All Forum Posts by: Kyle Penland

Have you considered HML and then refinancing after the property shows a good income?

Local bank, where I am a known quantity and have great relationships.  Work with people you know because they know you and will jump through hoops to help!

Depends on what you are investing for...Appreciation or cash flow.  Different investors have different motives.  I am cash flow guy...If the numbers make sense I move forward.  I won't touch anything on appreciation that may or may not happen.

I had a local realtor tell me they buy properties as a piggy bank.  They don't make much money, but they pay the properties down and resell them.  No thanks...

You won't get rich off of landscaping if that is what you are asking...However I am in TN.  I can get 50 bucks more a month MAYBE if the outside is well done...Not enough to re do it.  It will normally rent for market and not a penny more in my area.

Your numbers look ok, but I am concerned about you buying it cash.  Like Ned said you buy it cash, then what?  Finance it, get a hard money lender.  Don't assume because a realtor told you arv is 225k that it will be worth that.   Do you own eval.  Personally, I'd flip it, and sell it QUICK for a lesser price and do it again...Holding on to something until next spring is a long time to tie your money up and what if the pipes freeze?  Heat goes out?  Roof starts leaking etc...The problems can go on and on with an unoccupied house as well as holding costs.  Go Hard Money and do the deal :)  (if it makes sense)  Also DOUBLE check your contractor...Don't seem like you are new.  Ask lots of questions...if he or she tells you a number that doesn't seem right, run it by the forums.  Good Luck!

@Renea Steward Thanks!  And yes, actually the second poster Greg advised her to have them meet her with a good check...Once a check is bounced, no other checks are good in my opinion.

I'm not sure what you are trying to analyze, but the buy and hold is simple and you can get everything you need from the internet.  Which one are you trying to use?

I can't believe people are saying to get another check!  Give you CASH for what you are owed, move, or evict!  Simple as that.  Like you said it is a business.

Like you said, lots of people are eager to sue, however it depends on who you are talking to.  I never take anyone inside an area under construction unless they know what they are doing and I know without a doubt they won't sue me...With that said, was the property under construction?

@Jon Holdman Thanks!!