All Forum Posts by: Brooke Noth

Welcome back to Texas! I agree with @Tsipora Smith, you are likely going to see better cash flow in Texas than Cali. 

What part of Texas are you wanting to invest in? 185K could possibly get you two properties (maybe 1 multi and 1 SFR) in certain areas. For Multifamily you are looking at a 25% down payment, while single family investments you can go as low as 15% down.

Yes, 25% down on a multifamily is super common. Could you do a HELCO on your current property and help use some of that money for the buffer? Any room to raise rents, to help your COC?

Hi Bob! I'm happy to chat with you about the sale. I'll send you a message for some details. :) 

Congrats on your recent purchase! The best way to answer your question is to first know about zoning and the availability of electricity and water on your land. Do you have any deed restrictions or zoning hurdles? 

Hi Kevin! Great questions! What if you turned your current house into a rental and purchased a new primary residence at 5% down? You could even make your next home a multifamily purchase with a low down payment if you owner occupy. 

For a single-family investment property, you can go as low at 15% down payment, but the rates aren't nearly as pleasant as 20% or 25% down. 

Hi Brandon! 

As a lender, we want to know that you have the assets for 60 days, but they don't have to be liquid before you find a house. You can show the bank statements for the assets in brokerage accounts and then liquidate when under contract.

You definitely want to confirm with your 401K provider how much you can pull out and the repayment terms to make sure you are comfortable with that before finding a property. In my experience, the 401k loans are funded within a few days at most, so the turnaround time to have those funds liquid tends to be fairly quick.

Hope this helps! 

Hi @Alfonso Isarraras - How much equity do you have? Enough to get rid of MIP? If so, it's best to run the numbers of the higher interest rate vs. the currently monthly payment with MIP included in it. MIP can be really expensive and doesn't come off until you refi, unlike a conventional loan where it can come off when you have enough equity.

I'd look on Facebooks groups for Short Term rental landlords or Airbnb landlord groups and post there. I've seen people post in our local AirBnB group and had great success. 

Hi @Jeremy Smith -

You will definitely have to see what you could actually pull out, as most states require that you leave some equity in your property. Could you partner with someone to purchase your investment? It also really depends on your current interest rate. Rates are going up, so if you locked into a really good one last year, you may not want to refinance. 

Are you able to contest the appraisal? Or possibly get a second appraisal? You'll have to pay for both, but may be worth it, if you think they didn't use reliable comps.