All Forum Posts by: Angela Henderson

We purchased our first investment property(sfh) in philadelphia for 25k in 2014. We put in 8k for rehabbing and are renting for $1140 per month. In March of 2016, we purchased our second property using bank financing for 64k and renting for $1250 per month. Started looking into the BRRR strategy and watched Brandon Turner's webinar on the strategy and found out that my cash property today appraises @ 90k!!! So hyped! GOD is so awesome! Can't wait to "repeat" the process!

This is an excellent thread.... I have 2 rentals and have 1 million liability on each policy. We're now searching for our 3rd. No LLC. Why would I need an umbrella policy if each individual policy covers up to 1 million?

Can anyone advise how does the process typically work if you want to pull equity out of an existing rental property to use for down payment and closing cost on a new property? Do we have to do two separate transactions?  First refinance with cash out then find a property and follow standard mortgage application process? Is there a way to do just a single financial transaction? 

Thanks!

Good Morning, 

We own our 1st rental property with no mortgages. It's worth a little over 60k. Will a lender allow us to pull out cash from it to finance another property? For the second property would it be expected that we come with some of our own cash  outside of the cash we obtain from property 1?

thanks!

@Roy N.thanks! just got off a call with a plumber friend who estimated 1500-1900. So you're  right on point! I would hate to remove the tile work to install a surround, but will do the work if this sits more than 30 days. 

@Jeff S.my husband says the same thing. I'm figuring that we'll consider potential rehab cost in our offer. 

@Elizabeth Colegroveunfortunately only bathroom in the house.   BTW... just registered on your site.  enjoy your content! 

Would like opinions from those who those with more experience.... We're looking for our second SFH investment rental. We found a pretty nice deal and went to see the property only to find out the bath tub was removed and replaced with a pretty nice shower stall. while this would probably be my personal preference, I don't imagine it to be very appealing to families which are the tenants we target. Any thoughts on this? We really can't afford to get a property that sits because of the tub. Other than that I know this property wouldn't sit vacant for long.

thanks! 

thanks @Steve Babiak   the lease addendum provided is what I  needed and I plan to use.  I'm going to stick with my plan to conduct home visits as it seems to me the only way to truly get a feel for how I can expect my property to be treated!

We'll see what responses come in @Drey Taylor  my impression from what I've heard during my short tenure in this business, is that many landlords do it. This is my first property and maybe I've spoken with 7 to 10 prospects and none of them reacted one way or another to my request. Just my last call who referred to it as an "inspection"

So I've heard several presentations at my local REIA meetings and I attended a Section 8 class in the city of Philadelphia where the housing authority also encourages homeowners to incorporate home visits in the screening process. I would like to know from those landlords who conduct them, what exactly do you do at these visits. So far, I've mentioned to all of my prospects that this is a part of my process and no one has objected except a long lady today to me that she would need to get permission from her Mother in order for me to do an inspection of her home. I just said OK since we haven't yet made it through step 1, the application, but I was thinking "I'm not going to inspect her Mother's home". Anyway, it just seems that home visits could be very awkward. I totally get the point and what to conduct them because I want to get a feel for what I can expect concerning my own property considering all the hard work we have put in to it, but I am truly, truly an introvert and can't imagine exactly what I'm going to do or say. I will say that for the average city home in Philadelphia, I'm expecting that I can sum up their household habits from the living room. Thoughts please???