All Forum Posts by: Dave Skow

@Arshiya Taami- thanks ...definitely get  fully pre approved for a  hypotehtical purchase price/ loan amount - this process is free  and  easy  and  it will allow you to  become educated and organized .  Your  low  credit score will be a hurdle  so you might consider  having your partner go solo while you work on getting  score built and improved .  Also - many loan programs  require at least  3  credit accounts with history be  on  credit report for all borrowers - good luck

@Christian Meng- this is fine

@Claudio Barrientos- thanks ...are you considering becoming a MLO  or  are you  interested in some referrals for loan officers  for your clients ?

@Ryan Beesley- thanks ...will DM ....are you looking to just  payoff the private note and cover the costs ?  or are you wanting to pull out some equity ?

@Bhrgu Itwaru- most heloc lenders  wont lend on rental  properties and to LLCS .....consider contacting banks / credit unios  for  heloc  options and  also consider  doing a 2st mtg  cash out  refinnace on the  property

@John Fong- thanks ...best way to  approach this is to  use a  hypothetical scenario and get  fully  approved ..this will give you a  good starting point that you can  then  revise as many times as you need to for any scenario you want

@Ben Fernandez- thanks - good luck ....get pre approved for a  hypotehtical  scenario ....this step is smart to  start with as it will determine what you can do  or cant do  plus it will  help educate and  organize you 

@Erik Dofelmier- likely priced to high ...maybe lower the upfront deposit from 3 mos to 2 mos ...renters will want to see the  product before  spending energy / time and money 

@Joel Oh- if you are using a loan to acquire the property - the lender  requires  insurance ....if you own the property  free and  clear - your  choice  but I would still  recommend  insurance 

@Gina Wilson- thanks for the post ...for the 1st  rental property - you might consider buying a place you are familair with or  have  contacts  that live near by .   Multifamily  properties  are also a great idea .  if you need to use financing - get pre approved with a lender to review all options / ideas