All Forum Posts by: Shawn Adair

@Anthony Dooley

Thanks for the reply

Thank you for taking the time to read and inform. 🙏

I want to move, I have 2200 sqft 4b 3b I want to LEASE current residence. I owe 145k on 176k mortgage 3.275% 30 year. $1080 per month = Taxes + Insurance + Mortgage. $475 per month in expenses repairs capx management lease for $1700.

Im near completion on a total renovation 2 years. I want to get it appraised and I'm hoping it appraises for 235-245k, little higher taxes afterwards . Listing the price at 220k-225k it would sell quickly.

So I think I'll have 80k-100k in equity to use for upcoming move. I want to use 40k-50k for a down payment on a new permanent residence in another state. 40k-50k down on 195k at 5% 951 per month

Keep 20k-30k in this current mortgage.

if possible put another 15k-22k as a down payment on another rental property located in hometown with current residence and family in town.

84k list 3b2b 1100 sqft 16k down payment P&I 363 Taxes $36 Ins $30 = $430 mortgage payment. Rent for $800 - 900 current after repair 1000-1100

Or

117k list 4b2b 1785 sqft 22k down payment, P&I $446 Taxes $50 Ins $40= $536 Mortgage payment.

Potential rent current state 800-900, 1100-1200 after repair.

I think this may be possible do with a Home Equity line of credit.

$500-$1500 closing costs

$50-$65k 4.25%-6.2% apr

$177-$230 per month at 4.25%

$258-$335 per month at 6.25%

Possible rent income per m $2500 - $2900

Rental mortgages per m $1500-$1600

-

$177-$335

Monthly expenses Repairs Capx Management?

Also I want the cheaper rental because my brother is going to be an instant renter make improvements and moving on to the next rental.

Better way to do this? Is this possible?

Thanks for reading that ^

Shawn A

I just recently finished my own home remodel. Iam looking for my next project. I found a 2 bed 3 bath 1790 sqft 1955 pier foundation. list price is 125k it's been on the market for 155 days with continuous price decreases. its a Fannie mae Home path foreclosure. I was interested in possibly putting a offer in for 75k-85k getting a homepath mortgage only putting down 5% on a 200k mortgage. Rolling the renovation budget into the mortgage. 10k down 1100 ish a month probably take 6-8 moths full renovation to complete. comps on the same street with an extra bedroom updated 255k-280k. comps with 2 extra bedrooms are 300k-325k. Good reasons this area will see major appreciation. Is a budget of 115k-125k enough to do a major top to bottom remodel? even though that might include having alot of plumbing and electrical. Maybe even other issues before I even get to an addition. I have not physically inspected property yet. Homepath are sold as is. I would've be afraid. of anything structural, electrical, plumbing whatever I could get it done. Just need advice on. how to buy it right.

Hello, I have been lurking the forums for quite a while. New investor in Baton Rouge, Louisiana. I have listened to every podcast. I want to get into BRRRR buy and hold rentals. I want to do this full time and manage consruction/remodeling. Im looking for partners with no time and money who want to buy homes 40%-70% below market or foreclosures. I just fully remodeled my own home out of necessity after the flooding in August 2016. Learned alot from family friends who have combined 60 years in construction. Took me a long time but I completely redid my electrical, plumbing , gas, and some hvac. Removed 44 ft if interior load bearing walls to open up our 4b 3b ranch. Only thing I didn't do which I had someone else do was the drywall and windows. Everything with city inspections. Of course I realize you can't scale doing all the work yourself. Just looking to finally introduce myself and find some like minded members in the area. Shawn Adair