All Forum Posts by: James Robert

Would it make more sense for me to just buy a condo in FL and throw it on Air bnb..? and then rent for a bit or buy another primary residence here in Cincinnati

Hey guys - I am a 25 year old Realtor. I bought a house 9 months ago for 183k, just sold it for 255k. Closes oct 20th & its passed inspections. Thus being said - I now have money to play with. Should I buy a turnkey property with 20% down and just put it on Air bnb and rent a place for a year? Or should I owner occupy something turnkey with a 5% down, live in it for a year then air bnb? I don't want to live in a flip again it was bad for my productivity at work. 

What would you do with 70k and no place to live yet?

Hey guys -

So say I had 60k to use, and i wanted to find someone who is also willing to put down 60k to meet 20% down a 8 unit 600k deal or so. Generally speaking - How do you find this partner? How do you screen them? Would you rather it be a friend or strictly business relationship?

I am a realtor, i can buy a house once a year and take a full 3% on a personal deal from my brokerage. I can sell my single family house and take home 50-60k. I think I am going to get a condo or a new place on a FHA loan loan, have seller pay closing costs & put down my .5% to acquire my next personal residence and put my money to work.

Please let me know how you would go about the partner situation.

Thanks!

Quote from @Theresa Harris:

If you are renting it out, you need more than 5% down. 5% down is only for owner occupied homes. Would the home you bought in Jan have enough equity to do a HELOC?

I know, I’d move into it for a year if I could do 5% down. Then I’d rent my current single family I paid 183k and now it’s worth about 230 or 240. Should I just wait until I file my taxes next year or should I use heloc money to put 20% down on this condo?

Hey guys - there’s a deal I want to buy…

There’s a condo that came to market beginning of this month, I showed it to a client and they didn’t like it. But I did…

This condo would cost me about 1500 a month with 5% down and would do about 3-4k on air bnb. Maybe more. It’s 185k. I have to wait until I file my 2022 taxes to get approved for a loan next time because my dad co signed on my primary back in Jan. Should I just wait until I get a pre approval next year or should I try to use a heloc for some money on this condo deal and start air bnb’ing it right away.. 

Thoughts?

I purchased a home for 183k back in Jan this year. It is now worth about 240 with my updates I did. 

Lets say it sells for 240.. Am i taxed on the 57k (240-183=57) or I am taxed the difference between the 240 and the appraised value when i bought it? It appraised for 215 at the time.  So that would be only a 25k difference.

Please let me know!! Itching to find out. 

Thanks!

Hello 

I am a Realtor here in Cincy and also aspiring investor. I current own a single family home in a great area. I paid 183k for the home and the floors are sloped, some foundation settling on a stone foundation. Nothing you can really do but jack up the house. Costly. 

I am living in this house, 8 months in and have done numerous updates. I no longer want to live in this house as I dislike the sloping. I did not care that much when I bought it because I was excited about my first property. Now that I live here, I very much dislike it. I would have to jack up the house (3k) then have new flooring put in which would be 5-10k. I have already dropped a fair amount of money on bathroom updates, kitchen etc. I could sell it for probably 235-250 right now and I paid 183k. I am scared the market is going to turn (already is) and I will not be able to sell it. It has a strange layout. If buyers get more options they may not want my home. It would cash flow about $800 but the sloping will get worse over time if I do not fix the problem. I kinda just want to sell it now, take the hit on taxes & move on. What would you do? 

I know 90k is not super high income but for someone who is 25 like me, I am not making 90k yet so I have to get creative. That is good to know that you can get credit for the current rented units. Maybe i need an investor friendly lender..

Quote from @Percy N.:

@James Robert, the benefit of a 4 unit vs a 5+ unit is that under 4 units are still considered "single family" and you may be able to get a loan as your primary residence with a comparatively low down payment.

However, make sure you can afford the place even if rent collection drops and make sure you are conservative in your expense projections.

 Thats what I am saying, how are people buying these properties without having a SUPER High income. You cant get approved for like 400k without making 90k or so.. 

Hey! 
I see all the time people saying "Buy a duplex or 4 unit as your primary and rent out the other units"

To buy a duplex or 4 unit where I am you are looking at 300k MINIMUM, you gotta have a good job to even qualify that. How are you guys doing it if you don't have a super high paying job? 

Am I missing something?