All Forum Posts by: Michelle Boyd

Thank you for your response. I really appreciate it.

I'm wanting to purchase and rehab or build in rural Ga but would like to talk to a good loan officer who can let me know if the location and me qualify for a USDA loan? Thank you so much.

I want to use as much loan as I can deploy.
I'm estimating $100k for material & labor for down payment for a build but less for a rehab. I do have access to equity. My home is worth $247k and I paid it off at $135k. I have access to a 401k and/or a gift of $30-50k. How much would I need access to in order to borrow $100k to build or rehab? What's the best type of loan product for this, to have a low monthly payback? Also, if I got a HELOC or cash out refi, would I be paying back two things at once?

Go easy, I'm new to RE but want to invest but want to wisely obtain funding. Thanks for your seasoned input and for interpreting and responding to the question that I may not even have asked.

Michelle

Any thoughts on good interview type questions to find a savvy RE Atty and CPA who can help maintain wealth? What questions would you want to know and why? Thank you for your insights and questions!

This helps a ton. Creates some questions for me to get addressed and explore and helps me know what's possible. Could some loans include updates too? Thank you.

Any insights or strategies for financing major repairs or even updates for MFs? I'm a newbie so please don't eat me alive. Just wondering the best way to fund the work needed on a deal (outside of the mortgage) or can that be included in the mortgage? If so, what would be the best mortgage terms? Thank you for your insights.

Quote from @Joe Villeneuve:

This property says "Sell" in every language known to man (and women).  Forget what to charge for rent.  IF your cash flow, not rent CASH FLOW was $2000/month (not typo), it would take you over 8 years for it to equal the dollars you would get if you sold it now.  Why is that important?  If you sold now, and after closing costs you were left with at least $175k in walk away cash, that $175k should get you a property (or group of properties) equal to over $800k...not the measly $290k you have now.  How much CF do you think you would have in that case?

I'm new to this space, trying to start creating wealth for my family through real estate and need help from an REI Coach. So, thanks for the reply.

SF purchased over 20 yrs ago for 125k. Owe 95k. Being offered 290k to sell. OR, what's the right rent amount to charge to keep home but move out and have a property management company manage it as a rental? Home is in need of approximately 10k in repairs/updates, will add guarantors insurance (it's my first rental) and I anticipate next year's taxes to be around $2150 (based on the percentage of this year's taxes to value). If you've got experience with this, I'd really appreciate the number for rent and any of your insights too. Thx