All Forum Posts by: Jake S.

Hey Eric! There are obviously a lot of variable at play here, but just from a birds eye view, It looks like the property would cash flow.

How is the neighborhood it is in?

If you get it under contract, you can always reveal any major issues during inspection and go from there

Hey Vincent! If you refinance, how would the cash flow be on the property?

If it still would cash flow fine, I would refinance to accomplish your goal of paying off your primary residence, while having surplus funds to go and acquire another property.

Hey Dan!

So after setting aside for PITI, future repairs, vacancy, etc. It still cash flows I assume right?

What is the house's value right now?

It sounds as if this property will be able to cover the debt payments and allow you to still cash flow and get more property.

That is the route I'd take.

Hey Kat!

I would first talk to a local realtor and get some more details on the property, whether it is still in pre-foreclosure, the comps, etc.  Zillow isn't always up to date when it comes to foreclosure stuff.

Otherwise, you can go to the persons home and talk to them, you can send them letters, find their number and call them, etc.

Hmmm still wont work for me, but Charles makes a lot of good points!

Hey Anthony!

If one of my properties is a solid performer and will still cash flow well after a refi, I usually decide to hold it.

If its a property that I dont really like, or want to take care of upcoming capex items, or just simply doesnt cash flow great, Id do a 1031 exchange

Make sure you have enough equity in the property for it to make sense to do a refi in the first place (usually around 45-55%)

Hey Brandon!

Are you able to qualify for a loan?

You can always hire a property manager to just handle the leasing of the tenants while you handling managing the actualy property!

Hey Caroline! I couldnt open the report! Would you like to message me it? Id love to help you out!

Oh so it's more condo style. You should be able to contact management and find out!

Dylan! Yes this is called "House Hacking" and will let you live in that home for free basically.

Just be sure you get something in a decent area and be sure of the rents.

I recommend using BP's calculator