All Forum Posts by: Jordan Thompson

Good morning BP!

I’m considering purchasing a duplex but noticed some un-retained land next to the driveway that looks suspicious. A power pole is about 2-3 feet or so behind the top, and I think the septic tank is 10 ish feet behind that.

The property seems like a good deal; over 8% CoC return and low $300/ month of pure cash flow but that could be gone quickly with this problem.

Any experience stories or advice from the experts?  

Thanks!

Jordan

Anyone up for lunch?

I’m looking to meet once or twice a month on my lunch break to do some networking, share research and experiences. No one at work is interested in RE investing so I’d love to grab some lunch with some other investors!

Jordan

That’s awesome! Was the $28k rehab cost pretty on-par with your budget?

Great numbers Pieter! What part of Concord? I actually live in Concord and looked at a few potential BRRRR properties in the past few months. How many beds and baths does the house have?

@Jaquette Green Hi Jaquette! I’m in a similar position as you; I don’t have my first property yet, but I have made an offer but it was declined.

That being said, I ALMOST made a townhome offer last month up in Hickory and fortunately I asked my agent about their HOA bylaws regarding renters. Come to find out, they were no longer allowing rentals in that community and that info was not disclosed; so I would have been stuck with a property that I couldn't rent as my first investment.

I’m not an expert but wanted to share my dodged bullet on this townhome in case you hadn’t considered that possible hurdle.

Jordan

@Jody Sperling thanks Jody! That’s definitely reassuring; the refinance leaves $182k left on the loan while the house is worth in the $290k to $305k range depending on the AVM model used according to my lender. I should have a decent amount of equity to use going forward.

With hard or private money, do you refinance to get them repaid or is it usually a partnership for equity or cash flow?

Thanks!

Hi everyone!  I am (have been) gearing up for my first deal for about 4 months now and after I refinanced the primary mortgage, I got my pre-approval letter from the same lender and went to open a heloc with a credit union.  I got denied for too many inquiries.  Here's the basic overview of my personal finances:

1. Credit score at refinance 3 months ago was 760 and still in the 720's

2. I owe ~182k on the primary home.

3. No auto loans, student loans, or credit card debt; I only owe the mortgage

4. Wife can't work (medical) so that lowers the income

I got a denial letter due to 5 inquires on my report; 1 of which was THEIR inquiry to my credit.  1 was the refinance that I did, another was a small credit card at the beginning of this year to build credit (my CU didn't report to agencies at the time), 1 from the denied application to the same credit card company 4 months prior for a higher level card, and 2 others from about a year ago, but these were within a week of each other.

Here's my question: as some of you more seasoned investors are closing multiple deals per month, quarter, and year, you certainly have more inquiries on your reports; have you ever run into a hiccup with this?

Thanks in advance!

I am about to make an offer on my (potential) first property, but this is really making me uneasy... what are the laws about arrears?  In NC, the state has cut off the extra unemployment aid but if a tenant doesn't have unemployment but then also can't pass a drug test or background check for official employment, or leaves after a week... 

What is considered "lost your job due to COVID"?  And of course, my entire state is red...

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Good morning!

I'm looking at a potential deal and I'll be doing a walkthrough of the duplex this afternoon, but I have a few reservations that hopefully some seasoned veterans can advise on.  This is my first deal by the way.

Current concerns:  Duplex is on sewer and septic, property is right at an hour from my personal residence, I plan to self-manage for now to learn.

The current leases are 532 and 596 (non-section 8) through March and April respectively and are below FMR which I'm seeing in the 800 range with a few cosmetic upgrades. The area is good; 4 miles from a large mall, 3 miles from the local growing community college, and about 8 miles from downtown with is undergoing revitalization and is definitely growing.

Just looking at the report, my numbers do not work right now at that purchase price, but getting the rents up even into the 700~750 range would make this work.

What do you all think?  Endure the lower rent until the leases expire and raise them?  Pass?  Let me know any other info I need to provide.

Thanks!

Anyone?