All Forum Posts by: Duane Hundley

last month was $259, goes down monthly. I'm currently not taking a profit and paying $460 per month. 

Originally posted by @Christopher Phillips:

@Duane Hundley

Sounds great with taxes so cheap.

Are you rehabbing it yourself?

 Needed little repairs. Under $1,000 in C area. 

Originally posted by @Christopher Phillips:

@Duane Hundley

Not a bad alternative since properties under $50K are hard to get a loan on. But, it has risks. If for some reason the rehab gets hung up and you can't get it rented right away, you have to be prepared to eat the monthly payments. 

If you can't refinance it, then the cash flow needs to be good enough to cover expenses and the 22% interest.

How are the taxes on the property? You mentioned that the expenses are only $40 per month...

 Well I used a 0% transfer for 18 months so this gives you time to pay down the property, get it repaired, rented, and arrange financing if you choose to do so. If you have good credit my plan is to move it to a credit union credit card at 7.99%. 

The property I purchased taxes and insurance run $550 a year. It's rented for $500 a month. 

In my area some properties sell for under $25k that need repairs. If you have a credit card with high enough balance, you can do a bank transfer into a checking account. If the seller requires a poof of funds letter just summit an account statement with available funds. 

Around $250 and it's not a doublewide. I will plan to put towards repairs after the refi or I decide how to proceed. I'm thinking of just getting a home equity loan on the property for around $20k on a 7 to 10 year term.

Used available credit as proof of funds and transferred the cash into your bank account prior to closing. I only done it avoid 20% down payment.

Sounds like you could get a good deal. I have been looking at the same thing in my area where a seller also has 3. You could make an offer based on buying all 3 and get a discount.

I purchased a property back in Aug using a credit card with 0% interest for 12 months with 4% trans fee. A little about the property:

it was a total amount $25,400, 

Rent: $500

Expenses: $40 per month

Paying: $460 per month current towards credit card

I have another credit card already with my credit union that's 7.99% and my plan was to roll it over to it around Oct 2017. I was also planning to start paying extra on the property using my own cash flow starting in Jan from $500-$700 extra per month.  This would put my balance around $13,960 at paying the $500 extra from Jan until Oct. After moving it to the other card for a few months I most likely could roll it back to my 0% card and get a promo rate for 0% again. I thought about then just paying the $460 a month for around two years and that would pay the property off.

While doing this I won't have much money to put aside for other deals, but once it's paid off I should be able to fund another deal pretty quick, I want to get two more properties for total of 4. What are your thoughts or what would you do different? I could pay it off before Oct of 2017 and pay no interest at all, but I won't be able to do any other investing. I also want to add a close family member lives in the property.

Thanks,

Duane

I've been looking also with a little lower purchase price. Most of them gross $30k-$45k but what are the net returns? I would want to have it managed by a company.

It probably won't go to court, I'm not in your area but mine would range from $300-500 for a lawyer to send some type of formal letter to the tenant. That will let them know you're serious. Also why not send your own mold person over and do the test and remove any mold if any. Then provide them the reports. I would also charge the $400 if she hasn't been charged anything currently. Let things ride until the end of lease if she pays stays current and you want to upgrade and let her stay. Explain what upgrades and what new rent would be. Sign new leases