All Forum Posts by: Chris Mackinlay

I am sorry for your loss.

What a weird situation, you are in.

I would be prepared to write a check then and there for the balance. It'll strengthen your position.

Make sure you get whatever agreement there is in writing.

No written agreement = no check.

Hoping this is on the right forum.

Is anybody on this board a Property Inspector?

I'd love to hear about your first year, if you own your own business, work for a company, how you grow sales, scalability of business, how you spend your time, etc.

Thanks!

@Noah Mccurley

Thank you all for the advice and helpful words. As a quick update, I got a house under contract. Solid rental numbers.

Since I had the pre-qualification already, I called my lender and asked about a cash out refinance. I current have an FHA loan and am wasting $100/month on PMI.

Long story short, my primary residence monthly payment will increase $100 in a couple weeks and I have all the money I need for the 20% down on the new property without paying anything out of pocket.

@Yonah Weiss

I have a bachelor's degree in Spanish. 😔

I don't remember much Spanish, but it was easy at the time.

Fun thing is, I've gotten more of an education in my self development time than those 4 years of classroom time.

I think my primary hesitation is depleting my savings. You bring up a good point with the HELOC about splitting the cost 50/50 between the HELOC and Savings.

Hi BP. I'd like someone to sanity check this for me.

I live in a house with a solid amount of equity. I'd like to keep that as is for a bigger deal that may come along.

We have been able to fight and save a decent amount of money. We have four kids and I work 40-50 hours a week.

I found a property that would net me $400/month after saving for cap x, maintenance, vacancy, etc. It's about a 12% cash on cash. (Like how I used all the BP terms? lol) So by all investment metrics, it's sound.

To purchase this, I would need to significantly deplete our savings.

The math just feels weird. Essentially, I write a check for $25k, and it takes me a long time to replenish that money.

I feel it's a solid investment because that CF number is pessimistic and I can endure a downturn if needed.

Obviously, long term the house would cashflow more, appreciate, loan paid down, etc, which is great. But it's tough to write that check in the now for the later because it makes the savings so much less.

Any thoughts on this or similar experiences?

Thank you.

@Austin Nicoson

Look for a property where you currently live and make sure the numbers work under property management.

That way when you move, you still have the income because you budgeted for a reputable PM.

@Nick Seginowich

I did this. Called my realtor and told him I was aggressively looking for off market deals, and I hand every intention of using him to help with the purchase.

I thought it was a big deal. He said "okay" and we've had a better relationship because of it.

I'd recommend doing it.

@Samuel Iwu

What I have been learning the past few weeks is that cash purchases can make bad deals cash flow and look good.

But, they are still bad deals.

Stay on the beaten path. Clearly define your strategy. Be patient. Win.

@Anthony Wick

This is a great thing to have in a lease. Thank you!

Also, it's kinda crappy that something like this NEEDS to be in a lease.