All Forum Posts by: Paul Smythe

@Lindsay Z. Upstate CREIA is definitely where you'll want to plug into (www.upstatecreia.com). All meetings are virtual with everyone staying at home, so it's still possible to connect. I'm invested in Spartanburg because of slightly better returns, but there are definitely still opportunities in Greenville.

Very curious to know how real estate listings are going for other BPers. I'm working towards listing a house in Georgia for retail sale in the coming weeks and am not sure what to expect. Trying to get 3D home tours set up so buyers can still look at the houses without in-person showings (not even allowed in GA currently from what I've been told).

I am fully prepared for a major slowdown in my sale, but I would love to hear other's experiences. I've heard of drive-thru closings where everyone sits in their car, electronic notarization, etc.

@Marlen Weber at 50% currently with another tenant requesting a little more time, so feeling much better at the moment. Phew

Your timing is great, just got an appraisal late yesterday that I was expecting would be around $325k. The value they arrived at was $245k. Killed my refi immediately, and the worst part is I had to pay for the appraisal to give me the bad news.

In all honesty, though, I'm not mad. I was probably being too optimistic with my numbers. I do think $245k is low, but that's just how it works and I can understand some of their logic. Can't be mad at them for my expectations being too high.

Ask me in a few days. 0% (0 of 10) currently, but my tenants usually pay right at or before the 5th.

I'm hopeful that we won't have much interruption, but I'd be lying if I said I wasn't a tad worried. @Russell Brazil props for getting to 100% already. Sounds like I have a few lessons to learn from you.

Piling on. Buzzfeed is not news. They are more interested in your click than helping you become more informed (as are most "news" sites nowadays, but buzzfeed is on another level). Rent strikes may become a thing, but I would read about it somewhere else.

As has been said by others, it depends on each individual situation. What works for my neighbor might not work for me. Zero- to no-debt is an excellent approach for many people. Your overall growth will be slower, but you are less risky overall and insulated when hard times come along like what we are seeing right now.

Debt isn't all bad, though. $100k cash can buy you one free-and-clear house or four/five financed houses with 25/20% down. If you intend to build significant wealth, debt is a tool. You just have to be careful. I'm sure a lot of people are learning that right now.

To your point, though, Dave Ramsey's approach is looking pretty good right now. Anyone who listened to him is probably more protected than your average joe.

@Cody DeLong I'd hate to have to pay loan closing costs twice in a year for the same property. Double dipping isn't ideal, but sounds like you might not have much choice.

As far as the refi portion, why not get a HELOC instead for that equity? That way your primary mortgage payment stays lower and you don't have to pay extra until you've pulled from the HELOC (on an investment).

What is the monthly principal paydown? Any realistic upside to create cashflow?

I would also be extremely hesitant. No one wants to lose money. If the property is worth $1m and you're paying off significant principal each month then maybe it's worth it, but I'd bet on that not being the case from what you've explained so far.

I've had some plumbing issues and am looking at buying a cheap, $100 camera on Amazon (example: https://www.amazon.com/Industrial-Endoscope-Oiiwak-Inspection-Waterproof/dp/B081J3LN61/ref=mp_s_a_1_8?keywords=drain+camera&qid=1579998402&sr=8-8). What am I missing here? Normally these things cost hundreds to rent and I've seen cameras online that cause thousands.

My question is primarily, what about this $100 camera is inferior? Is it not as durable or high-quality? I know of plumbers that don't even have cameras, I assume because of the high cost.

Would love input from the community on this.