All Forum Posts by: Holly Boss

@Jennifer Pauyo Hi! I’m an investor with 2 rentals so far. I read a lot on BP but I don’t post much. I happen to be a single mom with a full time w-2 job and investing on the side. I check Bp a couple times a week usually on my random days off. We’re here though! ☺️

@Colby Fryar usually hosts a Tucson REI meeting monthly. I suggest connecting with him and hope to see you on Zoom for the next meeting!

Investment Info:

Single-family residence buy & hold investment in Tucson.

Purchase price: $240,000
Cash invested: $60,000

Conventional loan, 25% down from refinancing my first home turned first investment property.

What made you interested in investing in this type of deal?

Only cosmetic work was needed, paint inside and carpet. Appliances were only a year old, all toilets were new, freshly painted on the outside and a brand new 30-year roof after it was replaced from hail damage.

How did you find this deal and how did you negotiate it?

MLS; only a day or 2 on the market. I had lost on offers I had put on other houses over the past few months. My lender required me to put a down payment of 25% instead of 20% for the better rate. This put me at an advantage over another bid of the same amount but who had a lower down payment.

How did you finance this deal?

Conventional with a 25% down; used a refi from my first home that I have been renting out for the past 3 years.

Lessons learned? Challenges?

Lessons learned when doing a refi. The company I used was pretty bad with communication and I had to extend the close on the house twice because the refi wasn't done on time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I would recommend Anthony Payne, the realtor I worked with at Omni and Kim Zavatsky at Altitude home loans who setup financing on the new investment property.

Thank you for the response! Yes exactly I don't want to sit on the funds but I will need the refi to use as down payment and rehab funds for my next project. Hopefully my mortgage broker can find a company that will do both at the same time to make it seamless. 

This is probably a question to ask a lender but here it goes: I'm about to refi my investment property to buy a second investment property which also will be a BRRRR. Do you refinance and hold on to the cashout before trying to prequalify for another conventional loan or prequalify, then cashout refi? I don't know how the mortgage company is going to view my buying power or what reserves I should have to afford a 2nd rental. I suppose the other option is to refi and find a hard money lender?

I've had a lot of hard inquiries on my credit last year from trying to refi my primary residence and getting numbers run by 2 different companies multiple times because of an identity theft issue that finally got resolved this year. I'm worried about my credit score dropping again with more inquiries; although my revolving debt is now down to about 4% thanks to the cashout refi. I did however get a raise at my w-2 job so I expect everything should look good. I already have a renter lined up. Advise? Am I missing anything? 

Also, the refi on my rental is going to replace the original FHA loan; it was formerly my residence until I bought my current residence as a convential loan. Does that mean I can apply for a new FHA loan if I want to house-hack a duplex?

Yes I own the property. I just picked up another one that I use airbnb to rent for a couple months until I move in and then my current property I will be leasing out after I move out. 

Thank you! I appreciate the insight!

Anyone have a suggestion with whom I should use as a property manager for a property in Tucson? Pros v. cons and costs v. savings to do it yourself?