All Forum Posts by: James Kim

 thank you. I haven't surveyed kansas city but would it be best to correspond through BP or can  you message me your work email? 

Hello,

Long time lurker. I have been seriously considering OOS investing finally and am hoping the folks here can give me a list of reputable real estate agents/companies/Bigger Pocket member to start working with in Indianapolis, Indiana. I'm looking to see if doing OOS is even possible given my specific interests in passive investing (meaning I"m looking for turnkey groups or even condos in the appropriate setting). I will be cross posting in other city sub-forums as well such as Phoenix, Birmingham, etc.

Thank you all,

James

Hello,

Long time lurker. I have been seriously considering OOS investing finally and am hoping the folks here can give me a list of reputable real estate agents/companies/Bigger Pocket member to start working with in Little Rock, Arkansas. I'm looking to see if doing OOS is even possible given my specific interests in passive investing (meaning I"m looking for turnkey groups or even condos in the appropriate setting). 

Thank you all,

James

Hello,

Long time lurker. I have been seriously considering OOS investing finally and am hoping the folks here can give me a list of reputable real estate agents/companies/Bigger Pocket member to start working with in Phoenix, Arizona. I'm looking to see if doing OOS is even possible given my specific interests in passive investing (meaning I"m looking for turnkey groups or even condos in the appropriate setting). I will be cross posting in other city sub-forums as well such as Indianapolis, Little Rock.

Thank you all,

James

Hello,

Long time lurker. I have been seriously considering OOS investing finally and am hoping the folks here can give me a list of reputable real estate agents/companies/Bigger Pocket member to start working with in Birmingham, Alabama.  I'm looking to see if doing OOS is even possible given my specific interests in passive investing (meaning I"m looking for turnkey groups or even condos in the appropriate setting).  I will be cross posting in other city sub-forums as well such as Indianapolis, Little Rock.

Thank you all,

James

Hello,

I too would like some information as well. I am hoping to get started in the dennison and victorian village area because that's where I am most familiar with. I am OOS.

Thank you all

Hi all,

Just wondering if anyone has any experience with Own-your-own (OYO) homes? Doesn't seem too different than condominiums other than by legal name and designation. 

As all the websites I see talk about "possible stringencies with financing," I would assume the biggest downside is the possibility of selling the property in the future if need be? Otherwise, are there any other pitfalls I would need to consider when thinking about investing these as rentals?

Thank you!

@Lee Ripma, yes this negative monthly is something I can easily tolerate. I just want to make sure I'm not making an egregious error holding onto this property. 

Pardon my ignorance, but what about my question regarding refinancing once LTV hits below 75%? If I spread it over 30 years again, this would lower my overall mortgage and I would hit positive numbers immediately (especially if I choose to increase rents to market rates as well). Is this a viable option in theory assuming interest rates are reasonable?

But of course, to play both sides...in reality if I do refinance, I would actually get worse interest rates from the bank since it's currently under a 4.25% rate that was originally designed for conventional primary residence home loan, no? 

So far, it had been a good tool for tax deductions. And of course we have been slowly gaining equity from the rental payments too. I suppose ultimately we were hoping to use it for passive income (as well as pass the property down to our children) once mortgage was paid off since we had initially put so little money into it so far. (yes we were paying $2800 /mon for PITI+HoA as it was originally our starter home, but I figured $2400 is essentially sunk cost because that was market rate for apartment rentals in the city. Am I wrong to have thought like that?). 25 years to end mortgage payments is a long time to wait though...

But ultimately if there is no way to turn this into a positive monthly cash rental at this point, then letting it go is probably the easiest choice.

Hello,

I have been recently introduced to the world of real estate investing and places such as biggerpockets have been extremely informative and inspiring. My goal is to generate another stream of income for retirement and am not interested in amassing a multi-million dollar real estate empire. I think maybe around 5-7 units is what I envision overall. 

I would like advice on our only property that currently negative cash flows 450 dollars per month. It was originally a primary residence bought in 2015 for $400,000 with interest of 4.25% . The down paid was 5% at $20,000 via doctor loan. At the time my wife had extra cash laying around and our thought process at the time was "why pay $2400 a month for 2 bedroom unit when we can pay it to a mortgage ourselves?". PITI ended up $2800.

5 years later, we relocated for my physician training but wanted to maintain our property. Rent is slightly below market cost at $2400. Based on vacancy, we end up needing to pay $450 for the HoA per month. Townhome is only 15 years old, but not sure how to guestimate CapEx?. Thankfully maintenance and repairs have so far been a non-issue for now. We could increase rent a couple hundred dollars to market rate but given the low down payment, it will still negative cash flow. Fortunately the property has appreciated quite nicely by about 30% in the last 4 years with the neighborhood officially gentrified. It is in a big coastal city with healthy rental market. There is 25 years left on the loan.

Should we sell? Should we keep? Is it ignorant to consider refinancing once LTV <75% into another 30 year loan which would lower mortgage expense and put it into positive cash flow?

Thank you all