All Forum Posts by: Marie M.

Hey Dave, what does that mean exactly?  I wasn't familiar with the fee and am doing a few deals that will end around that time

I think it's 160k/220k

Does a 3.5% cash out rate on a refi with excellent credit and excellent income/debt ratios sound like a reasonable deal for right now for a long term investment SFH rental? Also paying a point to get that. Thanks for any insight on this. I don't have time to call a million places and the big one that just became RocketMortgage won't give a quote without all the verification up front which is a no-go for me personally. I experienced a bit of a bait and switch issue with the lender I was referred to who I'm moving forward with and am second guessing a bit. I'm at the point where we locked in the rate but I haven't signed anything yet.

Hi Abel, thank you!  I will have to check out Events page and see if I can plug into any existing groups first.  

I'm looking to form a RE mastermind with people in middle TN, but not sure how to go about it.  I'm not sure Meetup is the best platform to organize it around as that would be open to all including people who are brand new, and it could end up being lopsided on experience which isn't what I'm looking for.  

Time is my most valuable asset, want to have a casual meeting monthly where we discuss pain points and solutions.  

I haven't narrowed down what area is best to work in and around, tiny town USA or nearby city.  I run a company in tiny town, but have a few resources in both.  

Thanks for any advice! 

Hi Jessica, I'm a South FL transplant to Middle TN.  We are south of Cookeville and have friends there.  They love it there.  It's conservative.  I live in Manchester (actually rural to even that tiny town!) and it's awesome.  I'm going to PM you some more details, don't want to put my whole life story on here.  

Thanks!  Julee that sounds like great advice.  I think it would improve cash flow dramatically, the part I didn't like was the going back to almost no principal being paid down.  But I do want to keep good write-offs since we are in our higher income years.  None of the mortgage/refi calculators take into account being this far into a loan (or at least if they did, I didn't catch it!)

Hello,

Does anyone have experience with short term (monthly) rentals in rural areas and/or on your primary home site?  I live and work on a beautiful wooded property and we are considering building a house on the back half to rent out.  Old order Amish are here so it could be an attractant.  Airbnb homes nearby seem to do well.  But what are thoughts on building to suit this purpose?  Also would it be a pain to have it close by/easier to manager when it's offsite?  I am afraid I would be tempted to manage it which I don't want to do-- I want to hire a remote customer service manager to coordinate cleaning and any communication with buyers. I want as many hands off properties as possible since I run a company.

I'm really only thinking on site because when my parents are visiting they could stay in it, plus potential future parents place if either one becomes disabled or needs care, plus we own the land.  

I have called around, a mortgage buddy in the state the property is in said no, along with others. Currently at 6.5% interest with 85k remaining market value is 180k.  Rent at 1495 and mortgage with taxes/ins about 1350.  Just put new roof and ac on it. I see reasons to consider it especially because we want to keep it long term, it’s been a great little rental.  

This is my first day in biggerpockets, excited to look around!