All Forum Posts by: Scot K.

Thanks @Brandon Sturgill, will do!

Best thing I've heard in a long time, thanks @Brandon Sturgill. I think living here has given me an appreciation for why location is so important and how surrounding properties and tenants have a big effect on yours. Hopefully things will continue to improve in neighbor.

Got it, will do. Thanks @Matthew Porcaro!

Well @Brandon Sturgill it's a mixed bag. The property is located in the Westgate neighborhood on the West Side. One street over it's like Mayberry. Two blocks the other way and it's kind of rough. The property has appreciated marginally about 8% in three years. 

Hoping replicate your success @Zeke Liston.

 Thanks for the encouragement @Brandon Goldsmith! I think the next time will be much better numbers wise.

That's what I thought @Matthew Porcaro. The 403k would be a better route, allow me to keep more cash in my pocket. What's your experience being able to get in contract when financing with 403k? Do sellers shun it because it takes longer to close?

 Got it, thanks @Paul Welden! 

Hi, 

I want to buy my second rental property but I'm not sure the best way to go about the financing. I want a 4-unit building, rehab as many units as I can, live in one for a least a year and then move out and rent the fourth unit out. I know about BRRR and that's the strategy I want to follow as I add more properties. I hope to find a property in the 200k -300k range and can put up to 20 percent down but if I can put down less I would prefer that. What I'm unsure about is which loan I should get, a 403K with 3.5 percent or a conventional rehab loan but then I would have to put down a lot more. But I would have more equity for the next deal. I'd appreciate any advice you all can offer. Also, any good lenders you know please let me know. Thanks!

Hi, 

I'm Scot. A few years ago I bought my first home/rental property here in Columbus. It's an all brick duplex with 2 bds, 2bth units. I'll be honest I didn't get a deal on the property or the financing. I paid 99K for it, put another 26k in upgrades via a 203k-B loan. Put another 11k on credit cards. I had a bad contractor and the reno that was supposed to take 2 months took 8. I had to learn some basic rules of the trade the hard way. However, in spite of all that I'm happy to report that I have a great tenant who rents the bottom unit at $725 a month. I plan to eventually move out and rent the other unit out at $750 a month. I recently just refinanced and expect around $500 a month after expenses.