All Forum Posts by: Kevin Hunter

@Joshua Fletcher 

1. Usually 1 year on a conventional refinance.  Commercial loans all vary based on the lender.  Why would you refinance after moving out?  You will get better rates refinancing while you still live there. You will need to occupy the home for 12 months after refinance but the rates are substantially better.  That will also give you time to start analyzing deals, networking, etc..

2.  Yes.  Take a look at repairs, vacancy, capital expenses, lawn care and snow removal.  Those are all recurring costs that will decrease your cash flow.

3. Bigger Pockets

4. Sounds feasible. A lot of folks, me included, get started by transitioning their first primary residence into a rental property.

5. Most lenders are doing 75% right now, although you should call several (10) lenders to see what they say.

Good luck!

@Austin Timothy van meadows, welcome to BP.  This is a great place to learn and network.  Good luck and semper fi!

@Brian Oberg, welcome to BP.  I think you will find this site will help you scale as you want.  Great people to network with, great resources to learn from.  Good luck!

@Deisy P., your are not the first person, male or female, to get ripped off by a contractor.  I bet you will never let that happen to you again.  Multiple quotes are the key, especially if you aren't entirely comfortable with the work being done.  You can also post the estimate on BP.   This thread has certainly garnered a lot of attention.  Imagine if you had four pages of quotes!!!!!  I would recommend you don't let that guy (roof work) off the hook though.  Even if just to make yourself feel a bit better.  Additionally, you are not the first person to be offended by someone at first meeting.  Use that as motivation.  There have been quite a few podcasts on BP with woman who talk about how they leverage that bias to their advantage.  I feel bad that it happened to you, but he sounds like a crochety old man.  Lastly, get the eviction process going for the tenant that isn't paying. Everyone makes mistakes.  It is those that learn from them that persevere.  Good luck!!

@Anthony Williams, welcome to BP.  I am a huge fan of investing in military towns and have been doing so for my 21 years on active duty. Take a hard look at your numbers.  I have been looking a Fayetteville for a while and am not sure how a new build two years ago would cash flow now unless you put a huge down payment when you bought it. Remember cash flow is not just rent-mortgage.  You need to factor in repairs, capital expenses, property management(even if you plan to manage it yourself right now, you should still factor it in), vacancy, etc...  If you provide some more specifics, I will analyze it for you to give you an idea of what it will actually cash flow.  DM if you are interested.  Good luck either way!!

@Denise Picard, congrats on your investment.  I hope it continues to work out.  I love investing near military bases.

@Carmel Duffy, that tenant needs to go.  Do not renew when the lease is up.

SFH: snow removal lawn care = tenant responsibility

MFH: snow removal lawn care = owner responsibility

COA 1: Is it a Catholic church?  If so, then convert it into a bar.

COA 2: Funeral home. They did baptisms, weddings and wakes.  Now it can host funerals....

@Sungyong Kim, I just re-read your post.  If you only bought it two or two and a half years ago, then you have only paid down the principal 20-25K.  That means the check you write at closing will be more like $83,600.....

@Sungyong Kim, do you have the $ to write a huge check at closing? If you bought it for 550, and are going to sell it for $480 you are going to lose a ton of money. I don't know when you bought it so don't know how much you owe on the property. I will assume you have owned it for five years. With VA loan of 3.5% and no down payment on a 550K loan you will have paid down the principal roughly 60K (about 12K per year for 5 years). This means you would now owe 490K on the loan. Throw in realtors fees at 7% for 33.6K and you are writing a check at closing for $43,6000. If you are comfortable with that and can afford it then go ahead. I would suggest at least waiting until the current pandemic is over and seeing if the market rebounds a little bit for you.