All Forum Posts by: Benjamin Seibert

@Taylor Battle yes, you dont have to have any prior experience to be able to qualify. You will have to personally guarantee the loan thought like a normal loan

@Matt Lorenzo I would agree with the above statements. I would pass on this one. The rate deduction isn't quite worth it in my opinion. Don't forget the time value of money ($2500) is pretty high and although it will take 7 yrs to pay that off it is actually more than 7 yrs when factoring inflation and market averages in.

@Jason Gray in the end it's up to you but BRRRing this property (assuming it refinances high enough) sounds like a great option in my mind. If you can get all of your equity out to use on another property and the property still cash flows after the higher mortgage then that would be the ideal scenario and leave your with two rentals. If it's a SFH you would need to rehab it (which it sounds like your doing) to get the highest appraisal you can get. Just keep in mind some appraisers have been appraising SFHs low since COVID-19 - don't feel bad about questioning their appraisal if its low and contacting them. Never hurts to explain your research and why you think its worth more if it comes in low. Goodluck!

@Taylor Battle yes, there are non-owner occupied loans. You can also go the commercial loan route (which I typically go). Plenty of local banks will lend on rental properties that are non-owner occupied. Try reaching out to smaller banks in your area - they tend to be the most flexible.

@Ronald Davis I would definitely recommend starting off by listening to some BP podcasts (if you haven't already) and reading a book or two on how your want to invest. @David Greene's BRRR book is great and so is the Millionaire Real Estate investor. While learning I would recommend keep saving up and networking with other investors and people in your area.

@Al-Qumar Atkins congrats on the completed deal!

@Dj Hume congrats on the completed deal. It looks like a great cash flowing property and is kept in great shape.

@John Rose congrats on the awesome completed hold deal!

@Christopher Deforest this is the first I've heard of this with insurance. I would recommend reaching out to other insurers and see if you can find better ones that allow out of state PMs or even care about it.

@Adrienne Boykin congratulations on the awesome hold deal! DC/NOVA has definitely seen alot of positive appreciation recently. It's also super stable from all the government opportunities.