All Forum Posts by: Nick Neville

It appears you are putting an awful lot of faith into the agent's "guess work". Have you actually had your own contractor walk the property and verify the 40k rehab? or that the market will bare a higher rent once fixed? have you actually looked up comps in the area to determine ARV?

You may trust the judgement of the agent, but for someone who is still new to investing, I would think you would definitely want to do your own due diligence and not rely on them.

@Jerry Johnson, keep in mind these are just rule of thumb. you will find MANY members on either side of the fence on these "rules".  they are a quick way to sort through many properties, but never buy or pass on a property just because of them.

If the current tenants have a lease in place, you typically cannot terminate it without reason. But if the deal makes sense, the tenant may be inclined to move out if offered a $ incentive.

The important thing would be to get more insight on the current tenants and find out who has been late on rent, high maintenance, or caused issues in other capacities. That is obviously the person you would want to remove if possible.

If the property requires maintenance or could stand to be updated, I personally would want to live in the worst of the units so I can capitalize on the 3 units that are in better condition and slowly update the other as finances and time allows.

There are just soooo many factors that would go into the decision, but hopefully this may provide some food for thought.

Most plumbers in my area charge $65 service call and an additional 30 minutes to snake it out.  That's roughly $100.

$294 sounds outrageous, but I don't know your market.

Hey @Micheal Leek I primarily work in the central KY area, and reside in Adair county not too far from you. Add me and hopefully we can work together sometime in the future.

@Chris Mason, If I was able to pay 20% or more down and go through a local bank that does not sell to Fannie/Freddie is it possible for me to bypass these guidelines?

 Please explain. I'm intrigued. 

Appreciate the input @Chris Mason and @Russell Brazil, Unfortunately it sounds like conventional is not going to be an option for quite a while. Was really hoping to be able to get into a house hack sometime this year and get the ball rolling. Thank you both!

I recently switched from a salaried position to a 100% commission based job and am told that I must have two years of commission only income before being considered for a conventional or FHA mortgage. Is anyone familiar with this?

I planned to buy my first property on an FHA program and "house hack" for the first year or so while continuing my real estate education.

Any insight you can offer would be much appreciated.

Hey all! I'm new to the real estate market here in Central Kentucky and look forward to learning from you all. I plan to spend quite a bit of time learning before I jump into anything but my goal is to purchase my first buy and hold rental sometime in 2017.

Any Kentucky Investors/Agents/Lenders who are willing to offer insight would be greatly appreciated.