All Forum Posts by: Ryan Cannedy

Excellent advice, @Ryan Gillette! To answer the three circumstances:

1. As far as I can tell, no subflooring or other deficiencies.

2. One of the bathrooms is definitely a retro pink/salmon color while the other is grey and black. It appears the previous owner did put in new vanity and toilets, so it was really just be updating the flooring and the wall tiling.

3. I haven't really dove into the rent amounts and if this would increase the rent.

Thanks for the post!

Morning BPer's,

So I recently purchased my first house. I got the house for $78,000 and it appraised for $84,000. After my down payment and everything, my mortgage is about $68,000. My question is, I plan to live in this house for about 3-4 years and then rent it out for the foreseeable future. I'm wondering if I should spend about $2-2.5k to renovate both of the bathrooms is a smart move. The neighborhood is decent, but my house is probably on more on the higher end of the price range, so as of today, I probably don't have toooo much room to grow as I don't want to price it out the neighborhood, but do you think for a buy and hold this would make its value back in the long run?

Thanks in advance!

Ryan

Hello all,

I'm looking into buying my first rental property in the Daytona Beach and surrounding area and I was wondering if buying a SFH or a Condo would be a smart move for a new investor? I would look to do a AirBnB/Short Term Rental thing, if I were to get a Condo and I would look at the areas on the coast such as Daytona Beach, New Smyrna Beach, Ormond Beach, etc. I know that price has a lot to do with it, but other than that, would a condo be a lot more stressful for a new investor than a SFH would? Love to hear some thoughts and ideas.

Thanks.

@Mindy Jensen

Thank you for the article,  It provided a ton of clarity!

It does bring another question up though, if I have a conventional loan on the investment property, will the bank let me do a refi the property and take the equity out of it? 

I'm curious about how to expand past two properties doing a buy and hold strategy. If I have my primary residence and I pull the equity out of that with a HELOC or something of the sort, then I turn around and buy another property for say about $50k and get a conventional loan with 20% down (so 10k down). How do I move on to the second property if, for instance, I've exhausted all I can take out on a HELOC and I don't have another $10k to put down for another conventional loan? What is the best course of action here? is it just to save up for that $10k or is there a quicker strategy to use for buy and hold (i.e. flipping or wholesaling).

@Mark F.

That does help a bunch! Thank you, sir!

Good Evening All!

Forgive me if this is the wrong spot for this question.

My question is as follows. I am just starting my MBA program and I was wondering if my program last about 3 years, will the student loan be still counted against my DTI for a FHA loan?

Thanks in advance!

Hello All! Like many others, BP has provided me with a wealth of knowledge and I feel ready to take the next step. I'm just wondering though, any members out there who are willing to share their experiences in the Daytona/Volusia county area? Ryan