All Forum Posts by: Dante M.

Hi @Jupshy Jasmin. Give Juan Naranjo at Action1 Inspections a call. He'll find so many flaws, it'll make you not want to purchase the property, but that's a good thing. Best of luck.

Congrats @Dan Shelhamer. Did you partner up with someone to make this deal work? I'm thinking about trying this method.

@Jason Schimer How are things going? Any success with purchasing your 1st property?

@Clayton Mobley Great points. I am looking for something more turnkey than this property. I only expected to make cosmetic repairs, redo the flooring, purchase a W&D (sellers going to purchase a new fridge & stove), then put a tenant in it. I'm not looking to take on a lot of rehab work because the property is a 50 minute drive from my home and because of my work schedule.

Thanks for your replies. I just got back from the inspection. The inspector was very helpful. After the inspection he did a walk-through with me to explain the problems with the property and what to look out for when I go to a viewing.

Here's his major findings:

1.House has no main electric shut-off panel. 2. Lots of patchwork on one side of the roof. May have a problem with leaks on that side. 3. Decent sized holes in A/C ducts. Appears to be eaten through by a rat. 4. Termite damage in the door jamb of the front door. 5. Kitchen sink cabinet will need to be replaced because of water damage. 6. Possible plumbing problems in bathroom (tile around bathtub faucet dips inward, might be water damage. Water was not on so he couldn't check for any leaks.) 7. Water damage on the side of the bathroom vanity (same bathroom as mentioned in #6.) 8. There's a concrete shed in the back (about 6 ft from the house) that has a severely damaged roof. We were thinking about demolishing it, but it's too close to the house and the walkway to the back isn't big enough to maneuver a big truck through. The water heater is in the shed.

Other than that, the other issues are cosmetic. We'll ask the seller to reduce the price and if not, we'll keep looking. Whether we purchase this house or not, this was a great experience for me. I'll know some of the things to pay closer attention to when I check out a house the next time.

And the property is a buy and hold with conventional financing.

Welcome Jesse. Did you attend the BP meet? If so, how was it? @Jon Huber can you tag me for future meetings?

I have an inspection tomorrow on what is hopefully the first rental of my RE investing career. For my fellow BP members, what are some things that if discovered during an inspection, you can't overlook?

To add to your question, why are banks hesitant in approving a HELOC if they know you're going to use it to invest in stocks, use for a down payment for rental property, etc., but it's ok to use it to acquire bad debt or pay off other debts?

Can anyone recommend a property manager in Palm Beach County, FL?

I'm trying to purchase my first rental property and need a little advice. I have about $100k in equity in my primary residence and was thinking about doing a cash-out refi to purchase a rental. That'll leave me with about $55k going towards my investment property. My question is, can anyone share their experiences with cash-outs on their primary residence? Is it a good idea? What are the pros and cons? Is it worth it?