All Forum Posts by: Craig Naylor

good morning,  I live in Massachusetts  where I have two properties however I just bought my first rental in Louisiana last month. Fortunately for me it is not flooded !  I personally used an old military friend who's a realtor now in that area as my eyes on the ground.   After i got my first house under contract I flew down personally to view it, it failed inspection miserably and we pulled out. while I was there looked at several more properties one of which I ended up purchasing.  With the help of bigger pockets I was able to find a couple property managers that I interviewed and spoke with on my visit.  In all I spent three days on the ground my property will be coming online April one as a rental and will cash flow very nicely.  Was it easy, no. Is it doable, absolutely with the right team in place! 

Good luck, keep us posted.

Thank you, I will probably just pay down the loan by 5 % with another HELOC i have, just hate to tie up that money.

Other ideas welcome.

Hello, I am looking for a lender that will re-fi me at 80% LTV. I have a rental property that i want to combine the mortgage and HELOC into one loan. The total would bring me right to 80%. I reached out to 2 of my lenders that i use and they both told me they would do the loan at 75% LTV. I dont want to cut a big check to make the loan work... Any ideas?

I have done just this in Bedford, MA. It was not too difficult. I first had to pay for a master plot plan survey and have the structure surveyed. I had an attorney who consulted with the architect, The property was split with specific drawings of both condo units, we divided the land as "Exclusive use" as it was a side by side rather that "Common use property" this allowed us to have no HOA fees also as both units had their own driveways etc.

All utilities were already split.

A master insurance policy was required to cover the entire structure (This is the only shared fee from both units) 

My attorney had to split the deed and file some other paperwork that i do not remember the details of but it was painless at the time. 

I still own 1 unit as a rental.

Good luck and keep us posted!

Good point Robert, I could never find a definitive guide for these designations. 

Thank you.

what percentage are you putting down to get that high have a cash on cash return?  I just had a similar deal in the works in a Louisiana class c area.  Long as you have a good property manager and find solid tenants I personally don't see an issue with that deal. 

 Good luck keep  us posted on how it turns out 

Thank you Lee, I have been in contact with him and will be calling him today.

I'm working on a residential buy and hold deal in Bossier City and would like recommendations on a property manager please. 

Thank you and Happy investing!

@Mike D'Arrigo Thank you for your input, I did place a 2% maintenance into the equation which is on the pie chart but does not show in the breakdown... What would be a more realistic figure to use for vacancy? The numbers i just got from the current owner show 1 month vacant in past 2 years for 1 unit only, i believe this translates to 4.16 would this be large enough? Insurance was entered and is combined with the principal payment i believe... this being the first house i'm looking to place an offer on, how would you suggest I set up maintenance and cap ex reserve?  Thank you.

Sorry for the lack of details. This property is a Duplex which is currently rented, I do intend to buy and hold. I'm using a HELOC for the 20% down, conventional mortgage. My repair costs are estimated $7,000 for paint and carpet.

I am thinking of placing a bid on it (asking is 80K)... just nervous i guess... then we can get the inspection. Seems to be turn key.