All Forum Posts by: Kevin Grinstead

Hi Cynthia, 

I think you have an opportunity to take advantage of your situation. Buying another cash flowing property and being able to continue to increase your assets and also increase your monthly income from your rentals.  

Unless you can swing the 20% down or talk to your lender about what you would need to purchase a second home with other means, the refinance option is probably your best option. 

I would also act fast because interest rates going up will hurt you twice as much, once on the current property and then on the interest on the second property. 

Hi Terre, my guess would be that it could be one of a few things, 

Lenders dont know how to handle it from a conventional or FHA angle and the interest on a commerical loan may not make the numbers worth the risk.

Like you said, it may need some updating. 

It may be the type of rental that is turning buyers off. 

It could also be the renewing nature of the non-conforming house that could be turning buyers off. 

Hi Tracey, I haven't heard of anyone doing something like that recently with the real estate market being so fast here.  I would say that you can always put in the offer to the company. I would write a contract or have an agent write a contract to them.  Your agent can also reach out and discuss the possibility with their agent.  I am also not sure how it would work if they were trying to do a 1031 exchange and also if you were planning a 1031 exchange.  To make it smooth from a title side, they might have to buy your property and then sell you theirs or one of you may have to get a bridge loan to have one closing completed before the next closing is accomplished. 

Hi AJ, welcome to BP. There is always something to learn. If you have a good size down payment there are several loan options. Most involve hard money but the advantage in many cases is that there are less hoops to jump through.  It all just depends on your specific situation. 

It sounds like you have spent a lot of time learning. The next step is to get your feet wet.  Good luck 

Hi Casey, Colorado is a great place. Rental returns can be hard to find but not impossible. Great mountains with great character. 

I would check with John Barry at Houz Mortgage. He does loans for all types of housing. I know that he has even done lending with new developers and he should be able to get you started or get you in touch with the right people

Hi Thiago, depending on your down you could do a lot better in states like Ohio or Tennessee. The entry point in these markets are low and rate of return is much higher.  

In Colorado, most Triplex or Quads will be more than 550 if they are in a good condition and cash flowing well. 

Hi Chris Welcome to BP. We can always use a good lawyer referral for real estate lawyer.  

House hacking a duplex or more can be a great way to start building your real estate empire.. 

I wish you the best of luck. 

Hi Andrew, if you decide to move to Colorado it is an amazing place. 

Hi Jayden, if you are interested in Real Estate, see if your parents would allow you to work with an agwnt over the summer. There are many pieces of the Real Estate puzzle you could understand by working with an agent. There are always things to do and many of them you can learn quickly.  If you are willing to do what it takes you can get where you want to go.