All Forum Posts by: Carol Burns

I am looking at a sfr.   Purchase price $240,000, rehab of $40,000, probably worth 320000 after rehab.  Looking to rent out for $2100/month.   Does a dcsr loan cover the rehab?   280,000 after rehab, 20 percent down, so would be financing 224,000.   And what are the rates now for dcsr loans?  How do I go about finding a lender?   TIA

Wow wow wow!!!  I have been thinking along these same lines for a few years now.  I couldn't for the life of me figure out how to make the cash flow work all the time, long term.  Especially after needed renovations  (just carpet and flooring) that took a huge chunk out of several years of cash flow.   All repairs and maintenance are so expensive now, just a few of them can wipe your cash flow out for a year.   BUT am I glad I own my little rental properties?  YES!  I consider them a hedge against other investments, NOT as a cashflow cow.  As a matter of fact, I put most of my monthly cash flow into a bank account reserved just for those properties for upcoming expenses.  And another thing I couldn't figure out was that yes, I could borrow more money against the properties to make the repairs  or buy another property, but how does that really help when I now have less cash flow from the original properties?   I think trying to figure all of that out and predict cash flow is really kind of going down the rabbit hole.  It'll make you crazy sooner or later.   

Got the new notice from my tenant's renter's insurance and there is a $10,000 "animal liability sub-limit".  The insurance company said that is all that would be there to cover any kind of dog bite, etc.  Have any of you guys heard of this?  $10,000 limit for a dog bite sounds like next to nothing.  I do not allow any kind of dangerous dog breeds, but of course, you never know with any dog.  Any info great appreciated, thank you.  

What are good rates/terms now for financing a single family lot?  1 acre near Charlotte, NC  TIA!!

I was listening to a BP webinar and the host was talking about doing a sneaky rental deal, where you buy the house as a primary residence, live in it, and then move out and rent it out.   Is there a legal timeframe that you have to live in it before you can rent it out?  I thought it was a year but he did not mention a time frame.  

Hello all, I am starting a RE investing book club in a facebook group. I know some of the classics, such as Real Estate Riches by Dolf Deroos. But I am looking for more up to date books, that cover the latest technologies, online calculators, and so on, but that also cover all the beginner stuff, valuations, explanation of COC, IRR etc. I would love any advice. TIA!!

Hi all! I have 2 SFR's. One 3/2 single wide mobile home on 1.5 acres, $125,000 equity, no mortgage, $575/month rent, $215/month cash flow. One 3/2.5 SFR on 1.5 acres with $175,000 equity, $150,000 mortgage at 3.625 percent, $1950 rent, $625 cash flow. If I'm doing the math right, I'm only making 2 percent and 4.2 percent on the equity? Am I looking at that incorrectly? Is it time to do something different with these properties? South of Charlotte, NC

Wondering how everyone is faring these days with the escalating costs of any repairs.  I've had a few relatively minor issues lately with AC,  plumbing, and appliances with 2 units and the cost of the repairs wiped out my cash flow for months.  (For example, had to get toilet pipe snaked at 5:30 pm and they charged me $475 since it was after hours, hired another plumber for the other unit that needs a pressure bladder and it is going to be over $500).   Interested to hear your thoughts.  What are you putting aside per month now (out of your cash flow) to cover these things?  

Anyone know what the current mortgage rates are for mobile home with land financing and how much down?    And where to find the financing for it?  TIA!   (near Charlotte, NC)

Anyone know where to get reliable info on buying foreclosures in South Carolina?  I am a newbie.  Thank you!