All Forum Posts by: George Leeman

I usually live outside the USA all though I am born in the US, I was wondering if I could sign a limited power of attorney for my mother to be able to apply for home equity loans or mortgages on my behalf?

I will be reading the forum but I also want to find a book to help me better understand how to get started and how to be successful in this. 

What are your best recommendations? 

Originally posted by @Raymond J. Rodrigues:

@George Leeman I believe conventional LTV on cash out refi's cap out at 80% ltv. I may know someone that could beat the rate or closing costs, but in regards to getting 85% LTV, you'd have to FHA, which would incur mortgage insurance.

Who offers 80%? I didn’t know fha did refinances 

Originally posted by @Raymond J. Rodrigues:

@George Leeman are you going FHA or conventional? What interest rate did they quote you with what middle FICO score? I may know a lender that could fit your criteria depending on what you tell me.

Conventional, 4.5 rate at a 700+ or high 600 score

I am looking to change my rental contracts, I want to add in things like late payment fees and monthly small pet fees.

What were the most productive things you guys added to your contracts to boost income and ensure payments came more regularly?

The best I have found is quicken loans who will give me 75% cash on the appraised value of a property. I am hoping to be able to do 80% of the appraised value of a property, assuming the interest is the same. Anyone have any advice?

Does anyone have any general requirements for when to expand?

For example how much money should you keep on hand per rental property in order to be comfortable to handle repairs?

What should your overall debt to cash ratio be before you are comfortable with purchasing another property on a mortgage?

How much emergency living/life cash should you keep on hand to be safe?

How much should there be (if any) in a emergency realestate slush fund on top of your set aside basic amount of cash per property?

Any suggestions on things like this? I want to do this properly.

Sounds like overall not a great idea. 

I was thinking of having tenants cover expenses under 100 or 200 such as calling a plumber for a toilet etc. does anyone else work anything similar into contracts to avoid over spending on small fees that are somewhat tenant related? Does anyone charge late fees or a yearly gutter cleaning fee or anything like that? I’m trying to structure my contracts to make and save the most money.

I have a long time goal of owning a rental in my retirement account, but my local area has gone through the roof. Can anyone recommend a good turn key rental company that has properties for around 40,000 with decent returns?