All Forum Posts by: William Walker

I have Chase and I set up an automatic extra payment which goes directly towards the principle.  I've had signature loans and car loans in the past that worked the same way. 

Butttt.......I had car loan through Wells Fargo where the extra just went towards the next months payment.  So if my normal payment was $100 and I paid $125, my next month's bill was $75. 

Best bet is to call the lender and check.

@Christopher Davis

While I agree that it's a great way to build equity it's not feasible for me right now for a multitude of reasons. I'll be starting clinical rotations in about 5 months and I'll basically be moving from city to city each month for just shy of a year.  My wife and I own our own home and we enjoy our privacy, neither of us would enjoy living in any type of plex.  Plus we have two dogs and plan to have a baby within the next couple years. 

If I was single and staying in one area for a while I would definitely be interested!

@Bill Goodland

Congrats on starting PA school!

To be honest I haven't been able to dedicate time towards being an active investor since starting school.  For one I don't have any income right now so I would have to do creative financing which will require more time than I have.  I still look online at housing prices in areas that I'm interested in just to get to know the market, and I will look at the trending posts here on BP.

Once I graduate and start making the PA salary I'll really kick off my real estate investing. 

Fortunately I have school paid for (military), so I've considered taking out school loans and paying cash for a ~50k rental.  The interest rate is high (6.25% I believe), but I don't have to start paying on it till I graduate and could pay it off in very large chunks with the rental income and the PA salary.  So that's an option but I'm neck deep in finals right now and it will have to wait till January at the earliest.

@Account Closed

Do you have a reputable PM company that has quoted 8%?

Are the sale prices firm on these, or is the price you listed what you think you can negotiate for the properties?

Can you and your husband put money down on the properties to increase your cash flow?

What state are the properties in?  What level repairs do they need and will they need any major repairs such as a roof anytime soon?

If these numbers are all firm, then I agree with their isn't enough cash flow per door. 

I had a long battle with a school in NC to get in state tuition including appeals to the university and state level.  Mine was a military issue so it's different than this case but I know the ropes a little.

First thing is that you should visit the school's website or call the registrar and get a clear definition of what is required to establish in state residency.  There should be a long packet with somewhat clear definitions on what establishes residency.  It is possible that the school would consider owning and home, working, registering to vote, registering a car, etc. at least a year out.  But purchasing a home in the first year of her attendance won't gain in state tuition from any school I'm familiar with.

I'm using Sweyer.  I'm happy with their services.  12% is a decent chunk of money but I don't have the time to manage the property myself right now.  The one thing I am happy about is that they have such a large customer base that they were able to find qualified tenants right away.

What has your experience been with Intercoastal and Network?

Hi,

I just joined the forum and figured I'd post about my SFH.

I've owned it for over two years now.  I purchased it in the Wilmington, NC area.  I researched the process and neighborhoods for a few months before even contacting a realtor.  I saw between 5-10 houses before putting in an offer that was accepted.

The property is a 3 bed 2 bath SFH. It has a garage and fenced in back yard. A gas fireplace, new appliances, new windows, and a new roof. Its 1200 sq. ft.

Purchase price: 135k

I put 20% down that I had from previous stock investments and some savings so about 27k

My "rehab" consisted of painting, yardwork, replacing toilet seats and light switches.  Just minimal stuff that I was able to do myself.  Total cost was around $500.

I went through a property management company as this is my first investment and I knew I was going to be out of the area for a couple years (PA school).  I had multiple people apply and had tenants move in after about 10-15 days of the property being for rent.  I rented it for $1250.

Over the first year I had a decent amount of maintenance costs, just lots of small stuff that added up.  I had to replace a section of the fence (biggest cost), a minor repair to the AC unit, repair the garage door opener.  Just lots of little things that the tenants found that I agreed needed to be fixed.  Probably spent about 1k, I have the numbers but not with me at this time.

After the first year I increased the rent to $1300.  My mortgage is $675.  I currently pay $156 to property management.  They were totally worth it the first year, but don't do much now that the tenants have settled in.  They tour the house twice a year and send me photos of the property along with any repairs they think are needed.

I think that's about it for now.  I was putting more towards the mortgage payments but have decided to save that money towards property #2.

Hello all,

I'm from Wilmington, NC and currently own 1 investment property.  It's a 3 bed 2 bath located in the Wilmington area and I've owned it for just over 2 years.  So far my real estate experience has been great and I want to continue down this path.

I'm currently a student in Physician Assistant studies so my investing has been put on a slight hold until I have more time and a steady income.  Only about 16 months left to go so I'm fine with the wait.

My biggest interest is SFH and duplexes. My last realtor was amazing but the lender wasn't easy to work with. I don't believe the realtor is still working in the area.

That's my introduction, hope to meet some great contacts on here.

Oh, and I've been reading the forums for a long time now, just figured I would finally make an account and jump into the discussion.