All Forum Posts by: Jordan Alexander

 I would be able to pay off the heloc in less than a year. Wanted to use that money so I could keep some reserves in place. I would still have 10-15k in reserves at that point just in case things don't go without expenses at the new property. Thanks for your knowledge and perspective!

I agree. It is a risk but I guess I feel like for a pretty solid property. I would be able to pay the HELOC off in about 8-10 months by my calculations but didn't know if I should wait for another 10-12 months to buy. Just wanting to scaled faster if I can and HELOC was one option I thought of. If there are any other options in my situation please let me know, thanks!

Need some advice.

Have 2 rentals I've purchased in the last year but my cash is only at 15k and I am going to have to start using hard money or conventional 20% down financing. But also my home has about 60k in equity so I've been thinking of ways to utilize that.

My good friend brings a property close to my others that's in really good shape, brick, one car garage, newer roof for 125k and rents currently at $1300 per month. He won't do seller financing because he needs money for some other family things. Really would like to find a way to make a deal because this is fairly turn key. Would you utilize a heloc for the 20% down and try to purchase a property like this with a conventional 30yr loan? 

Appreciate your thoughts and ideas!
 

@Avery Carl I’m in too! My wife and I are looking anywhere in the Florida panhandle to get started with STRs!

I’m a math teacher so I love this question!!

I add the 2 and 4 in the tens place to get 60, then add the 7 and 8 in the ones place to get 15. Then add 60 to 15 to equal 75.

It’s interesting to see how everyone’s brain works differently to come up with the same answer!

@Nkrumah Morgan Wondering how all this turned out. I am also interested in doing short term rentals in the Florida panhandle. How much money would I need to pull together for buying/start up costs? Is there good management companies in the area? Thanks and hope all is well!

Class C neighborhood, 3 units on the property, one duplex 1 bed 1 bath apt (both are already rented currently), & one 3 bed 1 bath house. Gross rent is expected at $1600-1700 with a purchase price of $70,000 (1st time I've seen anything of 2% rule). All units are cleaned well and some updates have been made to paint, flooring, bathroom fixtures, and 4 new windows.

Here are the negatives: No central heating or air, built in 1946, the duplex is metered together & costs approximately $150 per month, there are small waves in the flooring in 1 of the bedrooms, no stove or other appliances yet added.

My thoughts: Some of the numbers seem too good to be true but at the same time I can't help but see big rehab numbers if I need to get HVAC and ducts installed (this makes me the most nervous). I'm currently without a huge cash position. 

Please comment and provide anything I should be thinking about to analyze this deal better and/or if this is just too good of a deal and I need to jump all in. Thanks!

@Scott Mac Thanks! That's why I was planning to either move both into the kitchen or find a way to build a utility room into the house. I will look into getting a stackable washer/dryer first.

@Brandon Roof Thank you I appreciate the feedback! I will look into a stackable but I know that most renters won't have it. Might just be something that I add later! Also for pets do you make them pay a separate deposit, extra on rent, or just leave it the same? 

Just bought my first buy and hold investment and am now in the process of fixing it up and getting it ready to rent. The only thing I really don't have an answer for is that the washer is in the kitchen and the dryer just outside the kitchen door in the garage. I understand this is how things were done back in the day but it's not exactly ideal for families now. It's a 1,100sqft, 3 bedroom 1.5 bath so not much space to install a utility room. Is there something I should do relocate them or just leave it like it is? 

Would appreciate any and all advice! Thanks!