All Forum Posts by: Shawn McCormick

@Carlos Garcia can you afford to keep them as rentals? Your tax burdon will be less if you can keep them for 12 months and a day, maybe a rent to own scnerio?

Have you considered offering buyer incentives like buying their rate down? This could be a cheaper option depending on the cost of your money (are you using hard money?). Look at the comps that have recently sold and see if they had to offer concessions. Reverse prospect the area for recent cash sales and reach out to them to see if they are looking for other properties. 

Send me the addresses and I'll look them over. 

Best of luck!

I recently bought a rental in Ohio. I paid cash $78,000 and put about $35,000 worth of rehab into it, so all in $115k. Looking for best option to cash out refi. I think it would appraise for around $140kI have only owned it since March, so very little rental income. What loan type (DSCR or conv) should I be looking at and what rates?. Hoping to get 80% back out.

 You have to think like an appraiser would. Start in the same neighborhood, if there aren't any, go out to 1/2, 1 mile, 2 miles IF needed. Don't force the comps. Once you've found them in the geographical area, then you must find as close to age, beds, baths and sqft as you can so as few adjustments need to be made. If it is densly populated and most homes are similar age/size and you still cant' find any, then you can start looking back more than 6 months if needed.  All the while keeping within the same zip codes, school zones and not crossing any major roadways if possible. 

@Katelyn Bethmann Welcome to the forums. Always happy to connect here too. I'm in Orlando if you ever need help down here just reach out. 

Best of luck!

@Conrad Legé In addition to what others have said, I would call the listing agents of the pending listings that you are trying to use as comps. Find out what they are under contract for and if there were any concessions. This will help with your comps knowing that they will eventually be used in your appraisal. Depending on how old your current sold comps are, they may fall off by the time you are done with yours, so the pending will be valuable.

@Prabhash Shrestha this is going to be tough, I analyze a ton of deals for my investors and most properties just don't make sense and it's not getting any better as home values appreciate and rents aren't keeping up. If I do find something, it is usually because it is priced according to condition, but once you value add and bring it up, you've now spent more cash. 

New construction may be an option, many builders are offering rate buy downs and closing cost assistance and then you get quicker appreciation when they continue to build out the community. That may be worth looking into. 

Best of luck.

@Juliette Olsen I would be happy to recommend a couple of PM's here in Orlando that I personally know and use. Location may factor into who may be the best fit. Let me know if you once you come to a decision. 

I personally own 3 doors OOS and self manage. I don't really want to, but the rents in the area are pretty low, and its not cost effective for me at this point. However, I also, admittingly do not know the laws as well as I should and that could come to bite me one day. 

 Sent you a message.

Hi @Dave Allen I have all of my rentals in separate land trusts and the beneficiary of the land trust is my LLC.

I use a local trust company to be my trustee and have another great resource here in Orlando as well. I'm happy to connect you to see if they can help you. Both are attorney/RE investor owned. 

Best of luck.

@Rebecca Readus has one she uses that is fantastic.