All Forum Posts by: Rodney Phillips

I'm currently weighing my options between a potential rehab rental SFH and a few turnkey duplexes. I've seen many discussions and heard even more stories about doing the BRRRR method but not as much on buying turnkey. As much as I'd love to grab my first multi-family home and all these duplexes I've seen would likely cash flow, I'm just having a hard time considering a property that is being offered at a retail price. Not to mention a $190,000 property would nearly drain my savings.

I'd like to hear some stories from others about why/why not purchasing turnkey properties is a good option. 

@Sarah Buchanan do what you feel is best for the offender and your company.  Personally, I respect you for wanting to understand this guy and the specifics of the incident.  Shows good character on you and for him to actually volunteer some info.  One the flip side, it could tarnish your reputation, but I subscribe to the philosophy of second chances.

@Shiva Bhaskar Their law stipulates 2 things, under the age of 10 = 10 years in prison; between 10-16 yrs old, and actor is 3+ yrs older than victim = 15 years.  Not sure why the age disparity makes a difference, unless they are covering for children that are really young that would possibly commit this act. The 3rd Degree label lends me to believe it was not an aggravated assault/rape, yet something that was"consensual".  I feel there is more to the story but nothing that would lead me to think he is lying about what has happened.

And I agree with @Dawn Burwell there are some girls that don't act, dress or even look like they are 13.  

@Lee Haskins I wasn't planning on using an LLC for my first buy, but was considering transferring it later if I decided to continue on this path.

@Jairo Ortega this would be for properties I intend to rent out.  I should clarify a bit, all the homes I've looked at so far have a furnace but no central air.  

Not certain if I could command a higher rental due to it, my assumption would be yes, albeit slightly.  Most of the homes in the area are cooled by window units so my properties would have that over others.  And I have no intention of paying utilities for a tenant.

What kind of home value increase can I expect if I add an HVAC system?  I've seen a few houses that I'd be interested in if I'm able to lower the purchase price and the value of an HVAC is worth it.  What have kind of value has everyone seen?

@Joe Splitrock I figured it was on my end. I didn't really specify to the lender whether it was a SFH or not. Thanks for your help.

I'm working on getting my first investment property that I plan to buy and hold.  I went to a local bank and spoke with one of the lenders, and after I told him that I was planning on getting into real estate investing, he mentioned the loan would have to be a commercial loan. 

Am I missing something here? Did I make the mistake of mentioning "investing" instead of clarifying it was for a SFH?