All Forum Posts by: Steven W.

@Thomas S. The 1% amount is a guideline, not a rule despite what many people think. The major difference between Charlotte and other parts of the country is that taxes are much lower here. I own several properties that I don't get 1% on and they are excellent investments with $500+ cash flow a month (including PM, CAPEX, Maintence, ect). Granted these are $300K+ properties but should not matter.

@Joey Hampton I would be surprised that a $90K property can rent for $1,500 to $1,600 a month. For your size home these locations are typically Plaza Midwood, NoDa and Elizabeth however the values are much higher. I'd be interested in knowing what location your home because I would be happy to buy up as many houses as possible in that area for the price you are indicating.

If you do not have the downpayment you can refinance out of your FHA loan and use it again. Just know that your Debt to Income (DTI) needs to be high enough to pay for both mortgages with no rent, because you do not have enough experience to include future rents into the equation.

Lowrs by far has the better program if you are buying $1,500+ in materials. It's called the Quote Support Program (QSP). Usually they offer up to 15% off. Home Depot will not match this but offered a similar program that offers 4% off.

@Jacob Camilliere I'm a little confused by your comment of wanting to stop paying rent but also that you won't be living in the house.

If you plan on not living in the house your taxes will be MUCH higher. You will not cash flow positive. A 160K property will cost you $4400 in taxes a year. 

You can estimate your taxes here - http://www.richlandonline.com/OnlineServices/PropertyValueTaxEstimate.aspx

Brian Welch I would look at what other siding is in the neighborhood. If this is the typical style I would repaint it and paint the brick foundation. If this type of siding is an outlier I would replace it and possibly force more value into your home. I'm a huge fan of the pre-painted fiber cement even though it is more expensive. I recently replaced the cedar planks with on a home and it's value tripled the amount of cost I put into it.

Elbridge Barnard I received 1 VA loan while still serving and 2 as a veteran. There is no requirement that you still need to be serving.

Looks like this property is now under contract. Did anybody from This forum go ahead and pull the trigger? I'm curious how much it is under contract for. I was planning on going to look at it tomorrow.

Can you send me pictures or more information?

I have an active VA loan on 3 properties. It's not as difficult as it seems. I ran out of entitlement on my 3rd property and had to pay cash out to reach the amount needed. Here is a link to he VA.org that can help explain better than I can: http://www.benefits.va.gov/homeloans/documents/docs/guaranty_calculation_examples.pdf

I've used this secured loan multiple times. http://www.admiralsbank.com/home-improvement-lending/for-homeowners/home-improvement-loans/program-highlights

BiggerPockets Family, I have an investment property that is currently under a VA loan financed at 2.75%. I have over 200K in equity that I would like to be able to use to but would really like to not refinance. I lose quite a bit on the interest rate if I do. So I thought to myself, well let's just get a HELOC! Unfortunately 30 banks later and two useless credit checks I'm having a really hard time finding a bank that will offer a HELOC even at 80% for an investment property. The two banks that do offer it will not qualify me because I of the amount of mortgages I have. Does anybody know a bank or lending firm that will offer something (either a HELOC or 30 year fixed 2nd mortgage) in North Carolina? I appreciate the help!