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Jesse Carter has started 3 posts and replied 7 times.

Thank you all for the questions, answers, and help!

0 Votes

Quote from @Jonathan R McLaughlin:

when does it reset and whats the amortization?

30 year loan. I dont know about the armotization.

0 Votes

Fico 800

The closing costs themselves are as follows:

They have it based off a 350k loan.

Underwriting Fees $1050

Broker Fees $7,000

Origination credit: $5,600

Adjusted Origination Charges: $2,450 (Appraisal fee, credit report)

Lender title Insurance $1100

0 Votes

Just got a DSCR rate quote from one of my lenders and it came out at 8.5% with no pre-payment penalty.

Seems a little high from what I thought it would be.

Anybody get one recently and can tell me if this is a competitive rate?

3 Votes

I am looking at a few houses for potential flips and wondering about no doc financing options for this type of investment?

Down Payment up to 20-25% if it makes options available.

1 Vote

I currently own and live in a paid off condo in Knoxville TN

Bought in 2015 for 87k and it is now worth 300k.

Planning on selling it within the next few months since I would not owe any tax on the profit from the sale.

I have experience with rentals and short term rentals (sold the STR) and looking to use this money towards more investments.

Any other options I am not thinking about as far as the codo sale goes? My thought process is taking the 210k profit outweighs anything else I can do with the property. Ex. Renting it would mean no longer being able to not owe taxes on selling it in the future.

1 Vote

Quote from @Yiwei Cheng:

Quote from @JD Martin:

You are essentially asking if anyone can direct you to any markets in which you can expect to make over 100% annual return. If anyone knows any markets like that I doubt they're going to share them here (I know I wouldn't as that would be a gold mine).

Even if a great cabin in Gatlinburg/Pigeon Forge did 80k that's not going to be your profit. Let's assume you could buy something for $500k that brought in $80k gross per year. You're going to put $70k down and get a note for $430k. That's going to be about $3k per month just for principal and interest. For easy numbers put another $1k in there for taxes and insurance. So just your PITI is $4k per month. That puts you at $50k in expenses annual before you add in any other costs of doing business. Unless you think a cabin like that is going to bring in $150k gross which is where you get your $80k from.

Real estate is a long game. If you make an annual return of 10-20% that is a very good return. Most people are having trouble making anywhere near that right now because 7-8% interest rates are eating their margins.

I agree! I will add that the Midwest is a great place to purchase a property and still get good cash flow compared to purchase prices in vacation areas.

I keep seeing people reccomending markets that are not local. I used to have a STR in Townsend but sold it a year ago. I was there fairly often fixing small things / helping guests.

How would you all recommend keeping an eye on properties that are too far away to go to regularly? I would assume finding a great property management team, but they seem extremely hard to find.

0 Votes

Knoxville, Tennessee