All Forum Posts by: Josh Dillingham

If you are making extra mortgage payments just so you can have a larger cash-out refi in 3-5 years I don't see the advantage in that. You aren't actually saving any interest payments on your mortgage because you are going to refi before you pay it off anyway and the larger your refi is the more expensive your closing costs will be, so you might be costing yourself a little extra. I say keep every dime you can, stick it in a place you feel comfortable with for the next 3-5 years, whether that is savings, stocks, etc. Then when you are ready to buy that money will be ready to deploy without having it tied up in your mortgage.

I put 3.7mm in my rehab.  It has been rented out for about a year now and the floors still look great.  Cost me $1.79/sqft I think.  I thought about going with the thicker stuff, it was $2.79/sqft.  As of right now after one year I'd make the same choice if I had to do it over again. The current tenants have I large dog and I haven't seen any scratch on the floor from him.  I like the vinyl plank because it looks nice, has wood-like texture and is waterproof so it can go in every room, and each individual piece can be replaced if need be.  I had an appraisal done on the house a month ago and the appraiser thought it was actual hardwood (I can definitely tell the difference but it still looks pretty close.)

go to Craig's list and search what other places in your area, same condition, Same number of bedrooms etc. are renting for.

that depends on your goals. does the property cash flow an acceptable amount for you? has the property appreciate significantly since you bought it setting you up for a nice profit if you sell. I would imagine buying turnkey properties in CA would be tough to find good cash flow. have you considered buying non turn hey properties? you would likely find more cash flow that way, but would also require more involvement on your part.

landlord pays heat and your heating bill is less than your water and sewage? over here in Vermont I pay about $3800 a year for oil heat on a 3 unit that has decent insulation. so $12,000 for 35 units seems quite low. I would be envious if you could pull that off.

have you had a conversation with them which leads you to believe they can't/won't pay $1250? if I were you I would start at your normal rent then you can make the decision to take a lower rent if they tell you that $1150 is there budget.

a majority of the bigger pockets community would agree that multifamily (aka apartment) investing is more lucrative and scalable than single family investing. you are in the right place to find out more about multifamily investing, search the blogs and forums to find all the information you will need.

those numbers would be too close for my comfort. let's say your purchase price is $75k, closing costs of 6k, fix the roof for 5k factor another 5k in other repairs and holding cost while work is being done by the time you refinance for 110k and pay the refi closing costs of 5k you'll have made 14k on the deal, and that will be 6 months down the road. I think there are better options for your time and money.

I think how you present it to them can make a difference. if there are food and beverages left laying around it could attract insects and rodents which will cause damage to your investment and the clutter could be considered a fire hazard. So you can present it as a safety and pest concern instead of saying "you are slobs and need to clean things up"  they maybe be more receptive to the safety and pest control angle as well.

talk to @Upen Patel I don't think The Federal Loan Savings Bank requires two years to count rental income.