All Forum Posts by: William Walker

@Ignacio Rosenberg

Few things to breakdown here. First, it overall sounds like you’re buying a property where the numbers don’t work but your goal is to stretch it and make numbers work. Possible but I agree with others in that I would let the current rents ride for the next few months. You’re not negative, give you a chance to build a relationship with tenants, and see if they are worth keeping at all. 
I haven’t seen a property where trimming the bushes and fixing a fence will warrant a 25% increase in rent, much less a 40% increase. Someone above said $100 l/month isn’t worth a move. To someone who can only afford $725/month a $100/month is a lot. 
Not sure if the reno is worth it, you’d have to run the specific numbers on that one. You might be trying to squeeze to much out of this one

end of the day, if you’re going through with the deal and the tenants have been good, I’d spruce up the outside, keep them at current rates, and reproach in 4-6 months to either renovate and raise rents to $1100 if market supports or bump very light rehab and go to ~$800 

@Sandy Sciales

I’m curious as to how you proceeded with your 3/2 Wilmington property. Seems like the market has slowed way down but prices are stable. 
I have a 3/2 in the Ogden area that rents for $1400 and was able to find tenants right away

@John James I think what people are trying to say (some better than others) is that it’s not realistic to get in to real estate (especially bigger properties) with no money. Sure you can find these rainbow stories on the forum where people hit a homer with little to no money, these are rare and usually people with experience and connections. 
imagine saying you want to own google stock but not put any money into it. Or have a retirement account but not putting any money into it. If it were that easy everyone would do it. 
the realistic way to do your first deal is to either house hack (buy with no money down and rent out the spare rooms), save up the 20% and buy an investment property with a typical mortgage, or partner with someone where you find the deal and they bring the $$. 
hopefully that’s somewhat helpful. Keep studying. Don’t get discouraged. Also realize If you don’t have 3k you shouldn’t buy a MF property. 

I'm in Wilmington and buying another rental. After shopping around I ended up going with my credit union for 3.275 for 15 year with 25% down, no points. I had a local lender offer me 5.5% with 20% down and no points on a 30 year and was surprised that it was that high. My credit score is upper 700's and good DTI ratio. Lots of friends around here are refinancing in the low 3's on their primary through big banks.

My last few mortgages have really made me want to stay away from mortgage “specialists” and just go to the big banks. Much lower fees, easier approval process, and less cheesy salesman tactics. Twice after telling the lender I was going with a different lender they all of the sudden have a lower rate or forgot to mention that they are waiving a fee. BS!  Give me your best rate first time up or I’m gone. 

I wouldn’t feel comfortable renting a room out to strangers, especially with 2 daughters. Buy the house size you need and save the extra to buy a rental property.  

Old tenants lease expires in 2 weeks. New tenants moving in two weeks after that at $25 more a month. Lease signed and monies collected. 

@Account Closed

If the appraisal is 100% for the lending institution why am I paying for it?

Shop around to different lenders.  No other viable option in my view

Wilmington is a very tough market at the moment in my opinion. I’ve seen properties pop up, I’ll schedule a showing 5pm, and they call can cancel because they’ve had so many offers in just that morning. Other properties I’ve offered over list and been told I was one of the lowest bids, and that’s at the end of one day as well. 
I did just sign yesterday for a house just over 100k that I feel good about. The market has really climbed over the past few years, I purchased at 135k in 2015 and refinanced in 2019 at 185k with no improvements. I’m not sure how high this market will go, I don’t think we are at the top but deals are getting hard to find

I’ve worked with multiple realtors. Some have had me sign a contract others have not. If they ask, I’m assuming they ask 100% of their clients. If they don’t, I’m assuming they don’t ask 100% of their clients. Not a red flag at all, just different approaches to business.