All Forum Posts by: Anthony Rodriguez

@Keith Thomas

Great job with the va rehab. Who did you use to finance the deal? I may use the va rehab for my next purchase so please keep sharing.

Once everything is done with your property I'd get appraised against to see if the house is at $700k! From there you can refi into another deal or get a HELOC(home equity line of credit).

I like HELOC's because you are paying down what you are using. You can have a loan for $100k but at the moment only use $10k. Then you are only making payments on the $10k. Some say think of it as a credit card. You $100k limit but only "borrowed" $10k.

@Julie Dorney

Some areas are better for new builds. I know of a few companies in Lakeland FL that build new instead of flipping an older house. The numbers work great for them but they are the builders.

What’s your strategy? Are you looking for cash flow or appreciation value only?

I’d use the BP rental calculator to see if numbers work. And I would also see if the 10 warranty works if you are renting out the house.

@Ronnie Holbert

Great advice from everyone here.

This is what I would do in your case.

I’d immediately start saving $173.

You want to save this money for:

Vacancy rate - the time it takes to fix up the place to rent out again. Usually 1 month of rent, $800.

Maintenance Repairs- I think someone said 5% which is great. Think of this as small repairs. Also, You can fit lawn care in this Category.

CapX- capital expenditures are your heavy hitter repairs. Plumbing, roof, ac etc. the fact that you have the time and knowledge to fix some of these issues will save $$.

$173 cash flow a month is a little over $2000 a year. Like I said before go ahead and start saving this up until you feel comfortable. For me I’m working on saving $10k for my property. Once I have that then I can work towards a down payment for another property and then working on paying off the house. Paying off a loan is a huge accomplishment.

Also, you probably can raise your rents.

Good luck

Arod

@Ernie Olmeda

Option 1: sell now, get a lot of cash in hand. Use that money to buy one property. Or use the money to purchase 2-3 properties.

Option 2: HeLOC, pull cash out. Fix up the place and use the remainder of the money to put a down payment for the next rental or two.

@Anthony Wilson

You have to use a license contractor. See if any of your guys are will to get their contractor license, or, see if you can find a contractor to “rent” out their license. The last part will be harder to come by but you may find someone to help you out.

@Jeffery Scullark

I would reach out to some hard money lenders or how you suggested, small/local banks. I’ve found a hard money lender that will fund my next deal for only 15%. Shop around until you find someone to say yes.

@Shanice Levins

I had a staff Sergeant back in the day who bought a house in every new duty station(except overseas). He rented out each house to people who were stationed there. If there was any problems he would call the tenant’s command.

If your looking at how to invest while overseas. Check out the book “long distance real estate investing.” They sell it on this site

@Michael Gil

Great question,

My neighbor owns a 4 plex that he rents out 3 units(lives in 1).He uses sort of same method as Chris when determining the utility bills. If you go that route, make sure you state it clearly in the lease.

Another option is to sub meter the water once you purchase. This is a great way to add value to the property. You won’t find the perfect deal you have to make work for you. Getting the units sub meter, adding coin operated washer dryer, or renting out washer dryer in the units are also great value adds.

House hacking is great way to get into the business. You can take your time on the rehab. The diy route or hiring out projects will all be a learning curve that will help for the next project.

Good luck

Anthony

A lot of places in Florida are great year round. Snow bird season is busy and they typically want to stay for the week to a month. Summer time your looking at busy weekends.

I’ve heard spots like Panama Beach and Daytona die off bad in the off season.

I live in Clearwater beach fl and it stays pretty constant year round. If your looking anywhere in Tampa let me know and I’ll see if I can help.

@Grayson Gist

Typical banks want two 2 years of full rental to count your currently cash flow from properties.

So, the banks take your $80k and divide it up to all your properties. They don’t care how much of your cash flow has been saved in the last 1.5 years.

I would look into "hard money lenders," they don't care as much about DTI but more about what you've done and what the current deal looks like.

-Anthony