All Forum Posts by: Allison Talus

Great story!  I'll check out the podcast episode.  I'm curious what methods you used to learn property management?  Such as a management systems, best rent collection service, laws around notices and evictions, a standardized lease, etc...  Sometimes I think working for another property management company for a year is the best way to learn, but that also seems like a waste of a year.

Did you eventually hire property managers to give you more freedom?  Like weekends or holidays with your family. Or better systems? 

I'm starting my first refinance. It's actually on my primary home which I never expected to do, but the market has skyrocketed so much that even worst case scenario I can rent it more than my new monthly payment would be.  I have a 3.5% rate now, which I know is really low, but from conversations with lenders it sounds like I can get something pretty close.  Even best case scenario around 3.35%!!!  Which I know not to expect. Numbers still all make sense for the cash I can pull out to help by two more units/properties.  

Anyways, I'm curious during the underwriting process if it's negative to say I want to use the money to buy more properties?  Every lender I talk to asks if I'm refinancing to "pay off debt" or "for home improvements".  Neither of those are my situations.  Do they respond well to "other" or "using the cash to buy investment properties"?  

Also, when everyone talks about "local banks" are you mostly referring to credit unions or private lending?  I've talked to a few local (non-credit union) banks in Denver, and they all follow Fannie Mae/Freddie Mac loan requirements.  I understand they know their underwriters better than a Wells Fargo or Chase, but what's the real benefit?