Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Collin Smith

Collin Smith has started 15 posts and replied 50 times.

Post: Where to buy used mobile homes

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15

I am needing to find a few mobile homes to put into a park. Our hope is to have about $25,000 into each one, total. Where is the best place to find used or foreclosed mobile homes? This is for the Florence/Darlington area in SC. Thanks

Post: Refinance a house to pay back my personal HELOC

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
Thanks. We are putting extra into the HELOC, at least until we figure out what we want to do. Either way our goal would be to have it paid off in 5 years. The only major issue with that would be if we get a big jump in rates, which we would run into with a loan to the Llc anyway. Oh well, unless some great option pops up it looks like we will continue on as we are. Thank you for the input.

Post: Refinance a house to pay back my personal HELOC

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
I purchased a bank owned SFH earlier this year and rehabbed it with money from my personal residence HELOC. The house is in an Llc and I am looking to finance the house to pay back my HELOC. So far in contacting local banks and credit unions, I have learned that credit unions won’t finance to an llc and banks are pretty limited. I have found one bank that will do a 20 year am with a 5 year refi at 5.5-6%. Another bank (that I have worked with on another house and the HELOC) will only loan about half of what would be needed to pay back the HELOC. Most are suggesting to take it out of the llc to get a 30 year with better terms and then transfer it over to the llc later. (I did this once with an approval letter from the bank to guarantee they wouldn’t call the loan). I am looking for suggestions on what to do. 1) Just keep the house paying down the HELOC. 2) Find a bank to loan to the Llc with decent terms (suggestions for this) 3) take the house out of the llc and get conventional loan Right now, my properties are there to pay themselves down. We do not live on the cash flow or use it. Eventually we will have these paid off to fund the next homes. Thanks
I bought a property with 3 already in place. One had been there for several years, the other two were in their third month of a 12 month lease. The deposits were passed over to us at closing, as well as prorated month of rent. Our property manager sent the new leases (certified mail) to the tenants, we allowed for the end term to be the same. The transition to the new payment location was surprisingly difficult for them. It turns out that the two newer tenants were not vetted well. One is now gone (evicted) and the other struggles each month to make rent.

Post: Newbies from Mauldin, South Carolina

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
Stephan Rehoric I have been investing in buy and hold SFH with my brother in law since 2014 (we have 3 homes, 2 paid for and the 3rd will be paid off this year). In 2016 my wife and I looked at our finances and felt it was time to start our own personal investing as well. Our goal is to get our rentals to about 50% of our current income. We paid off our personal residence at the end of 2016 and are using the equity line we took out for the purchase/rehab we are currently working on. My plan is to refinance it into a mortgage in a year or so. Honestly, though, we live well within our means so we may not need to refinance it to pay it down to restart with our HELOC. There was a lot of planning to get us to be able to invest, starting with cutting out our personal financial waste. We still enjoy life, just not stupidly. I own my own business, so we use scheduling with it to end up with 4+ weeks a year on "vacation" as a family. I hope that by the end of 2017 we will be able to move on another small multi family property. Wishing you the best in your investing!

Post: Newbies from Mauldin, South Carolina

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
Welcome Stephan Rehoric I am in Florence, SC. My wife and I have a 3 unit property and are currently rehabbing a SFH for renting out soon. I am also in partnership with my brother in law with 3 other SFH rentals.

Post: Rental Property Visits

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
If you go into inspect a unit and you find the tenant is just gross/dirty, what do you do? As the landlord do you have the right to tell them they are dirty and need to clean? Do you impose a monthly cleaning fee and send someone in to clean? Just curious. I had to evict someone and overall it isn't bad, but the shower apparently had never been cleaned. Thanks

Post: Zillow value is double what I paid!

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
Last year in September I purchased my first solo investment property. It is single lot with a SFH and a separate duplex on it. I purchased it for $96,000 and it generates $1700 a month in rent, with a 15 year mortgage (commercial loan because it is two separate buildings) that leaves about $1000 after mortgage, insurance, and taxes. It seemed crazy low to purchase because a SFH should sell for about $70,000 , and I got two for the price of barely more than that. Yesterday I get an update from zillow that says this property is now worth over $200,000! I know zillow is not an appraisal, but a starting point. Has anyone had this happen before? Would you suggest actually getting an appraisal done to see? I do want to do some updates in the next year so if it is worth more, that would be great.

Post: Zillow now says my property is worth double!?

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
Last year in September I purchased my first solo investment property. It is single lot with a SFH and a separate duplex on it. I purchased it for $96,000 and it generates $1700 a month in rent, with a 15 year mortgage (commercial loan because it is two separate buildings) that leaves about $1000 after mortgage, insurance, and taxes. It seemed crazy low to purchase because a SFH should sell for about $70,000 , and I got two for the price of barely more than that. Yesterday I get an update from zillow that says this property is now worth over $200,000! I know zillow is not an appraisal, but a starting point. Has anyone had this happen before? Would you suggest actually getting an appraisal done to see? I do want to do some updates in the next year so if it is worth more, that would be great.

Post: How low is too low to offer

Collin SmithPosted
  • Investor
  • Florence, SC
  • Posts 54
  • Votes 15
Thanks