All Forum Posts by: David Barnett

Good job at @James Wise.  Not to take anything away from the trailer, and didn't find it as juicy as I'm sure the whole picture will be.  In my mind, pretty pathetic that he tried to suppress it with a copyright infringement claim.  

If the property will cash flow after the refinance or LOC, I would certainly consider it over selling. I don't like selling good properties that cash flow and aren't pains/have some other issue.

I've scoped the sewer line on a fewer older properties that I've had under contract.  I negotiate the deal assuming the sewer line is good and then either re-trade or walk away if it is in really bad shape.  I've done the sewer scope at the same time as the regular inspection, allowing it to fall under the inspection contingency.  It might cost you a few hundred dollars to do the sewer scope, yet is worth every penny.  Sewer issues, especially if you have to dig out to the street are extremely expensive.

@Tyler Santos Good luck on the move!  Please don't hesitate to PM me if I can be of any help.  I live in the Boston area and invest in the Twin Cities.  Happy to help in any way that I can!

@Morgan Wells Maybe @Daniel Kurkowski can help you out?  He's in the commercial space, CEO of the Obsidian Group and believe one of his co-partners is a practicing attorney in the commercial real estate space.  At the very least, maybe the two of you can do some business in the Twin Cities commercial real estate space.

I agree with Aaron. I would continue saving. $5k is not enough to weather any potential storms, even if you have a HELOC with a pretty large revolving credit limit.

I'm getting 20 year am, 5 year balloon at 5.67%.  These were the terms of my latest refinance about 4 months ago.  I would venture to guess that if I were to try to buy or refinance a property in the current rate environment, it'd be closer to 5.25-5.50% with the same amortization period and balloon period.

Seems like a lot of work for $20k-$25k.  To answer your question directly, it depends on the bank.  Usually you pay about 1% of the loan for origination, a couple of hundred dollars for appraisal, and then you have lawyer/title company fees, depending on who does the closing in the area that you are investing.  As Robert mentioned, if you escrow insurance and taxes, those would need to be accounted for as well (probably six months worth).

I would focus on saving money for your first payment.  Anxiousness and real estate investing are usually a really bad combination.

 Colder than the blue mountains on a Coors Light can.