All Forum Posts by: Kyle Fitzpatrick

Recently bought a duplex for 40,500. I put in about 8,000 and the appraisal came back at 80,000. Do i maximize the amount I can pull out of this or would I take less to maximize monthly cashflow? I.E. is the money I would be saving from the mortgage payment by taking less of a loan worth it? Interested in your opinions

I recently got under contract a property with two houses on one lot. This may sound like a stupid question but when you purchase a parcel how do you know what all is included on it? Is it based on the dimensions of the lot or what? The question sounds ignorant but in the due diligence process specifically or at the title company etc. At what part do you actually realize what all is on the property.

Steve, it doesn't seem like they are going to charge us. I am just nervous about when the septic fails or backs up. Do you have any opinion on if it would raise property taxes either? Thank you for the input!

I am currently under contract for tow studio houses and a two car garage for 42k. both rent out for 600 a month with the garage at an extra 100. Each house has its own septic tank and one has an aerator. I have no clue what the difference is but I do know the city is running sewer next door and would like this property to be under sewer as well. What are your thoughts on doing this vs keeping septic? I am nervous property taxes will go up as well (currently 750 comps are 2000). Also are there any good tips to maintaining a septic? I would like to know what YOU would do and why. Thank you!

This should not be a debate. Get moving. There are greener pastures ahead.

Found a deal in Springfield IL in a good area. Triplex with rents for 700 each, property taxes of 3,500 per year. I would like to live in one unit and rent out the bedroom. What would you offer for this place? Off market deal. Fair market rent is probably 825 and I would only pay for trash and lawn. Thanks I’m thinking 135,000. Will probably need a few big ticket items like ac units soon.

Hey Biggerpockets what is going on recently Purchased a house on certificate for deed with $300 principal only payments for 6 months and a balloon payment after that. I remodeled the home in 2 months and basically want to BRRRR out of it with a tenant lined up to rent it at 625 a month. I have around 30,000 in equity in the property and my bank is being difficult with the refinancing. They offered to finance me the purchase price of the property where I would have to put 20% down plus closing costs. Then they would do either a home equity loan of 80% value or do a FNMA Conventional Loan. If anyone knows any good bankers I would love to talk to them because my normally reputable bank seems to be like a deer in headlights here. I would prefer to just get the property appraised, take my 75-80% out and pay the CFD off all at the same time, but they are insistent on first financing what the initial purchase price is. I do believe I am correct in saying their method is not the most efficient way but I was respectful in talking to them and told them I would look for a second opinion as well. Any help is appreciated. I have $5,000 on a 0% intro APR credit card coming due soon and would love to get that paid. THANKS!!! STAY SAFE!

I see a lot of people defining cash flow in various forms. To me, it is the cash left over after covering all expenses, even the non monthly ones like capital expenditures. I see so many people saying that their rent is $1,000 a month and their PITI is $600 and property management is $75 so their cash flow is $325. That is incorrect right? Whenever I analyze deals I tend to include at least $150 a month in capital expenditures and use conservative property management and vacancy numbers. I just wanted to see how others felt about this topic.

Any update on this? Also what about 1031 from residential into land?