All Forum Posts by: Jerad Miller

Hey Brenden Mitchum,

Thanks for the support. House hacking in the area we are moving to wont work. However in the next couple years I should be able to easily purchase another duplex or larger multi family. I'm a self employed business owner currently. Things have been going well even with the pandemic which is great. I think this is the best option as my current residence continues to appreciate along with the surrounding area.

Looking for insight on selling or renting my current residence. My wife and I have been wanting to start investing in rental property for awhile now but really need to move out of our current home and into one closer to our family (only about a half hour away). I have around 65k or so in equity in my current home. I'm thinking of doing a cash out refi for my down payment on my new home and turning my current residence into a rental. I've done the numbers and it seems like after all expenses it should cash flow at least $200.00 per month on the low end. Is this a smart move or should we just sell and get out of it? 

Hello all,

My father in law and I are looking for our first flip. We located one that we would like to place an offer on however the bank that owns it is requiring a full pre approval with all offers. If you don't have it they will not accept your offer. Right now our market is absolutely crazy. Inventory is serverly low and when something does pop up at a great price you have to move at light speed. I was originally talking to lending home about their fix and flip loans but they don't offer a full pre approval, just a letter of prequalification. Not sure where to go from here. Any help would be really appreciated. Thanks! 

@Caleb Rigby One question. Is your net number you gave us pre or post tax? Also how are you paying your income tax on these flips? I'm looking to start flipping but keep hearing from people that since self employment tax is so high it cuts a huge part of your profit out. Just curious to see how it works for the successful flippers like yourself. 

Subscribed. You can add Medina County Federal Credit Union to the list. They did the mortgage on my personal residence. Haven't tried them for an investment property yet but they were great to work with when purchasing my primary residence. 

Hello all,

I am trying to purchase a commercial property with my father in law with a list price of 188k. We've gone through all the proper channels. Started an llc and are currently working with a local commercial lending broker. We have the capital for the down payment. However we are trying to purchase a bank owned mix use property and the seller is being a royal pain. Our broker told us for the initial offer to have the closing date 90-120 days after the purchase agreement was executed. Since this is a commercial loan he said it will most likely take longer than a traditional residential property closing. No problem on our end. However the seller isn't having it. They came back and said there's no way they would hold up the property that long and a 60 day close would be max they would do. Keep in mind the property has been on the market for over 550 days. Also, they want 10k EMD that isn't refundable after inspections are completed. To me 10k emd is unheard of. There's no way I'm putting up 10k and signing that it's non refundable. We countered that at 5k fully refundable in case the deal falls through. The seller just doesn't seem willing to work with us at all. Our last counter offer we emailed over this afternoon was 160k purchase, 75 day close, we will forgo all inspections, 5k emd fully refundable. We are awaiting their response now. It's getting frustrating at this point. This has been over two weeks of back and forth emailing because of their unrealistic expectations. Sorry for the lengthy post but i just needed to rant. If we could have came the have came to terms early we'd already be close to three weeks into the process!

@Dean H. Good point. I haven't brought it up to the fiancé yet. She's a go getter though. A "just pull the trigger" type of person. But she is very frugal and is fantastic with money. 

Are you sure your capex rate Is right at 1%? Seems awfully low. Not sure if that's a typo and should be 10%? Only budgeting 220 a month for twenty homes is nothing. 

Hello, 

I am wanting to start investing in real estate through buy and hold and possibly brrrr. My issue is not having the initial capital in cash. I'm thinking of leveraging my equity in my personal residence to use as a down payment. I owe roughly 103k on my home and value is right around 150k. My neighbors house just closed last week and is a direct comp to my home except my home and lot are both slightly larger (they sold at 148.5k). If I can get a 80% ltv heloc that will give me around 17k for a down payment. If I can find a bank to go 90% ltv the. I'd be able to get out about 32k. Not sure if I'll be able to find a bank to go that high. My question is that is this a good route to go to get started or should I try to exercise any other options? I'm looking at multi family particularly. I'm also open to flipping as well but would like to start slow. Any input would be appreciated! 

@Susan Moon I looked at a few multis in Lakewood back last month. Lots of good advice here. Just be careful of multis in Lakewood, a lot I've came across are converted SFR and were not done properly. I looked at six or seven on a Sunday in December. Didn't find anything I really liked or made sense financially. Keep in mind, the majority of these homes are 70+ years old so basement issues are very prevelant.