All Forum Posts by: Jeffery Leon

I have a W2 job as an engineer, have been paying cash for all of my current investment properties and rehabs. I was able to deduct all of my W2 and rental income for tax purposes through real estate- Thanks to learning from BP! 

Currently, I am really trying to use the BRRRR strategy but multiple mortgage officers are all telling me they can't lend to me because I have "zero" income from the tax returns. Not only the refinance, but I'm running into the same problem getting a traditional loan buying a new primary residence.

I also have a HELOC on my current house to fund my rehabs, the mortgage officers use the max HELOC amount to calculate against my income which drops it significantly.

What are some solutions to overcome this? Thank you. 

Dear Investors,

My goal is to have the maximum (10/ person?) personal loans to purchase rental properties.

I have a decent full-time job at the moment and also my primary residence paid off.

Should I refinance the primary residence and use the BURRR strategy or get a mortgage for the investment property, HELOC or both? Can you take out multiple loans after the first property? My biggest question is how to "rinse and repeat".

If you were to get a personal loan or reverse mortgage, how would you be able to protect your asset and put in inside an LLC?

@Elizabeth Wilson, @Andrew Johnson, @Wade Sikkink, Thank you for in your input. I didn't know what really drives that small town's economy, I'll have to do more research on that. Finding property managers and have work done would be extra cost, because it is an older house. Cheers!

My agent just sent me a property that is currently being leased and tenants recently renewed their contract. From my calculations, this property can cash flow very well. The dilemma is it is located in a small town with less than 3000 people in the population, 20 minutes drive to next large city. My concern is finding new tenants in the future while keeping/ increasing rent. Is this worth the risk of pursuing or shouldn't be a concern? 

Hi @Fady F. Thank you for the link, it has lots of good information. I'm going to attend some meetings next week! I actually don't have an agent at the moment, so I could use your help on finding some deals. Cheers! 

Thank you @Jeff Rabinowitz, @Ramon Huerta for the encouragement, I will be attending investor meetings to network with more people around the area!

Hi All,

I'm just turned 60 last month, and worked for an automotive company for 20+ years, they laid me off the day after my birthday. I've been looking at rental properties before the layoff, now feel even more urgent to start my real estate journey. 

I have a little bit of savings for some investment properties but do not want to pay all cash for any houses from what I've learned about leverage. But at my age, I doubt I will be able to find a new job and get loans. I can get a home equity credit with my primary residence at 50% of its value, but the terms are not ideal- 15 years at 5.5%. Any suggestions on how I can get started? I'm hang up on the financial side of this without a conventional loan.

Cheers,

Jeff