All Forum Posts by: David Jackson

So a lady is having issues with her credit and is unable to get a new loan. She is the owner of her current SFH along with another person (friend). That friend helped her get approved with his credit 8 years ago and now he wants his name off the property. She has always been on time with her mortgage. The friend does not want to deal with profits and or taxes. He says, he's worried because of her he would have to pay taxes.

What options does she have? Can she sell and buy a new property? Can you guys shed some light so i can help her out of this trouble.

@Account Closed i agree with you. The reason i made this post was to determine what everyone else is thinking. 

My thoughts are, courts are closed, also it is ordered no one can be evicted. Banks cannot foreclose either. It takes 45 days at least to evict. Foreclosures take much more longer. So we are looking for December/January 2021 onwards when there will be a flood of evictions and foreclosures. Eventually property prices should start going down and that would be the time to buy more.

What are your thoughts on this?

i think this post answers all my questions :)

So for the rentals, which term mostly investors go for, 30 years or 15 years?

As the title says, is it the time to buy rentals or wait few months?

@Ryan Hayhurst I will look into LoopNet, looks like i was looking for multi units at a wrong place :D

So you buy 1 property put down 20% and move to second and then third and so on. The time will come when banks will stop giving further loans. How to structure deals so banks doesn't hesitate giving you a loan on the 4th+ property?

@Ryan Hayhurst so when you say 11 unit, is it an apartment building? Do you use zillow to find these units? I am in Maryland and zillow doesnt list any apartment buildings for sale. 

You have limited funds of 200k cash. Would you pay 20% down OR pay 10% down with PMI?

So i'm a 30yo from Maryland. Six figure income from 9-5 job. I already have one rental and i know how good and bad rentals can go. I would want to invest in Maryland to keep properties local to me.

To avoid bad tenants, i was thinking to get 2 properties of ~400k each putting down 20% for each property. These properties would be good enough to have high income tenants which would in my opinion be a less hassle to manage/ maintain. I'm thinking like this because I already have 1 rental based on this scenario and i've had the best tenant, pays 2 months upfront as well. Your thoughts?

@Will Fraser you mentioned, "4 houses at 25% down with my $200k.". What about PMI as the down payment would be less than 20%. You've brought me to the right question now. Is it wise to leverage or give 20% on each property and save on PMI? But i do like the idea, 4 is better than 1. Would the banks be willing to keep giving me loans on properties for 25% of 200k down?

@Nathan Gesner I am from Maryland, can you please suggest where should i look for apartment complexes? I don't see anything good on Zillow or maybe i'm looking at a wrong place and apartment complex listings are on a different website?