All Forum Posts by: Dante Pirouz

I like the idea of offering rentals to the tenants that allows you to pay off the debt fast. My tenants bring their own though. I don't provide washers and dryers or fridges. Just stoves.

Sure! Depends on what your bank of choice will offer you and what gives you the best terms!

Don't go hard money...that's better for acquiring a deal in the short term. Have you talked to any of your local banks in your neighborhood? I wouldn't recommend going to any of the national banks like Chase (don't know if they are in Illinois) but there have to be some banks around you that you know are only in Illinois and don't have big name ID. Those are the ones that if you walk in the branch and ask to speak to the person handling mortgages they will be able to help you. They may just refer you to another branch with the key person that works on mortgages but that's ok! Just keep asking folks and there's no doubt that you will find a better solution than Quicken Loans!!

We stain and varnish all of our hw floors if we're lucky enough to find them when we buy. I always have a heavy hand on the staining to make dark floors that cover up any imperfections and gloss up the wood surface to protect it....just have them put down another thick coat of stain (or two). I have them put it on like paint rather than rubbing it like stain...just my preference. It will even out all of the staining and odd absorption going on and I think it actually protects the floors even more...you will end up with less of the wood grain showing through but it will look like a rich dark stain color and as there is wear and tear on the floors the grain will show again and it will look great! I don't like a light stain on any of my floors unless there is no stain and varnish only. Good luck!!

@Upen Patel is absolutely right!! You need to have the extra equity available to make the 60-75% LTV requirement for a refinance.

You could do hard money lending for 6-12 months with as little as 10% down and then refinance when the HML comes due.

I also Google the names of potential tenants who have passed the first round of screening along with a qualifier like the city of their last tenancy, their high school or college, etc. to see if something comes up that looks unusual. I found out for an unmarried young couple I was renting to, that the woman had just broken up with a fiancé a month before...they had a wedding date planned and everything. This made me think that this might be an unstable current relationship given that my tenants were moving in together on such short notice and it ended up being true...the woman broke the lease 3 months later and the man couldn't afford the rental without her and he broke the lease after 10 months of trying to manage on his own. They were both nice people but there were others who were also qualified potential tenants who I could have accepted if I had followed my hunch after the Google search...

You can get a HELOC on a property with or without tenants in...in fact it is easier to do it when they are not in yet so you can let the appraiser view the interior without having to arrange with the tenant. We have done the same things that @Glenn D. is talking about to build up to 6 units. The HELOC for residential properties (1-4 units) is based on the appraised value of the property not the cap rate/rental income. Hope that helps!

@Account Closed As an agent, do you only do your own investor deals or do you also represent regular buyers and sellers? Do you have a real estate broker sponsoring you?

Duplexes are not considered commercial...only 5+ units are. These are residential and terms depend on the bank and program. Usually a minimum of 6 months seasoning is needed.