All Forum Posts by: Andrew Postell

@Mike Smith there's some nuance to what you are saying....is "second home" your vacation home?  Or is this your "second home that you have ever owned" type of thing?  If it is a second home, like a vacation home, there's not any lender that would go that high.  The thing I would suggest here to to connect with others that are in your area on what lenders are the best.  Meaning, that the "Long Island Real Estate Investor" facebook page has thousands of members on it.  Join it.  Join some others. Go to the networking groups in Meetup and Eventbrite for your area.  Ask this question to the local people in your area.  You'll see what is possible. 

@Matt Sinn why do you want credit unions in Raleigh only?  Why not Durham?  Or Greensboro?  Why only credit unions?  Why not banks?  Why not lenders in Virginia?  If the loan is good...does the locality change something for you?

@Cameron Woodward congrats!  I started my career house hacking as well.  Got me to where I am today.  Love that strategy!

@Sheifta Anwar yeah, this is not accurate.  Not sure where you heard it from but that's not how these bank foreclosed properties work.  The types of loans that are in place will also affect the rules to the foreclosure process.  And bank certainly do NOT move fast.  Being in Texas has nothing to do with it either.  It's better to spend your time looking to acquire properties in a different manner.

@Steve Ford the points is usually based on your credit and your downpayment.  Are you doing a 25% down loan?  20% down loan?  15% down loan?  And yes, it is normal to pay SOMETHING in points these days...but your out of pocket is affected mostly by your downpayment and credit.  So, if you are paying 3 points with 25% down...that's a lot different than 3 points with 15% down.  Might be worth the time to shop around some.

@Karolina Powell it's more simple than even what you are describing.  Your mortgage company dictates your insurance requirements.  So, if your lender requires flood insurance - then you have to get it.  If they don't - then it's optional.  They base their decision on the "flood certificate" or "flood cert" and either your insurance company or your lender can check this for you.  That's it.

@Fabian Petersen building relationships with investors? That's what you are doing with this post! This is exactly what "building relationships" is about - learning. And you'll never stop learning. So, you'll have to continually build relationships! It's just part of how real estate investing works. Now, I have never used a real estate agent to buy an investment property. I have certainly used one to purchase my primary home - but not an investment. There are so many deals that happen "off market" with better returns that searching on the MLS isn't worth the time. Everybody is different. And all things change. But I would encourage to you network with other real estate investors in your local market and find out how THEY do it successfully.

Now, I did notice you are in the Netherlands.  That might be a completely different thing in and of itself.  None of the strategies in the US may work there.  Usually, I would reinforce to try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. But does the Netherlands have these things?

Does the Netherlands have hard money?  30 year mortgages?  Rehab loans?  Returns on real estate that are attractive?  Many countries don't have these things.  So, keep in mind what works here may not work there.

Keep digging!

@Stedman Douglas there's some rules here that allow/don't allow you to carry over a loss.  This article is just for the mortgage qualifying piece.  I'm just not versed in the tax rules...just in the mortgage rules.  So seek advice from a tax professional on that question.  And just for reference, in the 20+ years I have been investing in real estate I have never paid taxes on the income of my rental properties.  So, even if you COULD carry over a loss...you may never have an opportunity to use it.

Hope all of that makes sense.

@Andrew T Bolton since this subject is for a "primary home" this basically this comes down to where you are declaring your residency.  Where is your driver's license, where are your bills sent to, where does your employer pay you your income, etc.  So, if you said, "I currently live in X state and I want to move to Y state"...then your lender would ask you to declare your residency in Y state - and then they would call your employer to make sure they are good with it, etc.   That's the essence of it at least.

@Anthony Swain awesome to hear!  Glad it came in handy for you.  More and more people are knowing about this product and it will making owning multi-family properties easier for a lot of people.