All Forum Posts by: Johnathon Courtot

Not to hijack this thread but this was perfectly timed as I've been on the racetrack for methods to raise capital for my 2nd property. So, thank you for all the great info here. If I could add a little something- my personal residence is with a 0% down VA Loan, only 14months into mortgage so far. For HELOC, it seems you need atleast 20% equity correct? We've added value a whole lot already with some remodels(kitchen,bath, flooring, landscaping) Edit: however, have not done a refinance.

My 1st rental, I did Conventional Loan with 20% down at the beginning of the year. Is it considered more risky to open a HELOC within a rental?

An App would be great, the desktop version on mobile(Samsung for me) isn't terrible but it's definitely not perfect. Hopefully an app for both tenant and landlord come sooner than later. 

I use Avail, so far I have really liked the simplicity of it. I'm a beginner with only one rental but I had over 32 applications for this rental and had 3 of them go as far as the $55 portion for the credit/background check. I did an "initial application" with just history, work status and proof, and personal info. From there I would then send the paid portion. I had no complaints from any of my possibles. 

I'd recommend giving them a shot. Plus you get a trial period for their "plus" membership. 

Philip, I did work with Bryan Martinez from Visio Lending for a while. He's an army vet, which I appreciate, and always responded same day(even during the latest Texas power outage) I went through the pre-approval and multiple quotes. Everything was very smooth. Now, I did end up going conventional on my first deal; so I can't back up how the rest of their process is but I didn't have a single problem during the initial stages. Rates are comparable for a HML and they work with both single family and multi-family. Hope this little bit of info helps.

It's said 45 day window for "mortgage shopping" with new FICO model. Ive had lenders tell me its a 30day window but I did 2 pulls within a 35day period and 2nd didn't take effect.. I'd say best bet is have the lenders you have researched and want to go for all lined up and have your docs downloaded and ready and knock em out. With pre-quals being good for 60-90days depending on lender. 

Hello All,

  Wanted to get some opinions here on a situation I have on a current 3unit offer I have in. Quick run down, it is a 3 unit home with 2 units in the main building and the garage fully converted as a 3rd unit. Separate meter ect. Main building is vacant and there is a week-week no written lease tenant in the garage unit. 

My original offer asked for the garage tenant to vacate as well in order to close. However, it is an estate sale(due to loss of father[owner]) and the tenant is a family friend so they do not want to be a part of his removal. 

My original intent was to have a clean slate and no tenants. I do not know him nor is he my* family friend. My agent is recommending we still move foward acknowledging the week-week tenant as they don't want to know or be part of his removal. Once closed and owner, I give him the opportunity to either abide by a 12mo or longer lease with my business minimum requirements. Go through proper screening/application. If he doesn't meet said requirements, I have no obligation to his week-week basis and can give proper notice of not continuing  and notice to vacate. 

This is my first property and will openly admit I do not know the right answer; however, I do not feel emotionally attached to this property, I just know it's a great deal. I am looking for opinions on the situation and what you would do if you were in said situation. Hopefully I explained things detailed enough. Thanks in advance.

On top of what Michael said, many property management companies/agents who are also PMs will give rent estimates for areas if asked. Just gotta show some respect and ask within means.. They will know the area better than you at the start and it'll begin to give you a better grasp of the areas you're looking. So if you are going to work with an agent to buy that's something to consider when finalizing who you use. 

I use BP Insights and also the Rental Calculator. So far, my comps have been very well placed. No complaints.

Definitly agree with everyone's statements here. Only thing i would add- Sure, never get physically involved if you don't have to. However, keep in mind future tenants. It is very easy to look up past police callings/reports. If a possible future tenant is seeing that cops were called multiple times to that direct area if can hurt that potential for yourself or others around you. Point being, faster solution. Amends to clauses, warnings ect. 

Welcome to BP!

I am a complete beginner and have been working on analyzing properties for the past few weeks. Just recently moved into Columbus, IN from Colorado Springs, CO. Highly recommend the BP real estate podcast and also "How to Invest in Real Estate: The Ultimate Beginners Guide to Getting Started" Just between those 2 sources you can really break down and focus into what you have passion for. Happy to connect with you on BP. Reach out if you ever have questions.

John

Thank you for the welcome, same to all the others here. 100% that the next step is moving into evaluating and smoothing out my process of finding deals and narrowing down. Looking forward to learning and growing here. 

John