All Forum Posts by: Erica Larence-Penna

@Mark Yesa we are sort of in the same boat.  We have a four-unit that we want to renovate, but we have long term tenants.  One of the units is owner-occupied, so we are currently renovating that one.  I've thought of asking if one of the tenants would be interested in moving there temporarily while we renovate his unit, but he has been there for ten years and pays far below market rents, so we are better off just occupying and then renting the renovated unit out for what it's worth for now.

We have good tenants, so for me, it's better to just wait it out and rehab it over time.

@Tyler Holmes everyone is different.  Would you be able to househack?  That is what we did and it's a great way to have no housing payment so you can save for the next investment.  We purchased in our home state, but now we are looking out of state at markets like Columbus, Jacksonville, and Tampa for our next one.  I also recommend reading "Set for Life" by Scott Trench - it's extremely motivational and informative.

@Brian Anderson Welcome!  I am also a New Englander and do some work in NH on the title side of things.  NH is a great market - I know quite a few investors who have AirBnBs up there. 

@Matthew Bell I highly recommend "Set for Life" by Scott Trench!

@Ryan Gov I'd be happy to connect.  Feel free to reach out!

@Robert Johnson have you thought of doing a conventional loan?  I don't think there's a 100 mile rule for conventional and they still have low down payment options.

@Sarah Linkenhoker I would ask your first lender what the ramifications are. If the second lender is pulling your credit, I would think this would be an issue (I am not a lender, though). Also, does the second lender know about the first loan? The first loan is going to affect your DTI, so you should run that by the second lender as well. I would personally wait until the first loan closes until you proceed with the second loan, if possible.

We are in the process of building our primary residence and the mortgage will be in my name only. For that reason, we are keeping my name off of any of our investments.  Is it possible to put the investment property into your husband's name only?  Do you live in a state where non-borrowing spouses must sign the mortgage?

@Logan Heydt I'd recommend maybe looking in RI.  The East Side of Providence and a few other areas in Providence are really great for rentals.  Same thing with the Oak Hill area of Pawtucket.  Aside from that, Lincoln and Cumberland have decent school systems, so you'll have a lot of families as potential long-term tenants in those areas.  Feel free to reach out if you need a referral to a realtor!  

@Michael Milano Like you said, it depends.  My fiancee and I purposefully left my name off of the first mortgage so that we could leverage my credit for the next deal.  If you have a great credit score and your partners don't, it could also affect the interest rate.  Co-signing can definitely get messy too, so if you're able to qualify on your own, you may want to just have the mortgage in your own name.

@Steven Rodriguez wow!  I wish I started out when I was 17.  BP is a great place to start!  Another book I highly recommend is "Set for Life" by Scott Trench.  I liked it more than "Rich Dad, Poor Dad" and it really motivated me to stop spending money on unnecessary things. I also recommend networking and talking to as many people as possible.  Not everyone has taken the same path and you can learn a lot just by having conversations with people.  Don't stop educating yourself!

I went to UM for college and I can tell you that rents aren't cheap either in Miami!  You may be able to find a cheaper condo or single family home and rent out rooms to students while you live there.  Students are willing to pay higher prices for rents.  You might also be able to find a property that may need some work, but might be in a better area.

I work with some lenders and realtors in Miami, so I'd be happy to refer you.  Feel free to PM anytime!