All Forum Posts by: Kelly Cullen

I am looking to purchase my first multi-family property in Florida. Do you find that the 1% rule still applies here? It seems like most are listed and even selling higher. If I find a property where rent is 1% or more of listed price, should I snatch it up? 

 Thank you Erik!

The market has definitely slowed down here as well in Tallahassee Florida. I am concerned about how much it might sell for. Comps show that I should get what I want and turn a profit but we can't really rely on comps anymore because of the slow down. I may just put it on the market for a month or two after Christmas and if it doesn't sell for what I need then I can finance it to keep as a rental. I really just need to make sure I can at least get back out what I put in so we can keep growing.

Thank you for your response! Please forgive me if I do not fully understand some of your response, my head is spinning from over analyzing the situation.

I realize that I will have an appraisal done regardless. I am wondering if it's standard for them to only do 75% LTV for a cash out refi (am I even saying the right loan terms? Is it even a refi if I bought it with "cash"?).

I don't have exact numbers at this time but as an example:

If I am all in on the property at $180,000 after the renovation and the property appraises for $230,000, 75% LTV is $172,500. I will probably sell. If they give me 90-100% of the appraisal value or a much higher LTV then I will likely keep it as a rental.

Thank you so much for your time!

When doing a cash out refi, do they typically give you the appraisal value or a percentage of LTV?

I have a property that I purchased and renovated on a LOC and intended to do the BRRR method. Now I am contemplating selling. If I can only get about 75% LTV for a cash out refi then it would only cover my costs and not give me any extra to use for a down payment on my next property.

I am very new to real estate investing, any insight you can provide will be much appreciated!

Hello,

I am new to real estate investing and I am about to participate in my first foreclosure auction. I noticed that sometimes the Plantiff Max Bid is hidden. 

What is the purpose of this? Isn't it normally the same as the final judgement amount which is not hidden? 

The property I am interested in had the Plantiff Max Bid visable until today (auction day) and now it is hidden. Why would that happen?