All Forum Posts by: Joshua Hollandsworth

I have an idea, because financing 1-2 properties per year isn't cutting it. Can I do this?

Here is a scenario:

Rental property sale price- $50k

Cash required to finance- $15k (Down payment, appraisal, inspections, closing, minor repairs)

Rent- $900/mo

Take out a personal loan for $10k DP.

Let personal loan season for 2 months (Or 6 depending on lender)

PITI W&S- $700 including personal loan.

I would make no money for 7 years, but I could buy more property.

Basically, I would pay all out of pocket cost, but finance down payment. I would love your input. Thank you!

@Ty Frankel Thanks for the feedback. I know for a fact that I can have the same renovations done for much cheaper. I'm really just hoping the garage and driveway isn't the deciding factor here.

I'll keep it short. I see a possible opportunity to build some equity, but this is my first rehab. This property is a rental, so there's no pressure. I bought my property for 55k. 1100 square feet. 3 bd 1 ba. Built in 1944. The property next to mine was just appraised for $89k. 3 bd. 1 ba. 1100 square feet. Built in 1944. However, there are some big differences in our properties. They have Central A/C. They have a new driveway, new garage, newer windows, new appliances, newer bathroom, newer kitchen. I have 60 amp they have 100 I want to say. I'm pretty sure they have click lock flooring I'm the living room and everything else is carpet. They spent $40k on renovations I'm assuming the driveway and garage played a huge role here. Im not touching the driveway or the garage. I just want some advice on how to get the biggest bang for my buck. I'm planning to rehab, but I would like to capture some equity. Any advice is highly appreciated. Thanks.

Hey guys! Quick question. So I would like to give Section 8 a try! I am aware of the pros and cons. I'm also aware of their basic requirements. My question is, can I just apply for Section 8 even if the property probably isn't ready? My plan is to have them inspect the home, tell me where we need to improve, and THEN go forward and fix all of the issues. Is there a fee for this? Will they inspect with non- sec 8 tenants currently living there? I've paid for different rent reports and comps in the area, from different sources. All of the comps and charts seem pretty identical. I think Sec. 8 is the way to go. Thanks for any information in advance!!!

@Jeff Kehl Thank you! I appreciate your feedback. The properties I am purchasing are in the 50k range. I have plenty of friends who have financed their properties using commercial loans.

I am working with a lender on a commercial loan to buy residential rentals. I see plenty of upsides.. And a few huge downsides. First.. no 30 year loan terms. Not a huge deal. Second. Balloons payments. A reputable broker in the area had explained to me that balloon payments are pretty rare. And He said I had mistaken the term balloon payment for what is actually a bridge loan. The biggest downside that I am seeing is the adjustable rate.... I am completely new to commercial, as I have only used residential. Can somebody explain to me how the investor can play things safe when taking out commercial loans? What am I looking for, for my protection?

@JD Martin I plan on buying a new toilet, as I do the flooring. This is my first remodel, so I'm not sure what's all included. I guess I'm just gonna wing it, and figure out what I need after I yank the toilet out 😎 thanks for your help!!

Just curious, I would like to install click-lock vinyl floors in a bathroom. Am I going to need some kind of extension for the toilet due to the increase in height?

@Jason DiClemente Of course I would still make the 25% down, reserves, repairs, without this money. It's just an additional cushion. What are some limitations?

Or, say, 95k from the bank, and 5k back to me.