Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Taylor K.

Taylor K. has started 26 posts and replied 49 times.

Post: Cheap sub30k real estate

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14

I currently have a duplex under contract near me in southwestern PA for 42k. It will rent for $625 a side. Located in a B area. 

Post: Expensive closing costs?

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14
Hello everyone, I currently have a duplex under contract for 42k. I will be putting down 20% ($8400). I got a closing cost estimate from my loan officer for $5700. That seems really expensive for a 42k property, almost as much as the down payment. Does this sound about right? The estimator includes inspection. Thanks in advance

Post: First property under contract! Next step?

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14
The property is in nice condition in a B area. I believe that it should appraise for around 60k. The owner had just gotten done remodeling the property and was marketing it for rent but not doing a very good job. Thank you for the reply David, I will definitely use that!

Post: First property under contract! Next step?

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14

Hi Everyone, 

I have some really noob questions to ask. I have just put my first property under contract using a realtor. Its a vacant duplex, but in great condition and recently remodeled. I have it under contract for 42k. I am preapproved by a lender already.

 I will be having an inspection done soon with an inspector recommended by my realtor.  I plan to talk to the bank in a couple days to see what I need to do for financing.

What else needs done before closing? I am excited and set to close in 30 days! 

Any advice is appreciated!

Taylor

Post: High DTI, but have cash

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14
Also, what do you mean by overlays? Sorry for the noob question lol. Thanks Shaun

Post: High DTI, but have cash

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14
Shaun Weekes Hi Shaun, All the banks I have spoke too all want to see a year or two of rental history before they'll count it into my DTI. Plus it's currently vacant, but will rent for 600+ a side I don't make a lot of money at my day job, so I don't see them wanting to give me another loan even though the duplex I am purchasing is only 42k. Any suggestions?

Post: High DTI, but have cash

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14

Hey everyone, 

I am closing on a deal now that will put my DTI too high to get another conventional mortgage. But I have enough cash for a couple 20% down payments. How can I obtain more loans with my situation? Could I get a commercial loan for a property with less than 4 units? Should I pay down debt?

Thanks in advance.

By the way these are low end, low price properties. 20-30k a unit.

Post: Rental bathroom rehab

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14

@Christian Bors The tub is an old claw foot tub. Do you think that would be a big turn off to potential renters?

Post: Rental bathroom rehab

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14

Hi everyone, 

what kind of shower do you guys put in for a low end rental? There is currently a clawfoot tub that I plan on removing and putting a one piece tub/shower surround. What do you think? Is this the cheapest/best option for this kind of rental? Also, there is a window that would be in the middle of the shower, what would you do for that? Sorry for all the noob questions lol. Thanks in advance

Post: Cheap sub30k real estate

Taylor K.Posted
  • Dilliner, PA
  • Posts 50
  • Votes 14

Is there anyone else using the same strategy as Sharad in episode 155, for buying cheap properties all cash and using little or no debt? To anyone that has used this strategy, have you been able to quit your job yet and what would you say the pros/cons are?