All Forum Posts by: Mackenzie Grate

I agree with @Theresa Harris . In your due diligence period you should have uncovered they weren't paying. Did you work with a realtor or a real estate attorney. Both of them should have advised you to not only check for this but get proof of payment before closing the deal. So if you did, there may be some follow up you need to have with them.

In the meantime, get an eviction attorney who only does that and have them advise you. Learn the process now step by step and get started immediately. I would not attempt to do this without an eviction attorney, especially if you are new to investing. One small misstep can cause a judge to rule in their favor or prolong the process. This is not an area to cheap out on.

Good luck.

I use eggshell on the walls. Satin in the bathroom and satin or semi-gloss on trim. People at your local hardware store should be able to advise you. If I'm unsure what type of paint to use for a project, I always explain what I'm doing and have them talk me through the options as to what is available and what are the pros and cons of each. That helps me to make an informed decision and learn a little bit more about an area I don't know much about. Semi-gloss is easier to clean, but I agree that it doesn't look as great and usually you don't need to clean whole walls, you would just touch up a spot.

Make sure to store your extra paint in a climate controlled environment too so it doesn't go bad.

Good luck!

Based on what you said about comps, I'd run it with the lower end of that range just to be conservative. HOA fees usually go up in my experience 3-5% every year minimum. So anticipate that. If both those numbers work, then rip the bandaid off and do it! Even if it's not a home run, it will turn into one over time as long as you hold it for the long term. Don't analyze it to death and talk yourself out of it. As long as it pays for itself and a little bit extra, go for it. New construction also should come with some sort of guarantee so there won't be any major cap ex projects in the beginning...

Good luck!

I do a coffee pot. It's cheaper, tastes better and most people know how to work a coffee pot. I wouldn't worry about it too much though. If someone is passionate about coffee, they will go to the local coffee spot. Just make sure to have that in your guide. :)

It does depend on your goals. But I'd probably invest it in an investment property now rather than have it sit (assuming you can find a good deal). It will get your portfolio growing quicker, give some cash flow, and you will be able to lock in a lower interest now because it seems like rates are going to creep up over then next year.

Good luck! I'm cheering you on :)

No questions are too basic. It's all about learning. You can do both. You can give them a listing, or just a summary of the property. Also, if you are not sure what you qualify for at all, you can just tell them your financials and they would give you a general idea. In your case, give them a synopsis of the property you are looking to buy (and try to snatch it before it goes on the market :) 

There is never one right or wrong way to do something I've learned. Keep asking questions. That is a surefire sign you will be successful in investing. :) Good luck!

Yeah, like stated before, we need more info. Initial reaction is yes, that is high. 

But second thought is where are you located? Which contractor did you approach? A licensed GC or a handyman? Does that include the dumpster and removal? Do you need a permit to do this? Are there mold or asbestos issues? Did they put this into writing and if so, how did they break up the costs? Are they licensed and insured or no?

There are definitely ways to cut corners here and get it for cheaper, I would imagine. But remember that comes with risks too. If you use someone uninsured and they get hurt...do you have insurance to cover them?

Food for thought. But need more clarifying information to be of more help. 

Good luck :)

I would recommend you reach out to specific lenders now and ask them these questions directly. They are all different and will all have slightly different answers. They will take you step by step through your specific situation and tell you what works for them, and what does not. Oftentimes, they may even refer another lender if they can't lend on it.

A broker could be a great person to go to as well because they work with various lenders and will help match your needs to the loan package that works best for what you want to do. 

Ignore general rules of thumb and just keep reaching out. If the deal is good, and you have good credit, a bank will lend on it. If every bank won't lend on it, there may be a common thread you can pull to help you adjust your search criteria.

Good luck and happy hunting!

I'd definitely look at the market first, then the property itself. 

A couple things you may want to dive a little deeper on is what sort of companies are moving in and out and how well do they pay their employees? That will determine what level of housing is going to be in more demand in the future.

Also, are there any major development projects in the works for that city? If so, what is the timeline? That could really help you anticipate where to buy in terms of the path of progress.

Lastly, I'd look at the legislation trends. For example I have a ton of people looking to buy airbnb's in the Hudson Valley. The trend generally is that towns are clamping down on that and will become more restrictive. What's happening in the area you are looking at. Are laws becoming more friendly towards the type of investing you want to do? Or are they becoming more restrictive? And if they are, are there work arounds or back up exit strategies you have in place in case it doesn't pan out in your favor.

Hope this helps a little bit. With all that being said, population growth is real. I have a hard time leaning towards not investing rather than investing. People will always need housing and there are more and more people each year.

Good luck!

I'd shop around or would look at other ways to do this, perhaps a HELOC?

The numbers don't seem to work well for you for the loan package you are going after. It has to be worth your time in order to refinance. If not I think it's better not to go that route and look for another solution.

Now that rates are rising, my strategy is shifting. I'm not refinancing anything into a higher interest rate. It defeats the purpose for me...