All Forum Posts by: Brandon Ingegneri

Lock up the mortgage then hit the HELOC. The HELOC is typically a very quick and easy process with minimal underwriting. You want to keep your credit as stable as possible while you are waiting for your mortgage to close. Something minimal can have a substantial impact on the loan. HOLD OFF!

You will need to install a house electric meter.  The property would then have a 3 meter service.  If there is heat element in common areas, that common area would be associated with that respective unit's utilities.  For electrical, you would be able to have a house meter and pay for that yourself.  

If you have anything in the general area of Bridgeton, let me know.  I am looking in that general area for our personal second home. 

Your going to get preapproved initially by the bank. That will be your hard inquiry. They may do a soft inquiry prior to your clear to close. You most likely will need a 640 credit score at a minimum to get an FHA loan. You will get the best rates at 740 and north of that.

Medical bills, you will have to pay, negotiate a buy out with them, or declare bankruptcy. 

As far as Credit Karma goes; it sucks.  It shows what is contained on your credit report, but the numerical score is off quite a bit.  I have a subscription to monitor all 3 of my credit reports in real time directly through one of the credit bureaus.  Credit Karma is very rarely in synch with my actual reporting. 

2x per month. Gotta stay on them.  As they stabilize, you can roll back to once per month once you know the tenants are solid.

Labor, material and the unit you are looking $5500-$7000 all in. 

Start small.  Start manageable.  Learn the business, deal with the maintenance, and work out the kinks.  Set up your processes and then look bigger. Ive made a career out of hitting singles, doubles, and triples.  You don't want to swing for the fences when you've never held a bat

My gut and knowledge of my market.  Metrics help, but its not the end all be all.  I've seen some very smart people over think deals and miss out big where I was there ready to pull the trigger.  

I would say yes, especially if it is owned with a third party entity. If is is an LLC it just flows through to your personal return, so I don't see the advantage of doing so. Additionally, why take money out of your pocket, run it through a business, and then pay taxes on it twice? If you want to just stay there, stay there and don't involve payment into the equation at all.

Its a trial and error thing until you get all of your own docs made up.  If zillow works for you, then go for it.  When you draw docs up of your own eventually, you want to be mindful of Fair Housing, Americans with Disabilities Act, and the Human Rights Commission.  Wanna get your balls busted? Step out of line with any of those three things.  If you play ball along those guidelines though, you'll be in overall good shape.