All Forum Posts by: Samuel Watts

Thanks @Jared Bouzek, I'm pretty limited on capital right now and by taking 70k out to buy another property in a year would probably be much better for me as its 70k that I probably wont have. I could potentially put a decent amount down on a larger multi-family around here at that point. Do you have a better suggestion to go about it? I may be a bit confused.

Hello! I just got my first single family home under contract today and it should close in the next few weeks and I plan to live in it for at least 6 months afterwards (Hoping to cash out refinance after). I am getting a conventional 30 yr loan and haven't decided on whether or not to put 10% or 20% down. Can I take more out on the refinance if I do 20% or should I take the other 10% and put it towards another home?

The purchase price is 72,000 and it should appraise somewhere around 85-95k I believe. How much cash should I expect to be able to pull out on the refinance to purchase another property?

Hello! I just got my first single family home under contract today and it should close in the next few weeks and plan to live in it for at least 6 months afterwards (Hoping to cash out refinance after)I am getting a conventional 30 yr loan and haven't decided on whether or not to put 10% or 20% down. Can I take more out on the refinance if I do 20%? 

The purchase price is 72,000 and it should appraise somewhere around 85-95k I believe. How much cash should I expect to be able to pull out on the refinance to purchase another property?

@Brent Coombs I forgot to mention that comps in the area are selling at around 90-100k

@Brent Coombs, It is my first property that I have bought and I'm buying as a primary residence to live in until I cash out refinance so I am offered a good rate. I am thinking about going ahead and putting 20% down and potentially 25% and doing an investment loan. I will also be managing the property myself for at least the first couple years. 

I know some people don't use cap rates for single families but I calculate it anyways. I am more focused on the cash-on-cash return though. 

Definitely talk with a lender about VA loans. they are very restrictive about their loan process. it can be difficult to purchase a property that needs work done to it. Give Eric Kimble a call over at Fairway mortgage in lexington. He is my favorite for VA loans and knows a lot about investment properties.

Hello! I am considering buying a single family home from a local wholesaler (My first rental property). I have ran the numbers and they seem decent to me but I wanted to get some other perspectives.  It is supposed to be a turnkey property but I am going to look at it tomorrow to see what shape it is really in. What do you guys think about these numbers?

I'm not concerned much about the fees. More so with getting stuck with someones 2nd mortgage or a huge lien of some sort. How can I prevent this if I were to purchase it before the auction? Would I need to do a title search?

Do they tell you about these charges on the date of the auction?

The commissioner website states what they are wanting for it or what they are expecting (I am not sure of which). I assumed that this would be the  amount that is owed on the property. Am i wrong in assuming this?   

Ex. 

Sale #14

Green Tree Servicing vs. Teresa Ann Mullins, et al (Action No. 15-CI-1458, to raise the principal amount of $78,667.82, together with interest, charges and costs).

575 FREEMAN DRIVE

Plaintiff's Attorney: Stephanie A. Maguire, Cincinnati, OH
Appraisal Amount: uncompleted 

Would I be wrong to think that they would accept somewhere around 78k?