All Forum Posts by: Powell Chee

@Crystal Smith @Clay Manship  Thank you for both for reaching out.  If things look good and I'm going to close on this then I'll make contact.  Right now it's 50/50.  

@Joe Fairless Thank you for your help, Joe!  

Hello BP,

I have a 10 unit apartment in the Warren Township of Indianapolis that I am looking to do a refi on.  Can anyone recommend a lender who specializes in these transactions?

Thank you,

Powell

Thank you both for your thoughts. This is my first rental property and I'm in acquisition mode.  I'm likely to refi and look to get another property sooner rather than later. 

Cont...

Option B: $5k invested with roughly $100/month cashflow. 

I feel like I may have answered my own question but any thoughts or suggestions are appreciated. 

Hello BP,

I have a situation and I wanted to see what people suggest.  

I recently purchased an out of state rental property for $94k, which includes closing costs.  In my original projections after doing a refi I was planning to cashflow about $250/month after all expenses.  

However the appraisal on the property came back with a $123k value and my lender is willing to refi upto $89k. If I refinanced my cashflow drops to about $100/month.

So would you suggest option A: roughly $20k invested into the property and $250/month cashflow?

Or option B: $5k invested with

@Brandon Hall Thank you for the thorough answer!  

Hello BP,

I have a question I am hoping to get an answer to.  Would someone who works for a real estate company as a W2 employee be able to qualify on their taxes as a Real Estate Professional?

For example: would a sales trainer who works at a brokerage qualify as a Real Estate professional?  Assuming their job is just training agents, not as a realtor himself.  

Hello BP,

I have a question.  I am interested in purchasing a turnkey rental out of my market and I'm looking at providers in cashflowing markets.  I wanted to know how much in a cash reserve is recommended on these types of properties?  Basically, how much cash should I have on hand for emergencies.  Is it a certain % of the purchase price?

Thank you,

Powell

@Joseph Ball Great post. Although I don't have any VA for myself, I am looking to get started.