All Forum Posts by: Tyler Bodi

@John Allen Welcome back! It sounds like you have been preparing yourself by listening to podcast and reading to increase your RE IQ and now I believe the next step is to take action and buy something. What is your plan for your first purchase? Are you going to buy something to live in, put sweat equity in, and then flip or rent or are you looking strictly for rental property? I feel like there is limited risk in the live in sweat equity option if you buy right. I took this approach and six months later I am able to pull out the equity as a down payment on my first rental (under contract and should close by the end of the month). 

Thanks for the post Maria! I was just logging in to ask the same question. The company I use for my personal residence doesn't cover rental properties and the agent they referred me to could not underwrite it. 

@Mikeala Weaver welcome to BP! Are you looking to invest in Louisville or Miami? I'm just getting staretd in Louisville and have my second house under contract. Make sure you sign up for key word alerts so you can stay in the loop.

@Steve Sarro Welcome! Make sure you set up keyword alerts so you can keep a eye on what's going on around town. 

Jim, I tried to follow the link and received and error message. Is the event public?

Interesting question! I think it would be great to see a brewery go in there and some development to the area.

@Jason James yes, thanks for the input!. The property is right off the Waterson to the North and after visiting the property a few times and driving the neighborhood it looks like a good opportunity. All I will need to do is some clean up and and paint. I am DIY guy so I should be able to keep the costs low.

@Brett K. I am using a local community bank that I used for my primary residence. They need 20% and 6 months reserves. I have cash that I've saved but cannot use because I have not kept it in the bank so I am paying off my car with that and then taking a new loan out against to show history of the money and then I am taking a loan against my 401k to cover the rest.  I was inquiring about the hard money as a quicker potentially easier way to get into it and then refinance out. This will be my first rental property. Thanks for commenting!

@Pavel Reyes Valdes I believe I will be able to raise the rents some. The tenants I have lined up have agreed to pay more. I  posted the $650 conservatively since I knew people were paying that in the area. 

Louisville, KY investors is this a deal?

I have a 2 bed 1 bath 850 sq ft  house under contract in Shively 40216.

Purchase price of $50,000 and an appraisal of $74,000 (67.5% LTV) . The house needs minor cosmetic upgrades but is practically rent ready. I also have a renter lined up.

For rent I believe I could get $650 pretty easily based on rentometer and craigslist posts. PITI on a 30 yr fixed load will be around $330.

Follow up question: what would a typical hard money/ private money loan on deal like this look like in our area?

I am working with my bank to finance the deal and am wondering if hard money/ private money may be a better option since I am having to do some creative things for the down payment. 

Thanks for the reply @Gordon Cuffe.  Many people have pointed me in the direction of fiverr.com so I will go that direction. Any tips on picking someone from there other than just looking at their work?

I spent quite a few hours researching how to build a website and then bought my domain names, a template, and a host and now I'm finding that I am not as efficient as I had hoped with making changes. Now I want to get some help with design and updates. I know there are many companies and individuals who offer these services however I would like to know what questions I should ask so I know what I am getting and what steps I should take to make sure my site stays secure in the future.