All Forum Posts by: Kyle Scofield

I use Craigslist, the newspaper, as well as just googling other random websites on the web to see what I can dig up .. There's usually plenty of information that pops up, another alternative is to search the rents for a specific apartment complex and see what they're charging for 1,2,3 bedrooms. It would give a good starting point!

Look around at other rentals that are close to the same neighborhood/condition as your rental. You can search online, look at newspapers or whatever source you need to find out that info.. Don't necessarily listen to rentometer or the other person, go find out the right number for yourself

Just wondering where everyone goes to look up property price history such as what a house was SOLD for 5, 10, 20 years ago? Is there a place to look this up? I understand the county assessor shows you the assessed values for property tax reasons but is there history of houses' selling prices found anywhere?

Thanks BPer's!!

What websites/resources/MLS does everyone use to calculate the intrinsic value of a property you are looking at? Do you just use comps in the area to calculate the fair market value and if so what websites do you use to get these values? I'm starting to understand running the numbers on a property but am struggling on deciding whether a deal is a good buy or not... Thanks BP!

I'm looking to house hack while in college, my only worry is getting financing with an FHA loan. I will be able to cover the mortgage, PMI, expenses, etc. when I use my roommates' rental income in the equation. However, from my understanding the bank will not take this rental income into account when calculating DTI and my ability to pay the loan on a month-to-month basis? They only use the income I make from my job, correct? I have two jobs right now and wasn't quite sure how they calculate that and if it would be possible for me? If this is true, how can I improve my situation to get the bank to say yes?

Thanks to everyone in advance for your help!

What does everyone think about establishing a relationship with a bank BEFORE investing? Like just walking into a local/smaller bank and introducing myself to them and what I want to do in this area? Talking to them a little bit about who I am and what I'm working for? Maybe talk to them about their requirements to "crack the code" ( as Brandon talks about in one of his webinars) in order to receive bank funding from traditional mortgages as well as portfolio lenders?

Thanks to everyone in advance for their advice!!

@Aaron Mazzrillo @Steve B. So if she were to sell the house to me via Seller Financing, I could NOT pull out a HELOC on the home until the title was completely paid off and in MY name, correct? It doesn't matter if she owns it or if the bank owns it, the only way for me to take out a HELOC is if I own it outright, is this right?

Hi BiggerPockets!

My mother is interested in selling her home to move to a smaller house now that kids are all gone. Simple question, I was just wondering if it is possible to take out a HELOC loan on the property if we were doing seller financing between her and myself when my mother has no debt and owns the property outright? Just not sure on the legal side of this......

Thanks for anyone's advice in advance! 

@Marcia Maynard That helped a lot, thank you so much!

I'm working a W2 job right now and my employer offers a match in their retirement accounts. However, I was wondering if it would be better to invest in their Roth option or traditional option if I know I am going to be leaving the job before age 60.

Just wondering which option would be smartest for me and what would have the lowest early withdrawal fees. I have heard that you have to pay the early withdrawal fee on your entire balance for a traditional 401k and you only have to pay the early withdrawal penalty on your GAINS for the Roth 401k. Is this true? Which option would be best to avoid the most fees if I decide to borrow against my retirement fund for future real estate investing?