All Forum Posts by: Louis Hamric

@Nicholas Sheridan, Jr. Congrats on your deal. I see how you got that cash flow. But I would like to recommend you use an app called deal check to run your numbers one more time. I'm not saying you did anything g wrong. But I feel like you may have forgot about a few expenses to set aside money for like capital expenditures, ie roof, ac, furnace, water heater etc... also. Also your taxes seemed kind of low for out of state in Kansas city. Make sure they dont have county taxes due too. Lastly I would up you vacancy rate to 10% as one month vacant is 8%. And that's assuming you find someone right away thats a GOOD tenant. I'm from Memphis we're similar to Kansas city so that part is important. Otherwise great job. Keep up the work. I'm in the same boat as you learning day by day.

@Joe Villeneuveno not really. I would take it up but can't afford the green fees. LOL!

@Odie Ayaga if you already have 1 conventional loan and a Heloc on top will they allowance 2nd conventional. And will the interest rate be much higher?

So I'm still new here. And I'm trying to understand what my options are for loans. I have a home that I am currently paying off. I should be done in 3 years. Plus I inherited a home I rent that used a HELOC to pay off my brother for 85k...(35k from my money and 50k from Heloc. ) I make $1450 on rent. I still have a 401k worth 78k. I have a credit score of 745. I still have 35k left to borrow from Heloc. I make around 75k a year at same job for 10 years.

I was planning on buying a property using stock cash. But the stock I wanted to use crashed. So no cash.

Is my only option to use hard money lenders? Or would I qualify for another conventional loan? What is the best option for me if I want to buy a 75k home with up to 25k in expenses to. Looking to do a sober living. Additionally I would like to budget an additional 29k for revolving expenses (6k marketing, 1k for maintenance, 12k for property manager on commission structure. They get paid if that if fully occupied, 15k for ins, 3k tax, 1800 for wifi, 4800 for utilities). Would love some ideas.

@Andrew B. I am including the money I make from rent on roommates

Man today was a rough day. I have been planning on using money from the stock market to do my first deal. I had a lot invested in 1 biotech that I thought for sure was gonna be a winner only to find it wasn't today. I"ve lost nearly 15k when I was expecting unicorns. I really wanted to get into real estate now. I had a plan a strategy. But it was all based on cash. I have 35k I could pull from Heloc at 5.8% and I could borrow 40k from 401k. But based on what I was trying to do I needed 130k. And since that plan was based off cash. I dont know how you could refinance something like that anyway. Too risky.

My original idea was to buy a 6 bedroom house in marginal neighborhood for 75k with total around 25k. I was planning on doing a sober living and paying someone a commission to get clients and free rent to maintain property for around 12k a year if fully occupied. I also budgeted 6000k/yr for marketing. My profit was high. But feeling like the wind blew out of my sails this morning. Could really use some motivation.

@Taylor L. Thanks my brother said the same. Just thinking I'd like to get rid of roommates sooner

@Derek Harris well I called the property assessor's office and they had trouble finding it to. But we eventually figured it out. Apparently it was a duplex that looked like single family but only 1 of the addresses showed for the duplex. Bizarre.

@James Wise thanks glad to be here!

@Jeff Mason thanks Jeff I will look that up. I have never heard of these services but it is very helpful. Do you guys no why properties dont show owners on the property assessor website? Does that indicate something? I thought all properties had to be registered for tax purposes.