All Forum Posts by: Dan Verdick

@Dion DePaoli

Thanks. I will look Mike up and reachout to him.

Dan

Hello,

I am looking to get some contacts for investor friendly agents and also property managers for the Ft. Meyers area. Have been searching for properties remotely and will be visiting the area in the next few months. 

Thanks,

Dan

Robert,

I think we looked at the same house. I looked at another one a few weeks back around the corner that was in tough shape.

After a quick analysis I couldn't make the numbers work. I haven't found my first property either and it seems that there are many of us trying to jump into REI along with typical homeowners.

I check for 1%(2% rule doesn't happen out here that I can find) and also the 50% rule as quick checks before using the spreadsheet. 1% would mean that you would need to get it for $130k all in. I have made a couple offers myself but nothing has stuck so far.

I have looked a bit in Minneapolis but trying to stay closer to home for easier access since I am looking to self manage as well. I do add property management in my numbers so that if I need to have someone manage it at a later date.

@Aaron Montague

Thanks for your time and analysis.

Hello,

Found a new listing tonight and looking for opinions. I have placed a link below to the Property Cashflow Analyzer in pdf form. I went with listing price, padded taxes and ins, nothing down(per podcast and blogs), added various cost for maintenance, grounds keeping, etc. We will manage and also take care of the grounds.

Brief description: Wonderful side by side with fantastic location! Separate heat and utilities. Many recent updates including newer roof and siding, new furnaces and water heaters. Both units are 3BR 2BA walkouts and a 2 car garage.One side looks to be owner with updates. Other unit looked to be rented and more basic but appears to be in good shape. Current owner since 2000.

https://drive.google.com/file/d/0B1qjnJtZIdptOG10UTZQMUpia2M/edit?usp=sharing

Of course we will negotiate on the listing price and put money down. Thanks in advance for any help and guidance.

@Shane Johnson

Thanks for the help. Do you know of any real estate investing clubs or groups in the area?

@Bill Gulley

I wanted to use the HELOC really as a back up. I guess not to put directly into savings but to use in case of an emergency since we will deplete our cash reserves for the down payment.

Thanks for the response and opinion.

Thanks. I think I will only use the line of credit if absolutely needed in an emergency. We will not need much for renovations.

Thanks,

Dan

Hello,

We have our house paid off. At the time of paying it off we took out a line of credit back in 2011. I am looking at rental properties and thinking of using a small portion of this as a down payment. We have enough in our savings but it would drain down our cash reserves.

Since mortgage companies can frown upon using this as down payment. My thoughts were to use our savings then pay our savings account back after the mortgage was obtained or I guess pay it back if it was actually needed. Can I write myself a check and deposit into my account?

What are the best ways to handle this scenario? We are financially stable with no other debt. We have 401k accounts and also have Roth IRA principals that we can tap if needed as well. Any advice would be greatly appreciated.

Thanks,

Dan

Aaron,

Thanks for your help. I walked away since it didn't look like we were going to even get close. I will continue to look for the right property.

Thanks again,

Dan