All Forum Posts by: Tom Knapp

Where I live they only allow HELOCs on primary residence or vacation homes. Investment properties we have to refinance if you want money out of it.

Depends on what your lease says. Most likely, if they pay the bill on time they are probably within their rights to stay. The only experience I have had with this was a tenant at will in my own home a few years back. He stole from me and after I threatened him about it he called the police and they made me aware that if he pays rent, he can stay as long as he wants I wasn't able to throw him out. I used other ways to make him want to leave however it was very scary to know he had more rights inside my own house than I did.

I would call the majority of what I've been looking at Class B

@Dolores Waldron I'm not familiar with the A B or C type properties, what do you mean?

And yes there are some other fixed costs involved like i said before I haven't finished researching the property management and some other odds and ends to fully wrap my head around it but the cash flow numbers still look good. I don't imagine the area is much for growth or appreciation. These rentals would be strictly for cash flow, not equity.

@Daniel OKeefe I liked the fb page for REIA and read about the meeting. If my schedule allows me to i'll be there. I'm not hugely interested in hard money loans though it doesn't suit my needs however I will definitely get there if I can to network a bit. Thanks for the invite!

@David Barnett @Dolores Waldron 

The places I have researched have been on realtor.com. I contacted a realtor for more information and she sent me about 9 listings that match my criteria. The top 2 options were between 115-140K asking price and with the numbers I ran, after mortgage+insurance+taxes would leave between $1100-1400. I have some friends out there that know the area better so I've been asking their advice on certain neighborhoods and have been trying to find more information on actual rental numbers from one street to another. It varies quite a bit and there are definitely some areas to stay out of but i'm still in the research process. At those prices though, getting into them is quite easy. Save up $25k and you have the down payment to start putting your money to work. Right now i'm also trying to find more information on property management in the area as well, what the prices range from and just more in general about owning the properties from a distance.

Just signed up for the site wanted to say hello to my fellow local area real estate investors. 

Currently own a single family investment home that is rented out and running smoothly, looking for number two. Also been looking into buying multi family homes in Providence RI near PC college. It appears there are plenty on the market with great cash flow that appear turn key. Does anyone know anything more about that area that would help my decision making? Currently looking in my own town for properties but I cant ignore the amount of money I stand to make owning property out there.

5+ units you're talking commercial property. Usually a 30% down payment. I wish you luck though Im aiming to do similar types of deals however where I live we don't have many multi unit homes. I actually found some great deals in Providence. Do you know a good investment property Realtor out there?

Curious if your plan is to buy 2 houses a year and you've used this route for your first one, how do you plan on acquiring the second? Congrats on your purchase by the way.