All Forum Posts by: Devin D.

I agree with Jason... speaking from experience new construction around here can be years of headache and legal action.  In the words of Mr Buffet... buy equity.  I'm a fan of buying equity and then forcing more equity through improvements.  The deals are out there.. have patience and be prepared to move fast when you find it.

I agree with Ned Carey.  Taxes and Insurance seem high... manage the property yourself (It's easy and I use Cozy and it's free)... I personally save an emergency fund in a high yield savings account for each property  instead of having a vacancy, cap ex, or maintenance fund and then drop these costs until I need to make a withdraw from the emergency account. Or if you have a primary residence with some equity... take the 10k and pay the mortgage down then take out a HELOC and zero out the balance ...you always have that money available on a line of credit (at interest only payments on the balance typically for 10 yrs) .. 

If you do the property mgmt and put the 10k in a high yield or into your primary residence and draw a HELOC (Also most states no closing costs) then I can see you over 200/mth at the 700/mth rate.

A step further would be find a tenant to do a lease with purchase option or rent to own.  (I prefer lease with purchase option).  Take a 4k+option or down payment upfront and liquidate in 24 months selling at 80-85k. You will likely avoid major repairs cost and turn over.   With an option arrangement if the tenant doesn't close in 24 months you keep the option money and still have the property and great ways to generate additional cash from the deal.

I thought this resource was useful for national lender analysis and good to be able to compare for more local options.   https://fitsmallbusiness.com/best-portfolio-lender

Thanks for the thread.  Very helpful.  I'm in the process of closing on a 4-plex and possibly pairing with a duplex at the same time so this is very helpful.

Please message me with details

Considered that as an option but trying to be more creative. I rather do the deal with my own funds then bring someone else end. I understand condos don't look favorable in most markets. I don't invest in them normally but numbers work and over 40k of instant equity and a double digit growth market. (Plus a nice shopping center going in a half mile down the road) Rental profit is 300-500 at the door (No upgrades/ with upgrades). Was considering putting doing the down payment and HELOC the cash out within a month. (That said I don't know if the HELOC bank would go off the new real value of the property or not). Also know there are mortgages that will include the "repair" cost and appraise after repair but I know near nothing about them other then they do exist out there. Seeking key terms to us and ideas. Thanks in advance.

Need your help!!!  All Insight welcome.   Under contract for a new (to me) property (Condo).  Great equity margins (21%) and needs no work to rent but for 10k more the market would support another 20k in equity and 200/mth more rent.  Have great credit and have the money to put 20% down but what's the challenge in that.  

I need help figuring out how to finance this deal where I don't have to put 20% down of the purchase price for a bank.  Who wants to tie up there cash and have over 40% equity from day one.  Trying to do this as cheap (transaction cost wise) as possible and with as little or maybe cash out of the purchase.  (Long term this is a new buy and hold rental for me so not looking to flip it or short term type things)  The rental numbers work great and have been in this market for awhile.  Seeking your thoughts and creative strategies to accomplish the little to no money into the loan.

Perfectly timed.  Have been investing for years off and on... finally decided to get back to it only this time I wanted to do it without any money.  Just signed my first contract with 23% equity from the start.  Rent-able from day one but for 10k in updates it could easily get 20k back in equity and 200.00 more a month rent.  So looking forward to listening and learning.  Have a meeting with a banker who is familiar with working with investors to discuss financing options and hope to be able to use this to discuss options.   If others have done this before would love to hear what you have learned.

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Seeking agent in the Jacksonville Beach and Jacksonville area for investment property search.  Also interested in meeting wholesales in the area and surroundings.

Do you still have this property available?