All Forum Posts by: Robert Howard

@Christopher Phillips @John Leavelle @Andrew Postell I have evaluated two deals and would like for you all to take a look at them both.  I see the numbers, but can't decide; which is best.  Please give thoughts. I actually want to offer $100k on the duplex and asked for the $7500 to be a gift in equity to do minor repairs.  I don't know if I can do that, but it seem right.  I got the idea because of financing I receive in the house I live in now but that was back in 2003.  I brought the house 102,500 but purchase price was $105,500 to cover my down payment.  I hope they still offer those kinds of loans.   The input is greatly appreciated.  

Short sale house

Duplex

@James H. I new to BP and live in the Albany Area.  I have been fostering working relationships with local contractors and now ready to step out and try, but trying to find the right area.  We were just hit by a tornado and I know that some good deals will be showing up.  I was thinking I needed to invest in the next town over Leesburg, but houses there are so over-price.  Anyway.  I know some great contractors, so feel free to connect with me.

I'm typing to fast.  I now understand.  LOL

I know understand, but here is the link. I think all for the great advice.  @John Leavelle I will share it with you.  

Hello Michael Autry,

Is it ok for me to use your thread to ask the same question as you on one of my deals.  I see you have gotten some good feedback from contributors and would like to see what they think.  Also it may help you to see what information they are talking about.

Ok @Christopher Phillips I plan on doing a conventional loan from the beginning, so how would I be able to withdraw the equity from the property without getting a 2nd mortgage or a HELOC.

Ok, I have been using the BRRR calculator, but the Property that I'm analyzing its working out. I have posted the link below. Could someone please look at it and tell me what mistakes I am making. I would think if it works out as a rental property that the BRRR would work too!

https://www.biggerpockets.com/calculators/shared/577125/ece4e031-745e-4f6c-b8ce-03b84488b170

Mr. Wallace, what am I researching, I know its in a flood plane and the insurance will eat any positive cash flow.  So I will not be able to, but I know people have rental houses in this area, so I have to attempt to figure out how they are combating the insurance.  There isn't a real estate investor group in this area, so I'm just trying to luck up on the information, by talking to different agents and or landlords.  I will be checking with Mr. Lee to see what type of private flood insurance rates there are.

Thanks for the replies gentlemen. I will look into the Private Flood Insurance Alternatives to see what their prices are and how fast they increase.  I may have to stay away for now, because of the cost. 

I have been looking at properties in good areas where I live, but they are in flood zones.  I called to get quotes and they have been extremely high making deals look impossible, because they will lose money.  Also the cost rises by 25% every so often, because its a rental property.  Has anyone dealt with rental properties that require flood insurance?  Please give me some information, because right now it looks like a no deal.