All Forum Posts by: Ryan Allison

Does anybody have any credit unions or good lenders (licensed in FL) they recommend for competitive cash-out refinances for a SFH investment property? It seems every broker or lender I talk to seems to say that they are limited due to the FM / SM restrictions right now.

Might not be out there, but it would be awesome to get 80% LTV.

Thanks!

@Dean DeMattia condos definitely have their pros & cons.  The pros are you don't have to worry about the exterior whatsoever.... the cons are the association can literally ruin your investment.  I'm a fan of smaller associations where you can be a big fish in a small pond (that's what I own), but I'm not sure i would invest in a condo complex where there's a lot of decision makers.  

Those numbers sound decent to me.  I agree w/ @Scott Hollister , cost / benefit of tenant turnover would probably be at least a year.  I would gradually bump it up, your pretty close to market.  

@Account Closed there's some good meetups around, depends on where you live around Hartford & where you want to invest.    

@Account Closed this looks like a solid deal to me. agreed with above, focus on what you can get w/ ROI on rentals. If I was you, i might explore alternatives for heating source since electric heat can be a turn off for perspective tenants, especially in nicer areas like Simsbury.

@Lee Prete I'm not a financial advisor or accountant but here's what I would do.... 

Contribute the required amount to get the maximum contribution to 401k from your employer.  

Take as much of a dent into that interest as you can or look for a re-finance altogether.  14% in this environment is very high. 

I would not sweat being on the fringe from one marginal tax bracket to another.  Take a look at this article.  https://www.cnbc.com/2021/03/1....

Probably goes w/o saying but if you have a company match on the 401k, i obviously wouldn't contribute less than the value of the match.   

What's the interest rates on the debt?  

Personally I contribute SLIGHTLY more my company's match and take the extra cash to do what I want with it.  Of course you want to take advantage of the company's contribution towards retirement. it's a benefit for a reason.   

I see the value of deferring the tax liability by contributing more than a company's match annually towards a 401k..... but my perference  is not to tie my capital up until i'm 65 & would rather do other investments (i.e. real estate).  

I would be shocked to know if a bank is willing or is legally able to do this, especially for a non-occupied home.  If you find out otherwise let me know.

@Andrew R. welcome.  Unfortunately you won't find too many multis in the towns you mentioned... if you want to find a good cash flowing multi you may have to look into other towns which typically are in a C or B neighborhoods.  Out of your list WH has the most and they're in bigtime demand and priced accordingly.   

In my opinion buy and holds around here are tough for single families (especially in those towns) because of the property taxes.... unless you rent out an in-law suite or have another revenue source like a garage or something. If you do go the SFH route, I would probably go a live-in flip and just sell when you leave.

@Mat O'Grady @Doug Borchert are these even happening right now w/ the mortatoriums?  

@Bradley Sriro thanks for all the pointers.  I agree, it's not much of a deal.  that's what the owner is starting out at, not where I'm at.  It probably won't come to fruition but I was curious on what steps I need to take if it worked out.