All Forum Posts by: Mike M.

@Kevin W.

Thanks! Concur!

@Jacob Sampson

Thanks, Jacob!

@Jake Stuttgen

Thanks for the input!

@Don Konipol

Well, as a “Pro” and “Specialist” I’m sure you have many examples that beat my rookie “lowball” example. As this was my first “deal”, I’m fairly proud of the fact that I was able to negotiate 12% lower than asking on a 1.5% property. Just trying to prop my fellow and future RE investors up. This is why I rarely post on forums...

@Teddy Grooms

I recently hesitated to lowball on a potential rental property but my wife said, “the worst they can say is no”. So, I offered $80k on a home that was listed for $96k and had been on the market for >200 days. They countered at $84k. I’m sure my realtor cringed at my $80k offer but she submitted it. So far so good.

Hey! Would love some feedback/thoughts on my situation...

I owe $250k on a Delaware home that is valued at $335k. Current mortgage is $1450 and rent is $1800. Far from a 1% home, but it pays the bills and was a brand new build in an “A” rated neighborhood with little to no maintenance .

I'm thinking of cashing out to purchase a better performing SFH or multi family but I'm torn on the best way to get the most value out of the equity available.

Sell?

Refi?

Thoughts?

Thank you for your time!

Mike

Thank you @Aaron H., @Lucas Taylor and @James Wise  I just put in an offer on a home and hopefully it all goes through painlessly. @James Wise, I’m purchasing just south of you in Kent, where I went to school. Keep me in mind if you come across anything near campus. I’d love to give you my business. 

Hello everyone! I was introduced to BP a few months ago and I have read and listened to as much as possible in my "free" time. I'm a busy professional and initially considered picking up some turnkey properties, but in order to keep access to my cash I think BRRRR is the most efficient use of my money. With that, I think the most efficient way to BRRRR is with a cash purchase and cash rehab. I have about $70-80k accessible in IRAs that I can pull out, $20k in savings and just over $100k in equity in a rental property. What makes the most sense for me to use for a purchase- IRA cashout? HELOC? Or just go with conventional financing? I look forward to hearing from you and thanks for letting me be a part of this amazing community! Much appreciated!