All Forum Posts by: James Ryan

I found a single lot with 3 separate houses on it. Would that qualify for an FHA loan if I plan on living in one of the houses? Or does FHA require it be one structure?

Which do you prefer, rentredi or avail and why? If you use one, did you use the other previously? 

Thank you! 

The house I am closing on does not have central air. I want to be able to maximize my rent by increasing the quality of the house and one thing I am considering is adding ductless air conditioning unit. Does anyone have experience doing this? Will this lead to a headache with maintenance calls? What are some suggestions for ductless units you have used? I was thinking of doing a wall unit for the first floor and window units for the upstairs bedrooms 

Thank you Tanner. I thought banks would only do 75% LTV so that would make my numbers a bit better at 80% and yes I plan on renting it out for 1500. Are there any reasons I should be aware of that a bank will not refinance?

I am closing on my first property Wednesday. Purchase price is 92k I plan on putting 10k into it. Based on comps I'm estimating the ARV to be 140k. I have a 30 year 4.35% mortgage with 20% down. Closing costs and lawyers and other fees came to about 6k. So I'm all in for about 108k and if the bank refinances at 140k that should get me 105k back. What are some reasons why a bank wouldn't do a refinance and what if the interest rate increases would it still be worth getting the cash out and use it for another deal or would I be losing more money in the long run? If it is okay to refinance at a higher interest rate, what is the threshold for too much increase of the interest rate for it to not make sense?