All Forum Posts by: Matt Moldenhauer

I would recommend finding a local PPG paint store. The one here is awesome to work with and even gave me 5 gallons for free when i told them i had investment properties and opened a cash account. The manager recommended their "Speed Hide" and i was pretty happy with it. As far as color goes, we like a light khaki or tan color. It helps set the house a part from an apartment, in my opinion. I remember when I purchased my first home, it had tan walls and i was so happy. It actually felt like a home instead of a rented house/apartment. It's worked well for us so far. 

As far as lights go, i would shop locally. I've purchased several in the past only to get it to the house and it won't work or doesn't look right for whatever reason. So much easier to deal with the return. 

There's my two cents!

How would that work with the Medicare bill though? I'm assuming they would come knocking for their money as soon as anything was changed with the deed, wouldn't it?

Ok, so I have the opportunity to purchase a house directly from a person I know. His Brother passed away and he is in the process of becoming the executor of his "estate". When I say "estate" I mean hoarder/dirty/hasn't been updated since it was built in 1958, "estate". I believe the house has potential, but he is way over valuing it. We can swing the 20% down payment and CC's, but not the $25,000 in work it's going to take to redo the 1.5 baths, kitchen, probably a little foundation work, drywall and no telling what else. 

I think if i could pick the house up for $45,000-$50,0000 it would work. This would be a buy and hold property. It should rent around $725ish when completed. It's in a good area. We own the house next door and had it rented within 12 hours of being on the market. 

To throw another twist into the mix, $40,000 is owed to Medicare, which is going to have to come from the proceeds of the sale. 

I believe one of two things will happen. His Brother(the executor) will sit on the house and make the payments because he refuses to take anything less than what he THINKS it's worth or he will be begging me to buy the house to wash his hands of the whole Medicare debt. 

What are my options, financing-wise????

Thanks!!

I guess it kind of depends on who you're trying to target. Families, older people, young professionals, etc. I'd say it depends on the house as well. If it's a two bedroom house, the school probably doesn't matter as much. If it's a three or four bedroom, it probably will play a bigger factor. It might be a stepping stone for a family that's trying to get into the area.

I'm told you can finance up to 10 properties through Fannie/Freddie. After that you have to start paying them off or start using portfolio loans, in house lending, private money, etc

@Joe Villeneuve I would be interested in knowing a little more about your strategy. Are you talking about taking your saved money and parking it in an investment property that won't depreciate(hopefully) and give you monthly cash flow? Should you ever need your initial investment back you could always sell or refinance? Or are you talking about some kind of cash out refinance strategy to keep your total cash investments to a minimum?

Just another fine example of government overreach. It blows my mind how anti-business our government can be. 

I would speak to an attorney that does real estate law and if you can find one that has rental properties, even better. The more I researched it, that's the conclusion I came to. If it's not done right, they are pretty much worthless. Unless your only concern is to have a check made out to "Kick Butt LLC" vs "Karla Talancon" lol

Research: Piercing the corporate veil, self managed, LLC vs umbrella, commingling funds, etc.

One of the best things I've read is, "An LLC won't protect you from yourself."

Good luck!

Du du du daaaaa! @Brandon Hall to the rescue! lol 

Thank you. I actually downloaded it because of your advice from about a month ago. 

This is what I'm using: http://www.fastbusinessplans.com/business-template...

I like it because I can record everything on a monthly basis and it gives me a better idea if i'm really making money. Do you have any opinions on it?

@Julio Cardenas Mini splits could be a good option.

@Ricardo Meza Carrier, Bryant, York do not make their own mini splits. They rebrand Samsung/Mitsubishi/Toshiba/Panasonic/Daikin etc. Parts are readily available at their factory distribution centers here in the states, but may be somewhat hard to find at the local distributions level. Just depends on the distributor really. 

@Ronan M. That's not entirely true, but usually the case. Many manufacturers offer ducted mini split units, along with the standard high wall most people are used to seeing, ceiling cassettes and even a unitary style air handler we're used to seeing in mechanical rooms. You are correct about the heating vs the cooling and ability to keep up. Samsung makes a unit they call their "Nordic" and Mitsubishi has their "Hyperheat". I'm not sure if they make the low ambient units in a multi-head unit though? 

The upfront costs usually scare people because they are never compared apple to apple. They just say, "I can get this regular system that will cool this space for $3,000 or I can get this Samsung mini split for $4,000!?" 

Mini splits have higher efficiency ratings, which still really isn't fair because AHRI makes them lock their inverter compressor(another big benefit) in at 60hz like a standard heat pump and doesn't let it perform like it should. 

If I were you I would have a reputable company come out and do a heat load. Once you know your heat load they'll be able to look at the charts for the mini split and tell you if X unit is capable of producing Y amount of BTU's at Z ambient temperature. One thing to look out for, some manufactures will completely lock out at say 17 degrees F, while others have no hard temperature lockout feature. Samsung for example might be able to operate at 0 degrees, provided it doesn't lock out due to a high/low pressure switch. 

Hope that helps! I've been in HVAC distribution for the last 14 years and have quite a bit of experience with mini splits and VRF systems.