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All Forum Posts by: Vince Nguyen

Vince Nguyen has started 5 posts and replied 20 times.

Post: Hardwood or Luxury Vinyl Plank

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

@Kevin Sobilo Thanks for your quick response.  That makes alot of sense. I think I'm going to go with LVP.

Post: Hardwood or Luxury Vinyl Plank

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

Hello everyone,

I just purchased a property that needs some rehab in a good area where they have hardwood floors in alot of the properties.  I am planning to rent it out and was trying to decide on whether to install lvp or hardwood floors.  the more exp lvp runs around 4.79 sqft which I feel I could purchase a decent wood floor to boost the property arv in the long run.  I know lvp is waterproof and easy to install or replace but the ones I've seen didn't really look nice or had bad experience where they don't feel good walking on them.  Will this hurt the value of the property and will renters still pay a premium for lvp.  Thanks in advance. 

Vince N

Post: Lehigh Vally, PA Investing

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

@Simon W.  Sorry for the late response.  That's great to know thanks.

Post: Lehigh Vally, PA Investing

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

Hi everyone I've been looking at Old Allentown because they have alot of nice historic buildings that I like. But I'm not familiar with that area as how tenants are. I hear that they have alot of HUD tenants which can be good or bad. On google maps the street looks good but not sure how they are in reality. Has anyone bought properties in Old Allentown and do you think it's a good location for out of town investor. Thanks in advance.

Post: Cash Out Refi or wait

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

@Adah N. Thanks I'll look into that and compare.

Post: Cash Out Refi or wait

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

Thanks Kevin. Selling it to buy a bigger multi unit sounds interesting too but I think after building a few more properties to my portfolio would be best before going into a bigger unit and HELOC is only armed rated and not fixed. Might be dangerous the way rates are going. Getting less out might make more sense.

Post: Cash Out Refi or wait

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16
Quote from @Kevin Sobilo:

@Vince Nguyen, sounds like your cash-flow will be negative after you factor capex, maintenance, vacancy, etc.

Could you keep the current loan and just take a 2nd mortgage or heloc for the additional money. this way your existing low interest loan stays in place. That might lessen your monthly payments and help you get some cash together for more deals.

Another option would be to sell and 1031 exchange into a larger property or multiple properties. 


Post: Cash Out Refi or wait

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

Hi Dallas thanks for the quick response. That would actually make more sense by cashing out only 100k so that my monthly will be less and still have some cash flow in that property and equity. The 100k I can still use the BRRRR method. I might need like 125k. That would be brrrrrrfect

Post: Cash Out Refi or wait

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

Hi Dallas thanks for the quick response. That would actually make more sense by cashing out only 100k so that my monthly will be less and still have some cash flow in that property and equity. The 100k I can still use the BRRRR method. I might need like 125k. That would be brrrrrrfect

Post: Cash Out Refi or wait

Vince Nguyen
Pro Member
Posted
  • Posts 24
  • Votes 16

Hello everyone, First time post here. I wanted to see if it made sense to do a cash-out refi to use the cash to purchase a rental property and purhaps using the BRRRR method. My current rate is 3.85 and now my lender is saying it's at 6.5% as of today. I would be able to cash out 200K to be able to put into my next project or a few using that for down payments. But my current mortgage that I'm doing the cash out refi will be double of what I'm paying now. I'm paying around 1200/ month and it's been around 10 yrs in. My new mortgage will be 2475 and I'm getting rent now at 2725. I will also have to pay for some expenses like water and trash so it won't leave me much room for cash flow as I would now on that property. But it will also allow me to purchase more properties with the cash out. I can also wait for it to lower but then I'm afraid it might not for a long time and I will me missing out on some properties. Thanks in advance.