All Forum Posts by: Parker Maher

@Mike Hern

How do you know that? 😉

Can you please elaborate more on the “bail in”?

Does it only apply to HELOC's or does it only apply to home equity loans?

Hi community,

I am looking to get a HELOC or home equity loan. I most often hear about HELOC's so I think that's the best option since it's revolving, however, potentially more risky without the fixed rate.

When it comes to investing it's silly not to utilize a HELOC compared to a home equity loan, right? If I'm going to use my HELOC over and over then I should pay for the appraisal and let it begin. Do you have to pay for a new appraisal every time you get a home equity loan?

Am I missing anything or not thinking of anything when choosing which option to use? My house will appraise well over what I purchased it for due to the current market, which should increase my line of credit, right?

Does my credit line increase in my HELOC as I pay the house down?

Should I use the bank my mortgage is through or is it smart to shop around to get a HELOC? Or do I HAVE to use the bank my mortgage is through?

What's a typical cost for an appraisal?

I'm in Kansas City, FYI, and I bank through Arvest Bank.

Thank you for your insight and time!

@Greg Dickerson & @Jay Hinrichs

This is a long shot and doesn't hurt to ask... do either of you have any recommendations when it comes to proformas? I've been trying to find a land development proforma. There are some videos I've come across that I think I could get enough info from to get some ballpark numbers. And meeting with the city of course to discuss it further and I'm sure they can provide some rough. 

@Greg Dickerson

Thank you for your help! Great starting point and questions to ask. 

Hi all! Thanks for taking the time.

Here's the scenario. My wife and I are fortunate to have only one form of debt, our house payment. We're sitting on some emergency savings as well. We have about 28k of equity in our home. 

There is a large piece of land that we would love to buy, rezone, replat (into 5 acre lots), and sell off the parcels. Aaaand ideally keep one for ourselves. We would like to build our own home on some land.

I think we could purchase the land for somewhere around 7k per acre and sell once developed for about 16k-17k per acre. 

I would love to know more about what this process would look like. What's a cost to bring electricity, water, sewer? Is there a ballpark range for development costs? All that needs to be done is build a road and get utilities there. I say "all that needs to be done." That takes a lot of time. I don't want to do a lot to the parcels such as grading. I would leave that up to the buyers of each parcel. 

Would love more detail and input on this! Any experienced developers out there?! 

Thank you,

It does. A 2 car garage. I believe there's a lot of rental potential for it. 

Thanks for your advice, @Alex Olson

@Alex Olson & @Scott Passman. Thank you for your replies.

Alex, we live up north. Our house is in great shape - my wife and I have done a lot of aesthetic things. So I would like to think as it is currently, 3x2, it could rent for somewhere in the high $1400 potentially $1,500 range. 

There is 3x2 rented for $1,525 in our neighborhood. And a 4x3.5 rented for $1,875. So that's promising. I've been comparing refi options on Bigger Pockets - there are several options. There was a quote at 1.875%... nuts. However, 7k in closing costs, and it'd increase out mortgage to about $1,800 (very difficult to cash flow). 

We're planning on keeping this house long term because north Kansas City is growing and our house appraised 18k over what we purchased it for in less than a year. 

Hello all,

Thanks for taking the time. 

My wife and I moved into our primary house in Kansas City, MO, in March of 2019. We then had the opportunity in October 2019 to refi our rate down from 4.5% to 3.5% - which we did. Now we're considering refinancing again. We would like to eventually move out of this house and rent it out if the numbers make sense. Current average comp rent rates in our area according to Bigger Pockets Rent Estimator are $1,250. Our current mortgage is $1,487 and we have a 3 bed 2 bath. We have an unfinished basement where another bedroom and full bathroom could/will be added. 

It'll be approximately 3k to close on another refi. Here are the options from the lender we're in contact with:

- 30 yr at 2.99%; decreases mortgage $66

- 20 yr at 3%; increases mortgage $232

- 15 yr at 2.75%; increases mortgage $509

Should we refi? Should we sit where we're at? Am I crazy to even consider renting this house out? Would love to get thoughts on this. If we're planning on leaving very soon, obviously, it wouldn't be smart to refi. Ideally, the numbers work later on and we can rent it out. Looking forward to input and discussion!

Patrick, Mark, and Joel, thank you all for your responses - your knowledge is greatly appreciated! I'm continuing to research and watch education videos on some of your recommendations. I've been back and forth with my team on what exact specifics we're looking for. So Mark, I'm trying to figure out exactly how we're going to use it. I'm an organization nerd so I'm trying to condense all deals into 1 program enabling us to track communication, who is involved in it, things along those lines. Might need to see it to know what we're looking for. 

Cool, thanks!

Hello all,

I am reaching out to see if anyone has any recommendations for CRMs when it comes to a smaller commercial real estate brokerage. There are only a couple of us, however, we have a large list of clientele. Something that tracks when you most previously followed up. Maybe something that has tabs for sellers, buyers, vacancies, all that good stuff. Something that is, of course, user friendly. I want to be clear, we DO NOT need property management software.

Your input is greatly appreciated.

These are the top three that I've been looking into:
- Monday.com
- Pipedrive
- Freshsales

Thank you!