All Forum Posts by: Josh Autery

@Account Closed that there is something to be said about the 'usable life' and depreciation of your carpet. I don't know about tenant/landlord laws in Connecticut, but you may want to take that into account too.

The odds of your tenant fighting a small charge for the carpet--slim, but every dealing you have with a tenant builds a public image of you (not to mention speaks to your character).

If the carpet is only a year old, then I, personally, would charge them replacement cost... any older than that, and it would be a depreciated replacement cost.

The fact that you were going to replace the carpet (though it may speak to the carpets age) wouldn't directly have any influence in my decision to dock the security deposit.

@Matt Eckman

I would cash out refi, as you will save the MIP from the FHA. It adds up to quite a bit over the long run.

As far as the 30k -- maybe. It depends on how well you've done your numbers. Have you accounted for the closing costs on each loan? The appraisal/refi process where I am can eat into your 'cash out' by a couple thousand if you're not careful. Is your ARV realistic? Will your "comps" still be "comps" of the market conditions in two years?

Just double check all those numbers... you win or lose when you buy!

Keep looking... there are insurance companies that will work with LLCs and agents that will go to bat for you. Wellington was who Allstate was going to write mine through... I ended up going another route, but it CAN be done for a manageable rate.

@Chad Deberry

If you've estimated your expenses right, in my world, a 192 monthly return on 16k is good.  I usually go for 100+ a door (not including the PM fees that I currently collect too).

I'm not sure you'll be able to pull any money out of it though... usually, cash out refis take place when you've added value, or bought way under market value.  Most banks will not refi a non owner occupied for less than 20-25% down.  Odds are the cost of refinancing would be more than the cash you can pull out.

At least that's been my experience.

I built my own, so that it is more specific to my needs and market... BUT I have used bigger pockets calculator (https://www.biggerpockets.com/buy-and-hold-calcula...), and it is pretty good.

Also, i occasionally use an android app called DealCheck. It was relatively cheap, and serves pretty well when I can't get to a computer to analyze a deal.

Good Luck!

PM'd. Curious about what you're doing...

Welcome @Kristy Farmer!

Texas is a great place to invest.

I would love to learn more about vacation rentals... I only do long term rentals in the SETX area.  I have looked into both Galveston, and some resorts in Colorado.

If you ever want a free coffee, I'd love to pick your brain about how the Vacation rental thing is going.

I definitely appreciate your hustle... I'd be real worried about people defaulting on your "loan" and the legal recourse offsetting anything you had made.  Or your property being damaged...

Unless of course you have a henchman to do your bidding...

All in all, I believe in maintaining balance in everything... that leaves me with more of a moderate-risk approach.

Just my opinion...

@Jeremiah Gentz  Read this thread.

@Jason C. Thank you.  Big Bang for the win.  Made me feel a little better about actually skimming through the entire thread.

I want to buy a property as my new primary residence.  There is currently a tenant in the property, and their lease expires in September.  Current financing seems to have a 60-day residency requirement written into the deed.  Does anybody know of a work-around or strategy to  accommodate this requirement . Theoretically, I could let her stay until the end of her lease and move in after.