All Forum Posts by: Rodrigo Flores

I recently started graduate school and am no longer working (steadily) to get a conventional loan on an investment property. I have a property that will have a balloon payment due in < 2 years and I want to refinance it to at least extend the term. Any suggestions?

The loan amount is just under $60K and the property was valued at $90K 3 years ago. This is in Saint Louis

Some context: I won't have student loans because the GI Bill pays for my school and it gives me a living stipend (i don't think i can use this as income though). The other property i have is cash flow positive with a loan amount of $57K on a 30yr fixed loan

Investment Info:

Single-family residence buy & hold investment in Saint Louis.

Purchase price: $75,000
Cash invested: $25,000

I bought this property in 2016. It has been cash flowing well. Section 8 tenant in the house right now
It helped me create a pro forma on a small deal.

What made you interested in investing in this type of deal?

It was inexpensive

How did you finance this deal?

30yr 5% fixed conventional loan

How did you add value to the deal?

added a tenant and brought it up to code for section 8

What was the outcome?

So far, it's working well.

Lessons learned? Challenges?

Since it's an old house, there were a few unexpected capital expenses. The roof needed some work and there was a sewage problem in the first year that I owned the property.