All Forum Posts by: Rodney Thompson

I purchased my house about 11 years ago, and I am paying $1360/mo at 6.25%. I would like to refi to lower my payment and dump PMI. My question is this. Should I do a cash-out refi, pulling $11k, and pay $1150/mo at 4.88%? Or not do the cash-out and pay $950/mo at 4.2%? I was going to use that $11k to invest in a property, but I'm uncertain how to determine if that $11k is worth $200/mo. If I pay that loan out over 30 years, that $11k will cost me $62k. Now, I know that I will not keep this property for 30 years, so I need to keep that in mind. I was looking for a perspective that I may not have thought of, so any opinions are welcome.

I have been listening to a ton of podcasts and audiobooks on multi-family. I can see that MF is definitely the direction I would like to go. However, being a noob, I am curious what everyone has to say regarding where I should start. Should I do a smaller MF, like a 4 or duplex, or jump right in and go for something larger? I'm thinking walk before run, wear out the training wheels kind of path first. Could you let me know what pitfalls I might run into? Why would I start off in one particular direction or the other? Thank you!

Thanks, @Account Closed ! That is quite a list! I appreciate you putting it together.

@Matt K. I agree! I would never ask them to look at a deal and then work the deal without the agent. That's no way to form a good working relationship. I think Will made a good point, an agent can be intimidating, but can also show intent. Like in any deal, make sure it benefits everyone and everyone will feel good about the deal.

@Will Bockoven - So if I'm hearing you right, making the initial contact myself and then use the agent for followup if it looks like it might a deal that I would like to pursue.

I agree @John Thedford . I can see the value in having that knowledge at the table. I hear a lot about the core-four concept but wasn't sure when each of those became important to have. Reading about these important professional components of a deal, I can see where they are all necessary. I'm guessing that early on new investors may not have specific individuals picked out to be on the "core-four," but as I work with different professionals I will start to know who I want on that team. Thanks!

I have been listening to BP, and I hear some investors bring their agent in when the investor finds a "for sale by owner," and some don't. What is everyone's consensus regarding bringing in an agent?

Thanks for the advise @Caroline C. We originally were looking to do some Airbnb type of rental, but we have since decided that isn't the direction we would like to go.

My wife and I have always had an entrepreneur spirit. She read an article on Mr. Money Mustache about becoming financially independent as an Airbnb host. That led us to another article about vacation home rental is a service business rather than a passive income business, which led to another article on BiggerPockets about real estate investing, and here we are, a pro member. We are super excited and ready to find our first deal! We are being cautious and making sure the numbers work for cash flow and reading everything we can get our hands on - PLUS - listening to BP podcasts!

I know a person that has a house under a contract for deed. He needs to move and stated that he's willing to walk away from the house. This seems like an opportunity to me if the numbers are right. How should I structure a deal like this? I don't know if I should partner with the current homeowner, or have the contract transferred to me, essentially transferring his equity to me, or what? I'm looking for someone to give me some direction here. Thanks!