All Forum Posts by: Katie West

Thanks for the advice guys!  I need to get smarter on seller financing because I don't know alot about it.  I guess I've always thought "Why would a seller do financing like that when they can just sell outright?", but that thought process is my own ignorance in not understanding it.  

We have a local bank here that is big on helping small business owners, so I may set up an appt with them to find out what my options are.  Also ask my loan officer who handled my last two transactions what she recommends because she's fantastic.

@David Pere I really like your tagline "From Military to Millionaire".  That's exactly what I'm trying to do too! :)

Hello everyone! I'm looking for advice for my next deal. So, I bought a house 4 years ago for $85,000. Lived there for 3.5 years and did some fixups on it, and then bought myself my "forever" home in May of 2020. I now rent the first house out for $875 per month, so I'm making about $300/month after everything is paid. I used an FHA for the first property, and my VA loan for the second.

I've decided that my next purchase is going to be a vacation home further up north (I live in Louisiana), probably in Oklahoma or Arkansas.  I've looked at the market, and vacation rentals do very well in the area I'm looking at, and I can pick one up for less than $150K.

My question is:  how do I go about funding the next deal?  I know this probably seems like a pretty basic question, I'm just not sure where to start with this?  Do I just save up for a 25% down payment?  That would probably take about 18 months.  I'm hoping to buy again in 2021.

Any advice or resources I should look at would be appreciated.  Thank  you!

Oh, I can see it now! My phone must've been having a moment :) Yes, that's kinda what I'm picturing! I am even thinking of making it freestanding to mitigate some of the worry of traveling washer and such. This set is brand new tho, and front load, and if I had an issue I'd just call in on my warranty or replace. I'm thinking it can't be that difficult to do myself?

Scott Weaner I can't see whatever it is that you attached :(

This was one of my favorite podcasts. Great job!!!

Hey y'all! I know it's been like 9 months, but I wanted to give a final update. I DID end up purchasing this home. After the FHA appraisal, it was appraised for $95k, and I purchased for the original agreed to amount of $88k. It is currently my personal residence, and I absolutely love where I live now :) I appreciated yalls advice, and I plan to come out to the REI meetings after summer when my daughter heads back to school. I'm itching to learn more on investing and get started on my path :)

Hi everyone!  So, this question is actually for my personal home, but it will become a rental within the next 3 years.  The laundry is in the kitchen to the side.  There are cabinets hung on top of it.  My idea is to encase the washer/dryer and put a countertop over it to provide additional prep area/storage. 

Has anyone else done this?  Is there a high level of difficulty to where I would need to hire someone?  Or could I DIY it?  And do you think it would be a good plan to add a little value to the home?

My freedom number to maintain my current lifestyle is $3800. BUT my goal is $5000 to be ultra comfy. My area is very low cost of living and I just don't need much. Even with $3800, I can do pretty much what ever I want outside of buying a Lear jet haha

I am still in the process of working this and getting a second appraisal outside of VA and will update with the results soon, but I dropped back by to say welcome to Louisiana @JJ Conway!

I also really appreciate ya'lls advice. I'm definitely not moving forward with the bond since it's too risky, but we have a second appraisal ordered thru FHA now since 2 other appraisers agreed that the original valuation seemed to be too low. I'll let ya'll know the results!

I hit post too soon. I appreciate the input. The thing is, I really believe the appraiser undervalued. Especially compared to the most recent appraisal in 2013. I won't go up to the $88k I originally agreed to, but would be comfortable around $70-75k. I plan on holding onto it and having it as my primary residence for several years before ever renting. And I would only have the bond until the property is able to be financed traditionally as well. It's in Beoadmoor, near Querbes so that's why I'm confused on the low value. His comparisons included distressed property on Alexander and at the edge of Highland.