All Forum Posts by: Charles Smith

@John Warren Hi John, thank you for your response and helping me remember that this is all apart of the journey. I really do appreciate your kind words.

I started looking into cash out refinancing, sort of challenging with all the uncertainty in the economy and all the bank overlays.

I have a owner occupied convention loan currently and I am a few months from my 1 year mark. My wife is the one who qualifies and I take on the debt. Do you know if we can use a FHA loan for our next owner occupied duplex?

Hello BP! I own a Conventional 5% down, home possible duplex (I live on one side). I bought it seven months ago for $405,000. I've since put $40k into renovations, raised the rent significantly, and placed new tenants. My current mortgage balance is $380,000. The comparable sales in my area for an updated duplex similar to mine is $540,000. So far, all the banks I've contacted won't use the rental income to qualify me for a HELOC, because it hasn't been two years. My original plan was to get a HELOC, and buy another duplex at my one year mark. I am at a roadblock in my thinking. The only option I see right now is to use the cash flow once I move out, to pay down the renovation cost. I could definitely use some mentoring and would love to connect without someone whos been in my shoes.

Can I buy another owner-occupied duplex with an FHA loan or would I have to refinance out of my home possible loan first?

Would a cash-out refinance be possible? In order for me to take some cash out and pay some or all of the renovation cost off.

What’s some inexpensive ways to repair or replace a walkway? 

What are some inexpensive ways to replace or repair a walkway? 

@Sean Casserly good information, will definitely be attending a lot more meetups.Thanks!

Hello all,

How did you learn about creative financing (what are some great resources or tips)? I’ve been struggling on finding any tips on buying a rental property without occupying it, besides the traditional route. I Don’t know if we can get a portfolio loan being we barley have skin in the game.

If anyone is up to grab coffee and discuss strategies please let me know. I am a new newbie investor and would love to network.

@Nadia G. I'm impressed, You make it look easy. Thank you for the inspiration!

@Steve K. I think you just saved me a bunch of time with the epoxy recommendations! Appreciate it Steve.

@Clem Foltz Wow, thats great information. Will definitely implement that in our plan. Thanks

@Robert E Bogino The hammer drill looks very useful.

@Marcus Auerbach LVP flooring looks very enticing! 

@David Jarvis I think my wife and I got too emotionally attached right away haha. Just scrolled through a bunch of similar properties and none of the bathrooms look as good as we originally planned to make it. 

We discovered the Minnesota tool library, they charge a $250 annual fee to rent an assortment of tools. As far as material, we also discovered that you can find some really great deals shopping through ikea's discount section in store.