All Forum Posts by: Tim Kaminski

@Tanner Lewis it has already been accounted for. $13k of closing costs!

@Andrew Postell Yes plan on holding long term. I guess it wouldn’t make any difference to hold out another 6-12 months and get another appraisal hoping for something significantly higher. Just needed to talk it out. Thanks

BP,

Cash out Refi-ing my first duplex.  Appraisal came in lower than I would have hoped for.  At this point I would only be able to take out about $19K(have about $25K invested in home), going from $1,550/mo payment to $1,350/mo, interest rate from 4.375 to 3.625%.

Just want some quick feedback on this as I was hoping for a larger appraisal which would give me more cash for next investment.  These are all positive changes but wanted to see what BP thought.  As I write this, I'm leaning toward doing it but as this is my first go, wanted to get other's thoughts.

Thanks!!

@Julie Hartman  Thanks for response.  Is there a number that works for you?  $50K? $100K?  Surely there are ppl who are viable tenants, have money, but for whatever reason, dont have a high income.

Hello,

Apologize if this has already been discussed(I'm sure it has) but I cannot find.  If I'm looking to rent out my unit and tenant A comes along who does not quite meet the income requirement but can prove they have quite a bit in savings($20/30K+), is it worth looking into?  I'm sure there are tenants out there who do not work but have inheritance or something which can afford them a decent rental.  This must come up.

Is there a certain savings threshold you look for (above $30K for example) or how do you handle these prospective tenants?  

Thanks,

Tim

@Bonnie Griffin Kaake

Hey Bonnie. Say I take home $200k from this sale. Are you saying to 1031 exchange into a new property with a purchase price of $400k?

@Ryan Gross

Ha now you’re making me rethink things. My only worry would be that I wouldn’t be able to find a new property in time as the whole country and my area in particular is hot. If I was going to sell, I think I would put on the market to get the best price/terms. This was an off market offer.

@Ryan Herting

I don’t need a lot of cash now. Yes I would love to make investing my full time job and work for myself. If I were to sell, it would be to buy more properties. Either right away or if market decides to settle down.

@Steve Vaughan

HA I like it.

@Luke Rorech

Luke yes this was an off market offer.

I would use the money to invest in more real estate. I don’t NEED the money but again, that is more money than I’ve ever had and I went into real estate to make money. But I do understand long term wealth through owning real estate outright. Just a very tempting offer and I like to talk out decisions so I am thankful for the responses.