All Forum Posts by: Jenny Scott

@Rick Albert thanks for your input, it is definitely good advice. I did a search on zillow both for multifamily (<200k) and older homes (<150k) in Alabama, most of them look pretty creepy, I am kinda new, not sure if I can handle those. If there is any agent or investor here know some decent ones, I would love to hear out, and maybe to work together. 

@Neely Coble you are right, the cashflow is very slim. The only way I feel doable is on price <= 200k, say if it is 200k, with 75% down, with 30 year 7%, that will give me a monthly payment of $1k per month. Add another $300 for others, that is 1.3k. I think that could give me a big chance that the rent could cover 1.3k and maybe with a small lunch money as an extra. But that is it.  

My plan is to buy a property like this, as long as the cash flow is not negative, I am ok. Will just let tenants to pay it off. 10 or 15 years later, maybe it will have some sizable cashflow to support my retirement..:) am I too optimistic? 

In term of locations, do you all have any recommendations on those locations? 

I am looking at:
Oxford: looks like having a great school, Having a few great towns around, like Anniston, Munford, Weaver, Jacksonville.

Lincoln/Eastaboga: even cheaper than Oxford, but not as good as Oxford in term of school. Close to coosa river. 

Pell City: Close to Leeds and Birmingham, I heard people saying those are pretty good areas. They are all probably similar as Moody and Odenville. 

Cullman:  between Birmingham and Huntsville, location wise seems pretty good. 

Or any others?

Are there any realtors in those areas or property managers might give me a little more insight on those areas? Any area to avoid in term of rental investment? 

Thanks. 
Jen

Hi, I am from Georgia, with everything goes up here, feel like Alabama could offer a better or cheaper place to invest, so I am thinking about investing in Alabama, not inside of Birmingham, but between Atlanta and Birmingham or between Birmingham and Huntsville.  

I've seen along I-20 (between Atlanta and Birmingham), or along I-65 (between Birmingham and Huntsville), areas like Oxford, Lincoln, Pell City, Cullman etc,  there are some new builds 3bd/2ba for around 200k - 220k range, rent for about 1.5k, for a buy-hold strategy, I feel comfortable as long as it has a positive cashflow (with 25% down). 

The reason I am looking at new builds is because I never done out of state invest, hopefully new builds give me less stress...:) 

With all that being said above, does that sound do-able? Will it be able to rent for 1.5k or is it even possible to have a positive cash flow? Would love to hear ideas from you all!!

Thanks, 

Jen

Hi, you all, 

I am new to this wholesaling world and thinking about to subscribe propstream. but I also found this propwire website that offer free data download. It sounds too good to be true. Is their data any good? for wholesaling purpose. Would love to hear if anyone used it before. 

Thanks. 

Jenny

Love your story, Katlynn. Keep up your good work!!

Thanks you @Alex Bekeza and @Clayton Silva those are great info. Do you know any lender in GA or Atlanta area do this type of loans? Or online lender? I used to have great experience with Penfed, but looks like they no longer offer any of those. 

Hi all, 

I have been thinking about to cash out a rental property, but not sure how to start. (I am total newbie). The reason is that I want to POSSIBLELY(so I may not buy if no good deal) buy a new rental. Let's say I want to buy a rental with 200k. 

I have another 5 rentals and one mortgage is all paid off a while back. I heard when it gets to 4 or more, banks will no longer loan on investment? I don't know if that is true. 

So basically, the way that am I thinking is, I have enough equity from my primary and I am sure I can get a 200k HELOC as a second from my primary. The rate might be higher but I like it is flexible, and I can use it over and over again. So once I have this HELOC and if I do find a good deal in my range, I will use HELOC to buy it.

But the question is, after I used up my HELOC, how can I get cash out from this newly purchased rental, or if not, how can I get cash out from the rental that I already paid off? If I can get a cash out refinance on my 5th rental, use that to free up my HELOC, then I can re-use my HELOC to find my next deal and repeat, right?

Looking forward to hear some advices.., (I am in North Atlanta area). 

Thanks you all. 

 Jenn

Quote from @Ryan Thomson:

@Mautrice Walter good luck! You should be able to find that pretty easily if you mean 4 units or under. I would also go to a local real estate investor meetup and ask around there. 

What exactly does the "4 units or under" mean? I have seen that keyword many times, but I don't fully understand it. I have 5 small rentals + my primary. Recently I have been thinking about getting the cash out from one of my rental which is free and clear, I don't know what route I should take, do you guys have any suggestions? (I am in Atlanta area as well.)

Thanks 
Jenn 

Hi, all, 

A few years back, I had a HELOC $150k on my primary property that I have paid all the balance, but not closed yet. I keep it around just in case I need cash.

But now since my house value has gone up a lot, even based on 70% LTV, I could get a $300k HELOC. So if I want to get a $300HELOC, should I close the first one first, then shop around to get a second one, right? I cannot apply for a second one while still have the first one open, even it has no balance. Correct?

Thanks.