All Forum Posts by: Account Closed

I just wanted to give a big shout out to @Corey Clarkston and the team at St. Johns Properties in Jacksonville, FL for not only getting a tenant moved in, less than two weeks since I closed and achieving the aggressive rental price they quoted me when I offered on the house, but also getting a two year lease to boot!!! Way to execute on your commitments! This SFR should be bringing in about $475 net cashflow each month and we paid $119K for it (75% financed).

I'm looking forward to our other pending portfolio deal as well...

If anybody is looking for a Property Manager in Jacksonville, FL, I highly recommend St. Johns Properties.

Thanks!

TIm

Hello BP Nation, I am quickly approaching the 10 mortgage limit, after only getting my first investment property 5 months ago, and I have a question regarding SDIRAs. Can I combine my Roth IRA and my Traditional IRA to buy one property? For example, say I have $50K in a Roth and $50K in a traditional, can I purchase a $100K property (all in with closing costs), and have the rent be split 50/50? I'm assuming that I would need two SDIRA LLCs, but is that common for one property? if so, any recommendations of a SDIRA custodian? Thanks in advance for any help. Tim

Hi Richard,

I'm an out of state investor that has recently started buying properties in Jacksonville. I just sent you a message with realtor and PM info.  

Good luck!

Tim

Hi Kevin, Even most townhomes and condos in San Diego are more than $250K. Besides the HOA, you also have to make sure that the condo community isn't too heavily concentrated with investor-owners (40%, I think), or you won't be able to obtain Fannie Mae financing. It's really tough to find any cash flow in SD.

Whoa....what a difference two weeks makes...my quoted 3.5% for 90% from Nov 9th is now 4.0%; and  my 3.8% for 100% cash from Nov 10 is now 4.25%.  Rates have shot up since the election.  I think I'll lock in on Friday, and if they go lower depending on what the Fed does in a couple weeks, I can get the lower rate before closing.

Happy Thanksgiving everybody!!!

Hello BP community!  I'm a newbie who is about to jump head-first into this real estate world, and had to pause for a moment to ask a very important question.  Am I crazy?

My primary residence in a San Diego suburb (Chula Vista) is up over 50% since we bought it 3 years ago (talk about luck). We got a great mortgage (3.0% fixed VA, 30yr, $0 down), and I am currently in the process of doing a 100% cash out refinance, in order to tap the equity, so I can start rehabbing / flipping properties in San Diego. One lender is quoting 3.8% for 100% cash out and the other is quoting 3.5% for 90% cash out. I realize these are still historically low rates, but they are well above where I am at now, and it is hard to give up such a great rate.

Am I crazy to give up a 3.0% interest rate, and add another $1,000 to my fixed monthly mortgage? I am confident that I can gain better returns using that money for flipping. I thought about just getting a HELOC, but I would only be able to pull out about half the cash (due to LTV limits), and the rate is variable, with the Fed seemingly set to raise rates over the coming month(s). Since my strategy is flipping in San Diego, I need the most cash I can get (it's a little expensive here), and if I can get better than a 4% return on that money, then I'm better off, right?

My goal is to flip 1-3 houses next year, and be able to replace my 9-5 in two to three years, and become financially independent within 5 years, and then continue flipping for fun!  BTW - If anybody knows anything about buying foreclosures in San Diego, I'd be grateful to know how to get started with that.

If anybody else has used a cash out refi to get started in flipping, I'd like to hear your success story.  If you would never give up that rate, please chime in also.  It's a big commitment, but I am confident that it will be the key to achieving my goals.

Thanks,

Tim

Hello @Andre Herrera, I know this thread is a few months old, but I am brand new to BP and to flipping and would love to learn as much as I could about the local market in Chula Vista.  I built decks for 5 years during and after college, so I'm somewhat handy, so maybe we can chat to see what I might be able to help you out with.  I checked out your business address and it's less than 2 miles from my house.