All Forum Posts by: Matt Carroll

Tagging along, @George Gammon , Would you recommend doing a $25,000 cash out re-fi on a personal residence to 30 year terms vs 20 year as you say..

"You're paying the bank back with cheaper dollars than you borrowed. This creates a transfer of wealth from the lender (bank) to the debtor (you)."

Or would you stick with just pulling a $25,000 HELOC so you only pay for whats used and not the entire amount up front.

Jeff, 

I have been dealing with this same issue. I bought an 8 unit apartment building for $120,000. The current appraisal sits at $192,000. The repair costs roughly $30,000-35,000 but ARV should come in around $250,000. So, I'll be all in around $150,000 and should be about $100,000 to the good. My credit is around 740-750, income slightly over $100k annually.

However since it is my first one nobody wants to lend money so I can keep my capital in the bank short term. I had one group quote me a 6 month loan with 14% APR. I told the guy I have $15,000 cc limit with lower interest than that and could use that cc and $20,000 of my own cash short term before I'll pay 14% interest and passed his deal up. I get that these groups are in it to make money but it does seem finding good terms is tougher than I imagined.

Good luck in your search  and if you find a good option let us all know what you go with.

Please check my thinking process on hacking my home and let me know if my numbers seem right. Previously I've been looking for rental property and almost closed on a single family unit, but the seller wouldn't negotiate. Anyway, where I am now is looking at hacking my current house into a rental and just getting a fixer to live in for a couple of years.

Current house-3 Bd/2 Ba , single garage, fenced yard, great location

Current house value - 150,000

Owed-99,000

Payment w/ taxes, insurance- 950/month

Potential rent accord. to PM- 1400/month

Cash Flow-350/month after fees or manage myself for full amount

So the cash flow should be better actually than almost everything I've looked at so far. 

Houses I'm considering as a fixer. Something 160,000-190,000 that could potentially be sold for 200,000-220,000, so could flip and profit 15,000-30,000.....or could repeat process and  potentially rent for 1800/month.

Hi, I've grown up around the rental business as a kid and now at 36 yrs old looking to get into it myself. I'm located just north of Chattanooga TN. I'm looking at a couple of options for my first deal and mainly just considering rentals that are mostly ready to rent specifically to middle income tenants that can afford $900-1200/ monthly. I've looked at a couple of single family properties that have good tentants in place and good ROI numbers. I've put in a offer on one single family but if that doesn't work out I'm also considering a condo/townhouse that is near a local University. Margins would be a little tighter on the condo/townhouse.

My question is are there any advantages/disadvantages specifically comparing a town house to a single family home? 

Do condo/townhomes rent as good as a house? 

Or does it really just depend on location or other factors?