All Forum Posts by: Nathan DeJonge

I absolutely love EVP. And here is why.

1. LVP is 100% vinyl which means that is much more susceptible to warping, especially with excessive sun or heat. EVP on the other hand has a PVC core which makes it more durable.

2. EVP typical come in a thicker plank (like 8 or 9mm) which makes it easier to install and gives it a more solid feel.

3. Despite the two benefits mentioned above, EVP and LVP happen to be the same price. So it's a no brainer.

*This advice is anecdotal, but I personally would stay away from Home Depot, Lowes, and other box stores vinyl planking. In my experience it is cheaper and harder to install properly. I have used Lumber Liquidators for multiple projects and very much prefer them.

Personally, I would look into two different routes.

1. Consider seller finances. This way you do not need the 20% down ($3000,000 x .2 = $60,000) in order to purchase a non-owner-occupied triplex. 

2. Don't sell your home, just get a Home Equity Line of Credit (HELOC). If you really have $60,000 in equity then you may be able to get a HELOC to cover a dow payment for the proper. This would come at 5-6% and only cost you the price of an appraisal (far better than paying real estate agents to sell/but your current home. Not to mention moving costs).

Hope this helps.

Brian,

As with everything in rentals...go back to the numbers.

Is replacing the carpets now going to be financially worth it? By that I mean that if you spend $1000 now on new carpets will you recoup that in a couple years (I guess let's say 2 to make my point?).

You have to consider how much the super old carpet will effect your monthly rent. Let's say your ran the number and are hoping to get $1000 a month on your house. If you think you can get that despite the current carpet status then you should not replace the carpet. However, if we are looking at spending an extra $1000 in a two year or 24 month time period then that comes out to a cost of about $42 a month. 

That means that if the old carpet forces you to reduce rates by more than $42 dollars a month, than you should replace the carpet. Or if you think that the new carpet will allow you to increase rent by more than $42 a month then you should also pay for new carpets.

*I am obsessed with finances and investments, so my above number ares not perfectly true. If you look at the opportunity cost of investing that $42 a month in let's say that stock market as opposed to the carpet, then the number are different. Assuming a $42 investment each month for 2 years with an interest rate of 7% compounded annually would would result in $1,043 dollars. So in this case the rent difference is actually closer to $43.50.

After just completing my first refinancing deal (32% forced appreciation on a one-year live in flip), I have become aware of the loan signing agent profession. During my signing appointment my agent was shocked with my knowledge of all of the obscure number and terms of the mortgage documents. While I have  Bigger Pockets to thank for that, she still suggested that I go into the profession, at least part time. She mentioned that it was good money and would provide a network to further accelerate my Real Estate Investment plan. 

So basically I want to hear from people who are currently doing this. I am considering to do this part time (on top of teaching middle school) in the Ann Arbor, MI area.

Is there any required certifications beyond just being a Notary?

How can you get started?

Should I go on my own or seek employment with a Title/Mortgage Office?

Is it even worth it?

Thanks BP Fam,

Nate DeJonge