All Forum Posts by: Account Closed

I doubt BP is going to fix the problems with the calcs either so I would not hold my breath that they will be correct anytime soon. For using cals as an added feature for a Pro upgrade I would think that they would be working and not flawed. 

Best thing is do a search on the forums for Home Search and see what comes up. You might be able to find others that have used it or had something good/bad to say. And see you didn't need to have a completed profile for someone to give you a suggestion. 

Unfortunately no and they are pretty strict as my agent told me when I inquired about a Homepath home still in the first look period when I started. When they do hit the market for investors and if its a really good deal be prepared for other investors to be on it like a hawk on a field mouse.

I used the Fix and Flip calculator just today for the first time and it needs to be fixed. The calculator is adding the down payment into the purchase price making a $61000 purchase into a $75000 purchase. I wont use it again until they fix it. 

I have found that the BP flip calculator was wrong when I used it. On one of the deals I am working on now it has me getting $3000 back when instead its more like $20000 coming back to me when you use a traditional calculator. I found that the BP calculator was adding the down payment into the purchase price. 

I searched the forums and a majority are about seasoning and if you can/cant refi a rental. So this is the situation I have in front of me. 

I have a rental property in NC, I owe 35K on it and it appraises at 82K. I have had it for a year now. I found a mortgage company that will give me a 30 year fixed mortgage at 75% of the assessed value giving me $23,500 cash out (this does include having the closing costs taken out as well.) The property rents for $800 a month, the previous payment was $300 a month and now the new payment will be $445 a month. Minus HOA fee of $80 and management fee of $85 this will leave me netting $190 where before I was netting $335 a month. The intent is to 1)take the cash out and use it to rehab a property that I will purchase with the cash reserves I have already (80k) or 2) use the cash out to put down on 1 or 2 rentals. I am still learning how to invest properly and being smart about it too. Is this a good thing to refi the rental? I just dont want to make a mistake and hope that the vets out there can give me a little guidance.

Thanks everybody!

Thanks everybody for the replies. I will have to check about that 6 month hold on a conventional loan and see what they say and look into that charge back that you were talking about Albert. I know when I bought my town house to rent I was told I can pay the loan off early if I wanted. I am sure they would not want it paid off early because they will lose that interest.

@Doug McLeod

I have a little track record, 1 buy and hold and 3 sold so far. I would love to attend a REI group, however there are none in this area. As far as a hard money loan, not really interested in that. The fees associated with it are just a little high and not worth the risk to me. I have been going at all this on my own so I am not really sure about doing a hard money or private loan. I am still new at this and still learning and unsure about a lot of things, especially when it comes to the financial parts.

After buying a few properties with my own money and no financing I have only been able to go after the little fish 30-50K range homes. Looking into getting an investor loan through my bank and take the money that I have built up to go after ones in the 60-90K range. The way I see it, if the bank is giving me another mortgage on an investment property for 45K I would just make up the difference in my own money and use the rest for rehab. Example a home for 75K I would have to put in 35K of my own money leaving me roughly 30K for repairs. Since this would be something new to me I am not quite sure of the pros and cons to this. I already have a mortgage from the bank on my rental property that I bought last year. So I was figuring perhaps I could do the same with buying a home to fix up. Grant it, it would have to appraise, but the homes in the upper range are mostly cosmetic fixes and updating for a quick turn around. Any ideas or suggestions? Would this be a good route to go?

Well so much for trying to message you, BP wont let me send you a message. But I am game to meet while I am down there tomorrow. I have a few Richmond/Petersburg properties on my board that I want to check out. So maybe we can meet up, lunch is on me.

Jon Deavers

I might have to take you up on that, I am actually going to be in Richmond tomorrow to look at a property in Hopewell. Ill shoot you over a PM.