All Forum Posts by: Dave Mosher

excellent, thank you very much for that.  I really appreciate you sharing that link

Is this still available?  I couldn't open the attached file.  Thank you,

-Dave

Is the general consensus that the East Windsor casino will be a benefit to REI in the area, or is the thought it will bring in lower income, higher crime rates to surrounding towns where we may be investing?

Can someone please add me to the Rocky Hill or Manchester group?  I own property in East Windsor and Windsor Locks.  Thank you,

And .maybe I should count my repairs as depreciation instead of straight deductions.  basically wait to advertise it for rent, so it wouldn't be deductible.

thanks, yes basically I was wondering if I should be less aggressive. I don't want to lie, but was curious as to using a HML vs paying more tax. seems like it is pretty clear I should just be less aggressive, I appreciate everyone's insight!

I am closing on my first SFR on December 20th. Financing has gone great with no problems. I went through a local bank, who offers portfolio products. I was talking yesterday about what I would need in order to purchase again in the future. I own 2 businesses, one of which is a small farm that I took a $10k loss on last year. I figured this was good because of the tax sabings. Now because of this loss it is hurting my ability to get future loans because of the debt to income. I currently own my home with about $50k in equity, plus 8 acres of raw farmland with $30k in equity. So this SFR is my 3rd mortgage. I can't take a HELOC on the land because it is land. Should I show a profit on the farm, pay the taxes and be able to qualify for more loans or go with a HML? Thanks for the advice,

Just to update everyone, I decided to take out a loan instead of paying in cash.  I wanted to make sure I had enough cash to do a decent rehab on the property.  I paid $97K with about $2K back at closing.  We are closing on December 20th, so not much time.  I think I should be able to get $1300-$1500 in rent per month after I put $10K-$15K into it.  This is my first investment property purchase.  Thanks for everyone's advice.

thanks chris, I spoke with a small bank and they said they have no seasoning period regardless of whether I pay cash or finance it. I was very surprised at this. I think they do 75% refi. I ask the question because i hear people say to use the banks money, but I kind of like the idea of a quick closing and being able to get a discount on the price of the house.I appreciate it.  Then once I refi, I hope to use the cash to purchase another deal.  I want to start with 2 properties this year and ease my way into things.

First SFR deal is getting closer and closer, I have it narrowed down to 2 and now I am contemplating how I am paying for it. The plan is BRRRR. I have 2 options:

1. Go for a 20% down conventional mortgage.  Rehab rent and refi.

2. Take out a 100% Home Equity Loan (not line of credit) from my credit union on my personal home and put some cash with the equity loan for a cash purchase. My thinking is if I go in with a cash offer I can get a better price.  I am shooting for a home between $85k-$100k.  Then after I get it rehabbed and rented, refi to get my cash out, and if it appraised high enough 100% of my own money that I put in

Thanks in advance.