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All Forum Posts by: Dave Klemarczyk

Dave Klemarczyk has started 4 posts and replied 12 times.

Post: HELOC vs. Cash Out Refi

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

In the land of no income or sales tax (New Hampshire), the property taxes are probably the biggest source of income for the state so the rates are rather high (think ~$26 per thousand assessed). Sadly my assessment is right about where it should be. Thanks for the input!

Post: HELOC vs. Cash Out Refi

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

HI everyone,

I'm a little stuck right now.

I was looking to get a HELOC on my primary residence this past summer but found that my DTI was too high (around 58%). This is mostly because of the high property taxes, which alone account for 16%. I refinanced my house just a couple of years ago to a 20-year term because I was buying in to the Dave Ramsey school of pay off debt as fast as possible. Our budget is now a little tight as my wife works a fraction of the time to stay home with our toddler which dropped our income a good amount (leading to the high DTI). If I were to cash out refi and go back to a 30 year term now I would get 25k in hand minus closing costs and the monthly payment would drop by a few bucks. The APR would go up about one percent, but I suppose that's not a big deal. Are there any other options out there as far as getting equity out of my primary to get cash in hand and start investing? Thanks.

Post: HELOC/LOC

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

I found this thread while searching HELOC's while having a high DTI.

@Mehran K. Can you get burned by stretching the truth on your statement that the loan funds are for "home improvement"?

Post: New NH Investor

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

Hi Thomas,

My background sounds similar to you. I'm out of Exeter and trying to get started. While I don't have the real estate background you do, my experience has been on the design side of the construction industry. As Anne mentioned, the Manchester REIA is a good resource and I've been to a handful of meetings.

Good luck in your investing.

Post: Yellow Letter to a single house

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

@Shaun, I kind of like this thought. The only people going door to door in this neighborhood are either representing a religion or a politician. As sad as it is, I think they would be more receptive to a letter first.

Post: Yellow Letter to a single house

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

Hi everyone,

I'm looking to get into buy-and-hold investing. I'm not interested in wholesaling and spending time with mass marketing. There is, however, a duplex just a few streets over that I would like to get under my control. From a county records search I've found the property has been under the same owner since 1975. They don't live at the property, but on another street in the neighborhood. At this point I thought it my be best to write a more personalized yellow letter than what you would typically see.

I thought I would mention that "I have lived in this neighborhood my whole life and would like to take a look at purchasing your property..." What would you include? Is it better to just knock on their door at their current residence and introduce myself as living in the neighborhood?

Thanks,

Dave

Post: feasibility study for rental property

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

Just like with flipping the 70% would include the rehab. It gives you another way to get out if need. If the rental proves to be in a good area for renting or whatever you can still sell it and hopefully have the equity to make a profit.

Post: feasibility study for rental property

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

@Ali Boone, I like to follow the same 70% rule in rentals so I can refi- and pull my initial investment back out to get another one. That's the theory anyway. I have yet to pull it off.

Post: feasibility study for rental property

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

The town has about 10,000 citizens and the city about 110k. The city is a good source of jobs. I commute 40 minutes to get there and I'm not alone. I hadn't thought of contacting property managers. Thanks!

Post: feasibility study for rental property

Dave KlemarczykPosted
  • Residential Designer
  • Exeter, NH
  • Posts 12
  • Votes 1

My wife and I are looking at an REO 2-family property in New Hampshire. It seems like the numbers could work for positive cash flow and following the 70% rule, but I'm not sure if the town that the property to rent in is a strong candidate to own the property.
I'm wondering what steps I could take to ensure that this is a good area to rent in. It's only 20 minutes away from where I have lived my whole life so I know that the town itself doesn't have many attractions, and the schools aren't great, but the property is also just a couple of minutes from the highway and 20 minutes to the nearby city. I believe that it is a good bedroom community.
I've thought of looking up other properties for rent in town and asking them how long they have vacancies, but am not sure if that is a good approach (too straight-forward?).

Your input is appreciated.

Thanks,
Dave