All Forum Posts by: Colin McVeigh

Hi all!

First off want to thank the community for what a great resource it is.  Still looking for my first property have had a couple of offers turned down but feel it getting close now.

Anyway - I have a bit of a unique situation that I am hoping someone has come across before and can give me some guidance (I searched previous posts on the boards but haven't found this discussed).

I've been looking at a property that is listed as a 2br/1ba.  It has a finished attic that is not one of the BRs and do not believe the finished attic would meet today's construction code (the property was built in the 40s/50s).  However, when I pull the property records from the County, the County lists the property as a 3 BR (the 3rd BR has to be the attic - there is no other suitable room).  So how should I assess the attic?  The property is obviously more attractive as a 3 BR and I'd love to be able to buy it as a 2 and rent it as a 3 but don't quite know what to make of the disconnect between the listing and the county records.  Appreciate any insight you can offer.

I agree with Stefan on the type of homes to target.  You will find that the value to rent yields better cash flow.  Also agreed on the interest rate.  I've been ballparking 4.25% but 4.5 is better as it's conservative

The initial purchase closing costs seem pretty high to me - though maybe the hard money loan is wrapped in there. Also, it isn't that surprising to me that the cash flow is really small. The ARV to Income ratio on that property ends up being less than 1%. There are some other numbers like the initial equity of $195k that also don't make sense to me. Just a back of the envelope calculation for me ends up with ~ $70k in initial equity but I am sure I missed something.

Hi all!  

Newcomer around here but wanted to survey the community (which has been incredibly helpful to me).  Have folks noticed a drop in the availability of conventional financing for investment properties since Fannie Mae issued the related guidance in March of this year https://www.housingwire.com/ar...?  I'm trying to determine the most efficient way to finance my investment properties and would like to use conventional financing if it's available.  Thanks in advance!

I thought they podcast was very instructional but agree with others that an impending real estate crash was NOT one of the take aways

Congrats Brandon, I would consider that a smashing success.  Still looking for my first deal!