All Forum Posts by: Dustin DeBoer

I think it's great that another meet-up has been started in CT! I will be attending this event.

I am wondeirng if anyone has some great places they reccomend to buy big ticket items such as kitchen cabinets, flooring, paint, vanitys, etc. for a great price when remodeling a house in Connecticut?

Any input is appreciated!

@Bryan O. @Blair F.

Blair and Bryan, thank you so much for the tips. I will take them seriously. I think putting enough sweat equity into a house and re-financing into conventional is one of the better ways to go. I have heard it many times and it is a great way to put little or no money of mine down. I always worried about being able to re-use the FHA. I will now work my way to determine what numbers will make that possible for me. Getting 80% equity seems tough to obtain within a short time but if you buy right it will be possible. Any first hand tips on buying right?

Title: Expenses associated with rental property

I have been trying to determine what profit I would have left over each month after bills were paid for a rental property. I have yet to buy so I want to have a god idea of what's to come as far as bills go so i can get into my first deal. Below are the expenses I believe I must account for when evaluating a rental property. Please tell me if there is anything I am missing:

Fixed Expenses:

electricity / water and sewer / PMI / garbage / insurance / property taxes

Variable Expenses:

vacancy % / R&M / CapEx / Property Mgmt.

Any suggestions as to what are good % to use when determining the variable expenses?

thank you for that info. I will look into that. I met someone who said they transferred ownership of the property into a LLC that they owned. It in that case they still owned that FHA loan. I believe they must have re-financed the loan into a different type of loan which allowed them to re-apply for FHA after a certain period of time? Just throwing what I heard out there to see if you have heard similar or not..

Scott, how would you go about using an FHA loan again after that first property?

Thank you for that information and support. BP seems to have tons of resources. 

Thank you for that piece of info. I will definitely check it out. 

I haven't bought my first home yet. I'm planning what the best direction to go on the first one to set me up for the second one.  I agree with the sweat equity aspect though. Also, posting an ad isn't a bad idea either.  

Have you heard on anyone that transfers ownership of their home to a LLC in order to apply for a FHA loan again? I think for that you have to not own a home for 3 years though before you can re-apply for the 3.5% loan. Correct me if I'm wrong please