All Forum Posts by: Neal D.

Is there a podcast, webinar, blog or anything on this site that I could educate myself with about how to select the right agent to work with? 

I know there is something like that because I cant be the first person to ask this question.  

Or if you have any advice that you would like to give when looking for the right realtor that would be  amazing!   Thanks! 

I want to get a deal going here on a rental in town. I have run the numbers on the house(mine). I want to rent it out and move to another home. I don't have cash saved to pay a down payment but I do have 20+k equity in my current home. Could someone share a link or give suggestions on the best place to learn about heloc usage and how it works. What I should look for etc.... Thanks!

Thanks for the reply! My first thought was to rent this home and move to another. If I could get cash to move to another this may be a better cash flowing property. I need to run the numbers on the rental calculator. Multi families are very few and far between in the area that I want to live. It's about 95% single family, 6% apt, and 4% multi family. Yes 20k is enough for a dos payment. I would like to know if o took that out against my current mortgage what would that mean for it and for the loan payments on top of that mortgage? Thanks again! I am trying to commit to this and just jump but I firmly believe that the worst thing you can do is to go into a situation uneducated.

Well I decided that I want to run but I cant crawl just yet.

I need to figure out how to finance my first deal. So I will fill you in on my situation.

I currently own a home with a FHA loan at 3.6% interest for 30 years.

The loan is for 96k (owe 83K) and the actual house value is in the 125-135k range. I got it as a foreclosure on a VA loan from an expired man(motorcycle crash) and buddy was that a pain in the neck.

Should I do a cash out refinance or heloc on my house in order to get the money for the down payment or should I try to keep my monthly payment on my current mortgage as low as possible and try to get an Private lender to loan me the money? Is there a huge difference in the interest rates charged by using either of them. What are some of the advantages and downfalls to each?  

Or on a completely different note I could try to also flip this property and make some money by adding a master suite and bathroom but I would really like to rent it out for a while first then do the equity loan to add the master suite and bathroom then try to live in it because it is a great area of town.

Yeah my head bouncing has turned into drafting and planning. I have a degree in landscape architecture and know all about designing urban environments and landscapes. So I was thinking I would find out the details on the property and continue with my drafting of a master plan. I have no problem with presentations if the opportunity arises that someone would be interested in helping me help them get a reasonable ROI. So I will definitely get on the phone and see what the numbers are and go to the city to find out the property details. Thanks.

I have been driving by a 6 acre plot of land in a prime residential area for the last two years. It is across the street from a well-to-do neighborhood and a church. My first thought is that if I can generate a design for 6 houses and shared community green space(rather than individual yards). It could mimic on a small scale another very successful neighborhood in my area. I figure it will cost around 800k dollars when finished with development. Keep in mind these are just ball park figures. But my second thought was, if I could complete this properly, it could provide me with one of the houses paid for to do what I please with. I could live for free or rent it or sell it at any point. Are there any suggestions about how to get private financing for this or any suggestions at all on directions to move towards. I am still bouncing this stuff around in my head. I have not decided which way to go nor have I contacted the people who own the land. But it has been on the market over two years. Thanks for your time.

Thanks Robert

Also the property tax with homestead exemption is $1511 a year without that exemption I figure that it would be close to what my house is, around $2000 to $2200 a year my home is 2400 a year but it is in a nicer neighborhood and has more sqft and is in great condition.

Hi everyone,

In my haste to learn how to use the rental property calculator, I used all of the free trials to learn about how to use it. Now I have found a property that I feel like I could really take action on(Brandon has gotten me fired with those webinars) and want to know if anyone would spend the time to create  a PDF for me that I could use to show my lender. Also, if you are seasoned at this, feel free to throw me some tips if I am high or low on any numbers here. If I could afford to go pro I would, but its just not in the bill fold right now. Or if anyone wants to privately finance this deal that would be great meet new people in the area and work with you too. So I guess I will just leave you all the info and if you get a chance to run it that would be great you can either pm me or email, whatever is convienient for you. I left you a link to the property on zillow to throw a picture in there.  I hope Joshua D. or Brandon Turner doesnt get mad that im asking for a freebie! Thanks in advance so much for your help!  

http://www.zillow.com/homes/101-Bellair-Dr,-vicksburg-ms_rb/

This property only appraised for $78120 last time it was appraised. So I am thinking that it may be possible to get the house for $78000 then put $10000 worth of reno into it(paint, flooring, appliances and hardware). I would be trying to wrap all the closing cost and reno  into the loan so there is no money out of my pocket in the deal.

I would be charging $1100 to $1200 a month rent. That is not unreasonable for this area according to rentometer. Also there is a house across the street that is about the same age. It has 800 more sqft. and acreage but is terribly out dated and it is selling for 175K so I expect that this property should be in the 120K to 130k range by the time it is renovated.   

You guys make me feel so bad. I could replace my take home pay+ in 7 properties if they cash flowed 300 a month. Guess I better get started.