All Forum Posts by: Carolyn Yates

We just had a new heater installed and were surprised that it could not keep up with the current cold snap.  Researching online, it looks like the electric heat pumps do not perform well if its below 45 or 50 degrees.  With the weather moderating it is back to heating.  Ideally, go with a gas heater.  Unfortunately, we don't have natural gas in our area.

Closing costs for the new mortgage or refinance vary by state too.  You can expect to pay anywhere from 0.5% to 3.8% of the amount financed.

Where there is a will there is a way!  You will figure it out.  Maybe you could rent out your house for the summer season or in winter if near ski resort?  Does it have any short term rental potential?  Could be easier to sell and start over but market  may have declined if you have only owned it for a year.  I am guessing cost of living will be higher in south Florida too.  I would try to figure out your income source first.  Good luck in this venture!  I am on the west coast of Florida but feel free to reach out if I can help!

I closed a property today with Upside Title.  Robyn Turner was great to work with.  I think she is in Tampa but I am located in Sarasota, so she sent a mobile notary.  Such a convenience!

Was the attorney general's office not able to assist?  They would be the easiest option.  They have successfully helped me on a couple of disputes, but the companies were still in business when I filed the complaint.  I am so sorry for your situation.  I appreciate your post as it helps educate us all.  Hoping that you are able to recover the funds!

Welcome, @Michael Pilcher.  I am an appraiser too. I think Kenny gave you some great advice above.  Specifically, on how to save for the downpayment, it does just take time to put away savings.  Other options are to do a property that you will renovate and rent.  Sometimes you can get 100% financing on the property and then once rehabbed, you can rent, refinance and use the equity for another investment.  There is always partnering with people.  If you put in the sweat equity, they might be willing to put in the capital.  Also, rare, but possible to find owner financing.  As they say, if you find the deal, the money will find you.  Good luck!

Cabinets to go actually puts out a great product.

Ultimately, the value is determined by the market and what buyers want in your area.  This article from the National Association of Realtors might be helpful.  It indicates the top 5 improvements for 2022 were refinishing hardwood floors, new hardwood flooring, insulation upgrade, finishing basement into living space, and closet renovation.  Surprisingly, kitchen and bath remodels were further down on the list.   https://cdn.nar.realtor/sites/...

You can find lenders under the network tab at the top.  There is also a broker/lender forum on the left under real estate professionals.  Based on a recent deal of mine, the lender required 25% down.  I am not sure what other requirements you are asking about.  They also will want to know your experience with similar property types.

It looks like you received some great advice above, but no one was able to tell you how much it is worth. The property is only worth what an educated buyer is willing to pay. With an income producing property is obviously based on the income potential. If you will be taking a loan on the property then there will be an appraisal more than likely required. The appraiser will put the most weight on the income approach and determine the value by capitalizing the NOI. As others have mentioned you will have other expenses including reserves and vacancy and collection. If listed with a broker they may have a pro forma that they could provide. As a general rule, properties in second tier locations and with non-credit tenants will have a higher cap rate or lower value than a similar property that is better located with credit tenants. The broker may also be able to provide cap rates for other sales of similar properties. Good luck!