All Forum Posts by: Jordon Milford

Hey Blake! I'm from Springfield, Mo as well. House hacking a duplex is where I started out and I highly recommend starting that way! It takes the pressure off a little and allows you to get use to owning rental property, land lording, and get a feel for how your numbers are working out. You'll be able to obtain a better rate (most of the time) and a lower down payment as a primary residence. I typically use an app called deal check to run some numbers quickly but, the calculators on bigger pockets are awesome! The hardest thing to get over is the analysis paralysis. It's way too easy to pass up 20 good deals because you're set in trying to find that perfect deal - I've done it more times than I can count. I've just went under contract to acquire my 4th door, it needs rehabbed and I'll be using the BRRRR method.

Feel free to reach out if you want to connect. 

@Bryan Balducki

Thanks for the reply. Currently looking at my options of heloc or cash out refi.

However after crunching some quick numbers, I’m trying to understand the benefit of a cash out refi vs just getting a conventional mortgage.

Looking for opinions/brainstorm ideas on what my next step should be.

Quick backstory; my first ownership was "house hacking" a duplex for a year (fha), purchased a SF for 9 years, sold my SF last year and purchased a patio home dirt cheap at 45k, invested 35k into remodel.

Currently own the duplex with a 90k mortgage and worth around 200-210k and the SF patio home as my current primary with a 40k mortgage, worth around 220k.

I haven't paid a lot of attention to real estate over the last 9 years, which was a huge mistake looking back and I need to freshen up on some of the research I did 9 years ago when purchasing my duplex.

I figured I'd start here with opinions and work backwards. What would be your next move to acquire more property/ increase wealth? Cash out refinance? New mortgage? BRRRR method?

@Ankan Basak

I would tell the tenant they own the refrigerator and they can either use it and take it with them when they move, or you’ll repair/replace the old one yourself. I would never accept a tenant trying to bill me as the property owner.

Also. Where is the old/broken refrigerator? Did they sell it, trash it, is it still on the property?

@Stephanie P. I’ll look into that. Thank you

@Chris Mason I’ve contacted about 5, including one that’s done 2 loans for me previously. Located in Springfield Mo

Looking for opinions (leads?) from other landlords / lenders.

I seem to be at a land lock trying to secure a 4th property as a single, one income person with 9 year same employer, excellent credit history.

Currently own a duplex(owned 9 years) and a patio home, my current primary residence. I’m looking to purchase another rental property, or purchase a new primary & make my patio home a rental.

However in 2019/2020 I had put a decent amount of funds into the duplex to justify a higher rent increase, and to improve the property overall. In doing so, it seems I have caused the lender to not recognize the duplex income as a factor for a new loan, as it shows a loss on 2019 and 2020 returns. They will also not count the future rent for the current primary even though I have a landlord history, and the mortgage remaining is only 1/5 of the property value.

I have found a property that I’m very interested in that has been offered to me well below comps, but am having trouble securing traditional funding in my situation.

Has anyone experienced an issue like this and could give insight on how I can navigate?

Planning on purchasing this property to live in at first, but it will become a rental property in eventually.

The property also has a bonus room upstairs that is not a legal room due to ceiling height.

Rent could be 695-725, but i tried to be conservative.

Thanks for your feedback!

View report

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

Needing some feed back on a 2 bed 1 bath house, 1200 sqft with an added bonus room upstairs. Planning to eventually make it a rental property but will be primary for the time being. Asking: 65,000 Down: 5,000 Closing: 2,800 Taxes: 900/yr Insurance: 800/yr make ready: 1,500 Rent is currently 600-675 in this area for 2/1. Could possibly demand more with a bonus room (unofficial bedroom due to ceiling height, it has window and Hvac) I have used a few calculators to help evaluate but I’m not sure what rule I should follow as this with be a primary for at least a year minimum then eventually a rental property. 50%, 1%, 2%? Thanks! Update/edited. Tried to make it easier to read. (No edit button?)