All Forum Posts by: Jesse Mistretta

ok so out side the triangle area is somthing I don't think I want to do the triangle is booming right now I live in holly springs and think rental income could go up. My mortgage loaner does and "dosnt" know it's an investment property but I could just live in it for a year then rent it out if it's too sketchy to do that that's why the rate is really good. So basically I went over the numbers with the mortgage loaner and they state a 1,050 monthly payment not negative but it's not a lot of cash flow but I'm looking at this as a retirement as long as it's not negative I'm ok and I do have a lot of cash reserve. 

If there is a way to put a picture up can someone tell me I have a layout of all the expenses 

also I'm still deciding what to put down I heard mixed responses to put 5% or 20% I can afford both the PITI varies between the two I only have the estimates in front of me now and will post later when I get the right amount.

so help me figure out the cap rate

$14,400 gross income

$2004 tax/insurance (as per the loan doc estimate will give update after I go to bank today

$1980 HOA per year

$500 maintenance (the property is in really good condition, but will really have to wait till the inspections are done and complete to really know.)

I'm getting like 6.5 cap rate that's ehh but really couldn't find anything that was better in an area as good as Cary people say Raleigh is good but the neighbor hoods are a little sketchy also do you include HOA in your cap rate formula? and do you recommend the tenet pay the HOA? I spoke to a my neighbor, she owns 7 properties and I took her with me to the house she had said she wouldn't do anything to the inside just leave it the way it is its fine and should rent out no problem, except for the HVAC unit I don't know exactly how much it would cost but I googled it real fast and I'm thinking 6 or 7k for a new unit and duck work. what do you guys think the only reason I say it should be replaced is because it was installed in 91 and might need to be, let me know.

so I spent a lot of time searching for an investment property and I finally found one that I liked it's in Cary North Carolina, I put the offer in for 153,000 and can rent it out for 1200 a month based on comps in same development. Any tips for the next steps to come or land lord tips? I'm at the point where I need a mortgage I'm probably gonna use Bank of America the interest rate they gave me was 3.3% for 30 year, I have  excellent credit and just paid my agent the due diligence and escro fees for inspectors and such. Basically the closing is in November. 

Other info:

HOA is 165 a month

Covers all exterior jobs except windows 

New roof was put in 2014 

I think it might a replacement HVAC because it's from 1991 when the house was built 

2 bedroom 2 1/2 bath 

Natural gas heat

Has new pair and new carpets in now 

I negotiated to get all appliances to be included 

@Mark Kelley the price point of the ones I was looking at online were decent for the shape they were in. Yes there are HOA fees but they also come with pros to having them as well like the community over will look better etc. it's not a definite that, that's what I want to get its just what I was looking at and they caught my eye. Also they were in the area that I wanted witch a house for me was a little harder to obtain for the price I want it for, so if I would get a townhouse in that area the rent would be higher than let's say a house in fuquay.

This is where I was looking  

http://m.homes.com/for-sale/raleigh-nc/p2/?propert...

so I finally got a job down here after a couple of weeks of waiting and now I can obtain a mortgage. I was checking on townhouses and noticed there are a lot in my price rage (anything 150k or less) and in good shape. My question is how do you find out if you can bu the property and then are able to rent it out. And is that a good area to buy townhouses how well do they rent out etc...

So which do you think in your experience living here will be a better long term investment for appreciation or cash flow, a single family in garner or fuquay? Lori has said she thinks Gardner is going to get the next upgrade with construction would you  concur with this? @Chris Martin

I manly want to be B&H properties and maybe down the road to a couple of flips when I have more experience, I took a drive around yesterday to get familiar with the area I found Knightdale which had a lot of really nice houses (non multi family) in my price range that are in wake county. I am really tempted to start there it seemed like a nice place and a good area for good rent prices. Any one have experience with this area? @Adam Schneider @Chris Martin@Lori Verni

thank you so much! that was exactly the response I was looking for especially since I know nothing about the local areas.@Lori Verni

so my question is to the people who live near I am which is wake county. I would like to know which areas I should stay away from and which areas are for the really wealthy or the middle class. Correct me if I'm wrong but it seems that holly springs is a little more expensive than were let's say Fayetteville is, but Fayetteville has a lot of homes that I could afford. My price range is 150,000