done by a few lenders.

So $41k is not enough. You would need to partner with someone to have enough to build a house.

Check out what the Norris Group is doing in that area. They are doing BTR there but you would need the whole amount for their stuff, but check their website and podcast and it might give you some ideas.

@Marshall Henry

Since you are living there and you are stuck with your neighbor, I personally would consider it more important to get along with the neighbor than a nominal amount of money for trash containers.

If it was me I would probably go back to the 90 gallon and let the neighbor know that I get that he doesn’t want a dumpster next his house.

Neighbor disputes can get ugly and unless you sell you are stuck.

I know someone who got a good deal on their house because everyone else backed out because of a neighbor dispute was so bad it had to be disclosed by the seller.

Anyhow, good luck. I hope you can get it sorted out.

@Jamie Jeffredo

My only advice is to consider advice from people knowledgeable about your specific area. Advice from people in completely different markets will not take everything into account.

@Candice Jensen that is high for now although most investment property loans require 25% down, so maybe the 20% down is the issue.

I did 2 Refinances recently that ended up funding through United Wholesale Mortgage at around 3.6%.

Look at other lenders or ask your lender .

Aimloan.com is a good place to check rates for comparison. They are also a good lender.

@Kumar Gaurav you will have the same issue in AZ as you do on the east coast with Management. Plenty of people manage out of state properties with a property manager.

Anyhow, I am just saying selling and finding something else to buy in another area or state is more complicated than finding a property manager and a tenant for an existing building , so I wouldn’t necessarily use that as the sole reason to sell.

Good luck

@Cesar Perini

I know people will nitpick the numbers a bit , but as you said it’s hard to find a cash flowing property in Southern California, but you found a way to do it. Not to mention the small amount of money you end up in the deal.

That is the big takeaway here that others can learn from and possibly use a similar strategy.

This is a good opportunity for adding value in High cost areas.

Thanks for sharing.

@Andrew Savage

If you are financing them, they would have to appraise for that price. FYI

@Nicholas well, Florida in general is still growing and the Orlando area is too. So if you can find something that makes sense for cash flow you should be ok.

Make sure you take into account the full property tax amount based on the percentage from the county tax assessor and the purchase price.

Also insurance is tough and expensive, especially for wood frame (vs concrete block) and for older homes.

Good luck

@Nicholas

Try State Property Management. David Weber.

They are solid and honest.

@Kristian Lind

Ok, you are right, with a loan that size it’s not worth it. Do you think you can get more rent for any of these properties?