All Forum Posts by: Garret Myers

Asking for a coworker,

What are the options to acquire a loan for someone with less than 2 years of full commission history? Previous line of work was in another industry.

@Theresa Harris

Exactly. I don’t want to waste anyone’s time. Hoping to find some answers that’ll help me to quicker understand if a lender and I are a good fit for each other or not.

Hello friends,

I've got a few specific questions:

- How many lenders do you send your application to for a pre-approval?

- Does each lender's hard pull cause my score to go down? (I read it doesn't if it's all within a week?)

- How long is the pre-approval good for? (I'm finding various answers)

- Looking to purchase this as a second home, and rent it out as a STR when I'm not using it. Anything special I need to know about? Wanting to put 10% down.

- What questions would you ask to qualify a lender, prior to doing the entire application process? 

If you're an Orlando lender and investor, please feel free to message me!

@Valentina Naumenko I’d love to jump on a call tomorrow later afternoon if you have any time.

@Faisal Shafiullah hey thanks for the reply! I should add, the purpose would either be to set it up as a STR or possibly a rent by the room home. Maybe for Disney employees?

We intend to buy.

Hello friends,

My wife and I intend to purchase a vacation home in Orlando, with the goal of being near Disney. If you're a Lender, Realtor, PM, Cleaner or Vacation Home/STR Owners I would love to meet you!

Can anyone offer insight on best neighborhoods to look at?

Oh, if you're in an area with an HOA and community pool/splash park, do your guests also get access to that, or is it just the homeowners?

@Nadia O. You're correct, we refinanced in May 2020. We were planning to live in this home for a very long time. The only thing that changed, is a few months later I discovered REI. Now my whole mindset and the path I want to take in life has changed. It's tough because we have a lot of emotional attachment to this house, but we've decided it's in the best interest of our future selves to invest in real estate now, and part of that plan is to move out of this home, and purchase another for 5% down. BUT, since we only refinanced in May, and have a large mortgage payment, it makes this situation a bit tricky. Either way though, we're planning to purchase another home soon and do whatever we need to do in order to jump-start our REI careers.

@Jonathan Burmenko

We were intending to purchase another home and house hack for a year, and then purchase another. Ideally we'd really like to keep our current home. Prior to us learning about REI we were planning to live here for a long long time. We refinanced to a 15 year back in May. We may need to consider the idea of selling, though. Purely from an investment standpoint. I guess we could always refinances back to a 30 year?

@Caleb Pittman thanks man, I just tried to send you a message but was greeted with a notification immediately saying “you have been banned from the bigger pockets messaging system for spamming” ........not sure why that happened.

Hey guys, I'm looking for some creative ideas on renting out our home. Currently, our mortgage is approx $400 higher than what I believe we could get for renting our home. I fully intended to rent it out by the room, but while reading some HOA documentation I discovered it very clearly states:

"Leasing: Any dwelling that is leased
shall be leased only in its entirety; separate
rooms, floors, or other areas within a dwelling
may not b~ separately leased;"

Short term rentals are not allowed, either. 
So what does that leave, corporate housing? 

Thanks in advance for any ideas!