All Forum Posts by: Jeff Dietz

Thanks for the replies everyone. This answered my question :-)

Hello BP community! I hope everyone is doing well.

I have been lurking for a few years, and I have finally gotten to make my first deal. It is a fairly large 3 bedroom 2.5 bath duplex in eastern Kentucky in a college town. The other side of the duplex is an identical unit but it is not ready to rent yet.

The best tenant prospect at this time are 3 young men who are recent university grads and will be on the lease for $900 per month total for one side of the duplex. They are beyond the income requirements but they do not have extensive credit so one of them will be having a parent as a co-signer.

I am using mysmartmove as I like the fact that the tenant can pay directly and fill out their information. My question is this:

In the scenario that I described, would it make sense to have all 3 tenants as well as the co-signer fill out a mysmartmove application? It just seems kind of excessive to have 4 people paying $40 each. If not, are there any alternative recommendations?

i am looking to get ceramic tile

I have around or a little over 100sq ft give or take.

The linoleum sheet floor in the kitchen has some purple spots and needs to be replaced. If there is mold underneath, the wood underneath may need to have some spots replaced. I may do the powder room to depending on price.

I just got it quoted by someone and he quoted $1700 which I felt was quite high for the job. I am looking to explore other options and wanted to see if anyone on here had a personal recommendation.

About 90% stocks / 10% bonds inside of retirement accounts. About 80% stocks / 20% bonds outside of retirement accounts

Thanks, this is all very helpful and I will check on these suggestions after work.

Hello,

I am looking for advise on a clogged dryer vent. It is the vent to outside the house. Should I contact a place like sears, or would I need a handyman for something like this. If anyone has a recommendation on someone's service it would be appreciated as well.

Thanks,

Welcome. I am a new member from St. Louis as well.

Hi All,

I have been looking into purchasing cash flowing properties in the St Louis area...

But my question in this case regards my personal living situation. I would also like to sell or rent out my townhome and move into a house.

I have an FHA loan on this townhome. Would that mean I would not be able to get another FHA loan? I am thinking my best route would be to rent out the townhome with the loan it has and then put 20% down on a conventional loan for the house I purchase.

Secondly, I was wanting to look into the option of refinancing the townhome. It would not cashflow enough to cover repairs with the payments I have now. The rate is currently at 4.96% for 25 years (bi-weekly payments) and I am getting a lot of papers in the mail offering rates to refinance to a 30 year mortgage at 3.25%. I have researched refinancing a little bit and I am seeing that there may be restrictions in place as far as requirements to live in the property for a year or more.

I was hoping to move in 2014 but I am willing to stay in the townhome a little longer if it is the best option. I am just looking for the best route to achieve my goal of purchasing a house. This situation is a little bit confusing to me because I bought this townhome before I started looking onto REI so this would not be an ideal home for a rental since it was somewhat expensive and not big for cash flowing. However, I have about 3 and 1/2 years of paying mortgage into it and the neighborhood is getting nicer with a lot of new developments in the area so I think it may be worth keeping.

Any thoughts are appreciated.

Regards,

Thanks for the welcomes. I will look forward to being active on this site.