All Forum Posts by: Jarod Castaneda

Hello PB

Im having a hard time deciding on this one.  It is a off market sale, it will need repairs (30K labor and material).  Is this a good decision, would you pull the trigger?  Thank you for your help!!

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*This link comes directly from our calculators, based on information input by the member who posted.

Thank you, HOA's are something I stay away from.

Basements have created havoc for me in the past.  I had a house that flooded twice, one because the pipe burst another because the electricity went out and my emergency sump stopped working as well.  

Thank you for your input!

• Hello BP Experts!  
• I am looking for another property and wanted to learn what others look for when finding a property.  I've narrow it down to 3 different categories for what an investment needs to be.  Can you provide maybe 1 to 2 in each category?:
• • Must have - Absolute minimums that an investment must have.
  • Nice to have - Criteria that gives "wiggle room".
  • Must NOT have - Criteria that are the items an investment should not have (i.e. HOA, Extra Fees, etc.)

             Thank you all--Jarod

Hello all, this is a great thread that I would love to get involved with.  I live out here in Reno NV and stumbled on a huge need for boat and RV storage out here.  I bought a 39' fifth wheel last year and it took me 6 months to find a spot; and I was on 6 different waiting lists.  So needless to say I am wanting to shift my focus from single family homes to boat and RV storage.

I have so many questions...and where to start.  

The most important question: how many spots can you put on an acre?  I know it depends since all spots are not equal so what is an average number?

Next, what is an average price per sq/ft to build the storage?  Knowns: ground will be rock, no overhangs, typical 8ft fence with one automatic gate with key pad entry for both entry and exit, lighting and video surveillance. 

Ok those two questions will help me understand my total cost and my monthly revenue.  I can plug in the monthly expenses.  

Appreciate any help!

Jarod

Good day, I am considering pulling out a HELOC on one of my investment properties for a down payment on another one.

I was wondering if anyone has a particular strategy they've used to pay the HELOC back? Min payments vs additional payments? And do you add that HELCO monthly payment into your analysis of the property you want to buy?
 

@Kyle J.

Thank you for the information. Yes I did forget to mention that piece of the puzzle. I will look at the numbers.

I guess my main concern was if the numbers worked out would I be allowed to do in a HELOC on a Propery with a VA loan. I know VA loans have different rules.

Thank you again!

Jarod

Good morning BiggerPockets!

I have a rental property I just refinanced with a VA loan back in November. I have about 70K in equity in this house. Is it possible to pull out a HELOC on this property to purchase another investment property?

Jarod

Update as to how everything went down.  

First, thank you everyone who provided input; it took time to put your thoughts down for me and it is much appreciated.  

So I called my tenet and let them know they needed to handle it on their own, "they made their bed now they must lie in it".  I did tell them they breeched their contract so I would send them a certified letter explaining the clauses they breeched.  They had 14 days from when they received the letter to move them out.  If they hadn't done so by that date then they would be evicted themselves.  They said they would handle it. 

When the day came, I had a trusted friend stop by the house (I don't live in the local area) to verify they no longer lived there.  They had moved them out.  I called my tenet to wrap up this incident and told her that this was unexceptable and the next time this occurs it will be an automatic eviction.  I further explained I am a reasonable person and if they have an issue to reach out to discuss.  There are never problems, just challenges to solve.

Thank you again to everyone,

Jarod

@Chris John so true they made their bed. Will send a letter out tomorrow giving them their options that must be completed in 14 days. If not then will move to evict.

@Cara Lonsdale

Thank you for your response. I just finished writing a letter and will send it out certified mail tomorrow.

Basically stated the phone conversation we had today and told them I appreciated their honesty. (I do think it is fishy that they were told I had to evict them)

I further wrote they were in breach of contract under the clause of occupancy and stated the clause.

I told them it is their responsibly to move them out. Provided them two options. Put them on the lease pending a favorable background and credit check. Or move them and their property out.

I gave them 14 days from the date they receive the letter to fix the situation. If they are unable to then I will serve them with an eviction letter.

Sending out tomorrow.

We will see what happens next.