All Forum Posts by: Tony Hightower

@Bill Fallesen

Congratulations!! I just closed recently on a similar setup. Hopefully, you will be able to get all occupied and start looking for your next investment.

@Waylen Herdman

I was able to find both Properties and I would say the 2nd Deal is not a deal. If you need to get $900 to get $75 of cash flow, it will be a tough road. In Cville, there are only Two 2bed houses currently for rent at or above 900. All other 2 beds above 900 are modern apartments that are much newer. Only thing going for you is school zoning is for popular school. My guess is rent would be closer to 775-825. Other thing in your favor may be the detached building.

Now the first deal is probably slightly better. The area is one I would consider C- . You will probably not have a problem renting right at 600 per side. But, my guess is you may be chasing rent a lot. (I have a few near this area).

If these are your first and you are using to get experience, the Second may still be better deal with low CF.

@Jack Barry

There is no longer a smooth commute from Davidson County to Clarksville/Ft Campbell.

Will not be one until they expand I-24 in 6-8 years.

If you must live near Nashville, Pleasant View is a decent compromise.

@Ellen Daniel

I have the same plan. I have 20yrs with my full time job with a 401k. I also have a pension with them that has a cash payout benefit if I leave the company.

I make a small 12k-15k a year in a small venture as a independent contractor. I receive a 1099 each year.

I opened my Solo401k at end of 2018 for the sole purpose of rolling my funds in the next 4-6 years if I decide to leave or during a force reduction. It also helps with a little lower taxes each year. Plus, I can do taxes and then still put money in 401k for last year up until the date I file if I find it is a big tax benefit.

If I continue to work after 5 years, I will consider rolling some funds to Roth as our income should go way down when my wife retires.

Good Luck!!!

@Danny Chan Without changing your requirements, you could add to them.

"Applicants that meet all requirements except minimum credit score can be considered. However, they will required a ##% additional deposit that is * refundable/nonrefundable*"

who is paying lawn care and trash pickup? i am buying several triplexes and these expenses can be significant.

Was not sure where to post this but here is what I have.

I have an owner of 8 duplexs set up on 2 commercial properties(4 on each). From what I understand, they have them on 8 separate mortgages plus they have 2nd mortgages.

They have at least one already in foreclosure from 2nd(owning around 12k to make whole).

These properties meet 2% rule, are in a C+ area, probably some deferred maintenance issues, but roofs good, all brick great.  All but 1 unit is rented, and one rented is behind on rent.

I do not have 120k to put out to purchase all 8. I could be 35-45k in.

Here are my possible options.

1. Put contract on both lots and then assign one contract for fee and purchase other. Will be in my lot with very little capital.

2. Partner with someone(already have possible options) and purchase all together as commercial lots.

3.  Try to purchase ONE, get Master Lease on other Lot. (OR Master Lease all of it??) Could possibly get cash back from seller at close. Raise price by 20k and get check for repairs.

4. Possible HML to buy as cash(if this is possible), I would put up 50k. Then ReFI(How long before I can Refi)

Other questions, If I write a contract on property, can it stop his foreclosure?  If I do Master Lease, how do I know he will continue to pay other mortgages? 

Did I forget anything?

The foreclosed property need ASAP liquitdation( he has less than 28 days)

Thanks

T

i did something similar. Had been paying a little more each month to pay down principal. Since you have done some rehab, you may get a higher appraisal rate. Normally, you need to pay down loan to 78% of purchase price to have PMI removed. I paid for an appraisal though my bank and they required the appraisal to Loan balance to be at 75% i am not sure how a reappraisal would work with only having the home since Feb/Mar. My reappraisal was last OCT. and took HELOC out in Feb.

i do not believe "one bedroom smaller" should be a red flag. we are considering buying a duplex in a C class neighborhood and renting out our current home in an A class. the move to duplex will put us both within 6 miles of work and we currently live in a 4 bedroom but there is only 2 of us. suspicion should not be enough to stop a mortgage.

i had seller put in new HVAC and put on New Roof. Added 8k to selling price which only increased my out of pocket by $1600.