All Forum Posts by: Ryan Woodward

Chris, Thanks for the contact! It's been a while, but I did run the basic ROI on my current parcel with two homes. The "margin" is not amazing, but still decent. I spoke with my refinance contact that I have worked with in the past and I am actually considering pulling out enough cash to finish fixing these units up and maybe even a little extra for a potential down payment on another unit. Thanks for reaching out! If you have any other advice, I'm all ears! Thanks Chris.

Hello Everyone,

I am still super green when it comes to real estate investing. I have one multi unit that I have had for approximately 3 years. I live in one unit and rent out the other. I am very interested in the strategy of buying mutli units and renting them out. I bought when it was a buyer's market and now I can refinance and pull out a good deal of cash. I realize this is a super basic question and more info might be needed, but I wanted to see what you all thought: Do I pull out the cash from the refinance to continue to fixing up the property or do I use the cash to put a down payment on another unit? My current propert(ies) needs approximately $20,000 to $30,000 to be in tip top shape. I have a good tenant, but they have discussed moving in the future. Anyway, any information is helpful. Than you all!

Awesome!

Hello Everyone,

I am still super green when it comes to real estate investing. I have one multi unit that I have had for approximately 3 years. I live in one unit and rent out the other. I am very interested in the strategy of buying mutli units and renting them out. I bought when it was a buyer's market and now I can refinance and pull out a good deal of cash. I realize this is a super basic question and more info might be needed, but I wanted to see what you all thought: Do I pull out the cash from the refinance to continue to fixing up the property or do I use the cash to put a down payment on another unit? My current propert(ies) needs approximately $20,000 to $30,000 to be in tip top shape. I have a good tenant, but they have discussed moving in the future. Anyway, any information is helpful. Than you all!

Paul Cordero - Sorry for the late reply. The FHA method was denied because according to my Loan officer, there were no COMPS comparable rates in the area for two separate properties on the same parcel - plus 1 or the other multi units in the area was touching / not separated & the other multi unit was sold for $20,000 less. The USDA loan was not approved because the property had investment potential with the other unit and was therefore denied...now looking into other options since I only have about 15% to put down and not the full 20%....

Since I'm $10,000 -$12,000 short, I could potentially market this idea to a family member or friend then. Maybe that is a more viable option. Does anyone have any suggestions on selling points? (i.e. what is a fair interest % rate & way to guarantee their money)? I was thinking something like 6%-8% since that is better than many stock markets & bank rates?? Not sure about how to guarantee they get paid, maybe have them put a lien on the property? I plan on going through a local credit union for the main portion of the loan.

Jon Holdman

You're, what, about $10K short with closing costs and prepaids? Can you get that from credit cards, selling something, friends and family, personal loan? Any suggestions or forms for marketing/suggesting a personal loan?

Thanks Jon, I will research the owner occupied loan option to see if any of the three lenders I previously attempted to go through have this option...this way I can deflect a 4th credit report check, thank you!

Any help is awesome. I have pending a property with 2 separate houses on one parcel. 2 bd, 1bth, & separate garage + 1 bd, 1bth, & sep. garage. Asking $145,000. I have $10,000 in bank, $10,000 in stock market. 1. I have tried going FHA, but no comps in the area, 2. I have tried going USDA, can't because of the investment potential, tried going 3.5% down on conventional loan, but didn't get approved because of MI companies rules. Looking for some tips on what to do... Should I ask family and friends to loan to me with a decent pay back rate? I would like to live in one property & rent the other one out if it matters? Any suggestions help!

Count me in!