All Forum Posts by: Troy Smith
Troy Smith has started 18 posts and replied 37 times.
Post: Refinance step of BRRR
- Investor
- Dover, OH
- Posts 37
- Votes 40
Quote from @River Sava:
Hey Troy,
Congrats on finishing your rehab. Document all improvements with before/after photos and receipts, highlight upgrades that add value (kitchen, baths, etc.), and research comps in your area to ensure your property aligns. If possible, meet the appraiser to provide your rehab details and comps.
Also, out of curiosity, when did you purchase the property and when are you looking to refinance?
Post: Refinance step of BRRR
- Investor
- Dover, OH
- Posts 37
- Votes 40
Quote from @Jaron Walling:
@Troy Smith If this is your first BRRRR deal I'd meet the appraiser, shake hands, and provide a paperwork describing all the renovations you completed. I usually provide our budget as well with totals spent. It's a great way to showcase the improvements made and helps appraisers not miss stuff. A lot of investors provide comps (residential RE) but I avoid doing it because it's like telling them how to do there job. Hopefully you bought right in an area with comps so they can them. That's the tricky part part about investing in rural areas.
It's such an exciting part of the process! Best of luck.
Post: Refinance step of BRRR
- Investor
- Dover, OH
- Posts 37
- Votes 40
I am finishing up my rehab of my first rental property. Does anyone have any tips/ advice to help make sure my property will appraise for what I planned on based on my rehab? I don’t want the property to appraise low and not have enough money to get when I cash out.
Post: CPA tax advice.
- Investor
- Dover, OH
- Posts 37
- Votes 40
I bought my first investment property under an LLC this year. The house was purchased in October and is still in rehab. I was told that since it's not "in service" that I won't be able to deduct my expenses. Could someone explain that to me or if there's anyway to deduct those expenses.
Post: LLC for my rental property
- Investor
- Dover, OH
- Posts 37
- Votes 40
I just created an LLC for my new rental property. Do I need a business license or certificate of some kind to rent? Don't want to start renting to some wine if I'm not doing it correctly.
thank you
Post: Buying new property and renting current property
- Investor
- Dover, OH
- Posts 37
- Votes 40
Quote from @Zach Wain:
@Troy Smith - if you buy a new primary home its 5% down for a conventional loan or maybe FHA works as well with 3.5% down. You can leave your old home loan alone. You can do this every year if you want, its a great strategy to buy homes with minimal down!!
You must occupy the new home for at least 1 year.
Thanks Zach, I thought this would be a good strategy but wasn’t sure if it was something that could be done. This will probably be my strategy moving forward!
Post: Adding brother and to ownership of home
- Investor
- Dover, OH
- Posts 37
- Votes 40
My brother and I are wanting to re t out my current home. I want to add him to 50% ownership so we can both manage the property and access the cash flow. What is the correct legal way to go about this?
Post: Very odd lender question
- Investor
- Dover, OH
- Posts 37
- Votes 40
So my brother and I are saving for a rental property. We both currently own our homes for a couple years. We really like his current house as a rental property. Would it be possible for me and him to buy a new primary residence for him to live in, while we rent the house he is currently in. Wondering if we could add my name to his current house. Let me know if you think a situation like this is possible or if you can think of another scenario to handle this
Post: Buying new property and renting current property
- Investor
- Dover, OH
- Posts 37
- Votes 40
I know that generally 20% down is required when purchasing an investment property. If I buy a new property as a primary residence and move into that new house, will I still have to pay a down payment for an investment property if I plan to rent out the house I currently have after I move into the new house?
Post: Investing in Akron/Canton area
- Investor
- Dover, OH
- Posts 37
- Votes 40
Quote from @Ryan Arth:
@Troy Smith Advice on those markets would really depend on what you are looking for as your first investment. What do you think you can find there that you can't replicate in Dover?
Hello Ryan, I was looking in those markets because my local Dover/ New Philadelphia area is small so there's not as many options available.