All Forum Posts by: Ryan Redmond

Well, not much. I don't have any real experience with this yet, so I'll try to give conservative ballpark numbers. I know the house is brick, 750 sq ft, 2 or 3 bed/1 bath, was built in 1957, and has an estimated market value between 75-85k when fixed up, of course. While some of this info is from Zillow, which isn't known for its accuracy, comparable houses in the neighborhood have sold for similar prices. Without paying for a professional home inspection I have little idea how much all the repairs would cost, but my conservative estimate would be about 20-25k. Unsure how quickly contractors could rehab the place without knowing the full extent of the damages, but taking how small the house is into account it should be doable in 3-4 months (assuming the contractors are reliable, of course.)

This is all still very hypothetical because I have yet to track down the nephew again so I don't even know if he'd be willing to sell for cheap. I just suspect he doesn't want to deal with the property since it needs a lot of work and he left all the trash in the yard weeks ago and hasn't been back since. I guess I should try to track him down first and ask a contractor for a rehab estimate. 

Hey, everyone. About a month ago the sweet old lady next door passed away. Her nephew mentioned that they'll probably end up renting the place out but the house would need a LOT of work- paint, carpets, landscaping, new driveway, and whole kitchen and bathroom would probably need to be ripped out. And that's just the things I'm aware of. 

All the garbage from inside the house is piled up in bags in the front yard too and I haven't seen anybody over there doing anything with the place for weeks now. I'm beginning to wonder if I might have a potential fix and flip on my hands if I can get him to sell for cheap enough and if I can find financing for it. Even if I'm unable to fix it up, if i could get it under contract for the right price I wonder if I'd be able to wholesale it to someone in the BP community.

This is in the Louisville, KY Camp Taylor area, btw. I know you're operating with limited information here, but what do you guys think?

It's been a few weeks since our first get together at BJ's Brewhouse so I'd say it's time to plan for another one after Thanksgiving. I'm thinking Wed, Dec. 2 at the same location (BJ's) but I'm open to suggestions for other locations. Who's available for that night?

I would certainly need to run the numbers more thoroughly to see how well it would cash flow, but right now my mortgage is $570 and I'd the median rent for houses similar to mine in my area is about $950. If I was to refinance and pull out most but not all of my equity, I would be able to eliminate (or more like consolidate) my car and credit card debt and still should have enough to pay back into the house to get rid of the mortgage insurance I'm currently paying. I'm hoping the cost to refinance will be break even with the elimination of the insurance. 

Am I making any sense? I'm pretty new to this whole cash out refi idea. 

Hey, everyone. I've brought this topic up briefly before, but never with the angle of refinancing my home. I owe about 60k on the house but the house is valued at 100-115k based on current upgrades. I also owe about 20k in non-mortgage related debt. 

What I'd like to know is if it'd be prudent to take out about half of my equity to pay off my current debts? Doing so would free up over $500 extra every month to save for future investments. Besides the relatively small fees associated with a cash out refi, it seems like it'd be a good idea. Am I missing something? Has anyone here done this successfully and if not, why not? 

In case it's relevant, I plan on either renting or selling the house in the Spring. If I end up doing a cash out refi, it'd be better to keep it as a rental, correct?

Hey, everyone. I've brought this topic up briefly before, but never with the angle of refinancing my home. Long story short- I'm currently doing a live-in flip and plan on selling the finished product in the Spring. I owe about 60k on the house but the house is valued at 100-115k based on current upgrades. I also owe about 20k in non-mortgage related debt. 

What I'd like to know is if it'd be prudent to take out about half of my equity to pay off my current debts because doing so would free up over $500 extra every month to save for future investments. Besides the relatively small fees associated with a cash out refi, it seems like it'd be a good idea. Am I missing something? Has anyone here does this successfully and if not, why not?

Looking forward to hearing your thoughts

Alright guys- when you show up tonight just tell the girls at the front you're here for the real estate meet up. They should hopefully be able to point you in the right direction. 

Great! I'm estimating 8-10 people so far. See everyone tonight at 7:30.

@Neal Bratton, thanks for the notice. 

@Chuck B., shame you can't make it. Is this event at Brett's office open invite? I'd like to make it to that as well.

Would we happen to be talking about the meet up I'm putting together at BJ's Brewhouse this Wednesday? I certainly hope so! haha