All Forum Posts by: Kerry Hennessy

Ok, let's say there was an inherited piece of land in another country, valued at say 1.35 million. How can I invest one million dollars in buy & hold long term cash flowing property (domestically) with property management, and net 4-5k per month passively? 

More interested in sfr's and small multi's (because they make more sense to me and I am more familiar with them) than land, commercial, notes, large apartments etc.

I am thinking the best way to do this is to buy an existing portfolio from an investor that wants to retire.

Am I hoping too much from the amount of capital? I would need the investment to be reasonably passive as far as management. Possibly buy a portfolio already under management 

Am I dreaming or can this be done? Is the market too soft now (sellers market)?

Let's say this is hypothetical 

good idea

Yes, it would be awkward, but I don't think I would let it stop me. I would stay 4-5 years max. I need to think on how to approach her on the subject. Thanks for the reply

I read it, it's great! On a recent podcast I thought I heard @Brandon 

@Brandon Turner

That he had a specific BRRRR book coming out or out already. If it is an audiobook I'm buying!

I am in the process of doing a cash out refi to 15 on my primary residence. My appraisal came out about 10k higher than I had hoped. Appraiser said it would have been higher had my neighbors house not been such a dump. She needs a new roof, paint and garage doors at minimum. I have no idea what the inside is like. She is rarely home and I think she stays at a boyfriends place most nights. The yard is always overgrown and I cut her front lawn more often than she does as it makes my house look bad. 

So, the question is should I consider buying it to hold as a rental? I plan to rent my place out in the future and will not be there forever as I want a place closer to Tampa Bay for my boat. 

Has anyone been in a similar situation? We are not "buddy buddy" as she is kind of a reclusive lady and is not very social but we are also not enimies by any means.

Ideas?

Great advice so far,

I am also looking at a property for vacation rental (in West Central Fl). I would also mention to consider flood insurance as that is a speed bump I have recently encountered being on a canal. I am reviving an old post with this comment so tell us.. Did you end up pulling the trigger? How did it go?

@Doug Merriott,

What types of investment property would you recommend in the Gibsonton area? I have noticed quite a lot of urban sprawl from Tampa and a ton of new construction. Do you think the market in this area is saturated or do you see Oppurtunity here? I may be interested in something in south county in 2015

I haven't thought of that nor did I know it was an option. So you are saying with decent credit, I should be able to secure financing on say a 300k property with 5% down thru a conventional home loan? Would I still need to have it as a residences for one year or is that only an FHA thing?

Thanks for responding to the noob questions!

So, can I buy a home with an FHA loan, work on it for a couple of years while living in it, then move out and rent it as a short term vacation rental? Is this unethical?

I would want to move back into the home and retire there once my vacation renters pay my mortgage off. I'm thinking coastal Fl 5/3 home.

Is it any more difficult to get approved for 203k than it is for standard FHA? Seems like a good option for some of the property in Tampa I am looking at.