All Forum Posts by: Tony Antonelli

@Dan Schwartz

That's exactly the info i was looking for and i could have been a little more specific with my question but you nailed it. Thank you!

@Steven Woods

Thank you for the insight!

we've bought and sold several houses with cash and conventional mortgages but we've never done a cash out refi. we really like coming to the table with a cash offer but we're starting to think about expanding our portfolio in a new market and as it turns out, our cash is not endless :(  so right now our thought is to buy 1 or 2 properties with cash just to get the ball rolling and then refi to get some back for down payments on a few more.  

i guess my question is: aside from potentially missing a deal by not offering cash, how much more expensive is it to pay cash up front then do a refi VS just doing all conventional loans from the start?   we're dealing with single family properties in the 100-200k range. 

thanks in advance for any advice. 

There's a term in the cryptocurrency world called "FUD" or "fear, uncertainty, denial". News outlets and influencers spread FUD to get small time coin holders to sell their holdings out of fear so that the bigger, stronger hands can buy them up at a discount.

This article smells like FUD to me.

My wife and I sold our Gatlinburg short term rentals and we moved out west. We're looking to reinvest in long term rentals in Amarillo TX.  We're looking for a buyer's broker and a property manager-doesn't necessarily have to be the same company.  We're ready to buy 4-5 single families to get started. 

thanks

My wife and I recently sold our short term rentals and we're looking to re-invest in long terms. We live in a very remote part of Colorado so we're going to be investing out of state. We're also just a few weeks away from welcoming our first child so travel is a little difficult at the moment.

My question is: what tools are you using to assess rents in different cities? For short term rentals we used airbnb and vrbo. We'd look up comps and then check the prices and availability of those comps. So far for long term we're using Craigslist and the "for rent" feature on zillow and realtor.com.

Are there any better tools that y'all are using ?

@Levi Trentham

We just listed a 2/2 in Sevierville and it went under contract for 10k over asking in under 24 hours(125k more than we paid for it 2.5 years ago).

We also just went under contract to buy a 1/1 in Gatlinburg- also for a little MORE than 10k over asking in under 24 hours.

The market is just ridiculous right now.

If you can find a flat-ish piece of land and a reputable builder that isn't booked out 24 months, building could be a great option.

@Femi Ibrahim

Man I'm sorry to hear that. I hope you're able to recoup some of your savings and turn this devastating loss into just a hard learned lesson.

Coincidentally I have a meeting with NWA to look at a house in Fort Worth tomorrow morning.

So far I haven't been impressed with their margins, their comps or their high pressure tactics so I'm unlikely to buy through them. as a newbie in this particular area of REI though, I'm using them as kind of a sparring partner to practice the steps of analyzing wholesale deals until I find a more reputable organization to deal with.

I was in my 20s and definitely not yet in the RE investing mindset. Unfortunately, my father and my brother were in that mindset. They were buying houses that were losing money every month, hoping that they could keep them afloat with cash from their hard labor(masonry and concrete).

One of these houses they asked me to buy from them- just on paper so they could free up some credit. With a gift of equity as down payment, I filled out the paperwork and took official ownership of the house.

Not long after, both my brother and father died and I was left holding that house. It was upside down by 100k, the tenant decided to stop paying rent and I got a crash course in short sales.

Luckily I was able to dump the house for just a little bit out of pocket and I had to pay the IRS income tax on the forgiven debt. I think that was about 7k in taxes.

My credit took a hard hit and I learned some painful lessons that caused me to be very hesitant to get into RE investing.

Luckily I was able to overcome the fear and jump back in.

Zero.