All Forum Posts by: Conor Kearns

@Timothy Church Thank you for your professional insight on this!

I am looking forward to attending! Thanks!

I am curious if any BP members have insight into investing in the Galveston, TX rental market. I am looking into a few multi-family units in Galveston currently, however, the rental market seems to be relatively saturated with many more active listings than I would have thought.

I am personally seeking long-term rentals as opposed to Airbnb or vacation rentals; I am just unsure if this is a realistic approach for this particular market. 

Any feedback or suggestions on rental investing in Galveston, TX would be much appreciated!

Thank you,

Conor

For anyone following this thread, I was able to get an unsecured line of credit through First Service Credit Union this week.

First Service Credit Union has a 30K cap in their unsecured lines of credit. They're starting me off at 15k, and I will likely be able to bump up to the 20k-30k mark in the next few years once more of a relationship is built. 

Congratulations Dave!

I am looking for property management company recommendations in Houston, TX. I have 2 single-family properties in Sugar Land I am currently self-managing that I am wanting to hand off in early 2021. Thanks!

 Justin,

I just did a cash-out refi one of the properties. I haven't found a bank that will currently do a non-owner-occupied HELOC. Have you come across any banks that are doing HELOCS on non-owner-occupied properties? If so, that would solve all of this!

-Conor

I have been looking into Lines of Credit this past year, but am having issues getting approved despite having:

1. - 780 Credit Score
2. - 6 figure income via a W2 job
   

I currently have about 900K in RE debt from my rental properties, that seems to be the primary reason for the denials, despite significant & consistent cash-flow on the properties.

Are there any RE-friendly options I should check out for Lines of Credit? Thanks! 

The best RE meet-up in Houston I've found is "H.I.T. (Houston Investment Team). It's hosted by BP member and KW agent, Matthew Gullo .

The meet-up has been virtual since COVID. I'm not sure if there is a timeline as of yet for when it will transition back to it's standard format - it was previously hosted downtown in the Galleria.

Shoot Matthew an add and I'm sure he'll get you the details. Hope this is helpful!

Looking forward to this event, Matthew!