All Forum Posts by: John Leonard

@Eldrick S. Anxiously awaiting to see if they accept! Good luck!

@J Scott I’m just getting started and I agree. I have a meeting with a mortgage broker I bought my primary residence from set for this Wednesday. When my wife and I bought we told her we would want to buy rentals. We decided to put the mortgage in just my wife’s name. So my credit would be free from any mortgage (although I am on the deed). Hoping that strategy works for us as we want to have some exponential growth over the next 2-3 years using BRRRR....lord willing! But yeah get the money lined up so you know you have various options!

@Tara Daniels thanks! I hadn’t thought about how quick she can close. I just always assume 30 days but yeah it is a valid point. If she can move quickly then I may be able to fee more comfortable if I need to throw earnest money down immediately on a great find.

@Andrew Syrios Thank you sir! I guess I should have said my wife and I purchased our primary residence this past May using this broker. She was great, she has changed from working for a local bank to more of an actual broker at another company that originates. My wife and I had prequalified well for our primary residence. We decided to just put the mortgage in my wife’s name and buy “half” the house we qualified for. I feel comfortable with qualifying. My goal is to just be me in this first loan of possible. My thoughts were my wife and I can each have up to 4 mortgages. So that’s 7 if you don’t include our primary residence (which after PMI it can cash flow for us if we decide to move).

Hi everyone! So I’m working on my networking and building my “team”. I am meeting with a mortgage broker on Wednesday. I do not have a property yet. I am just seeing where I / we (wife and I) stand for prequalifing for various loan products. Things I’m specifically interested in is using BRRRR, possibly hard money. So I have questions around that and how she could coordinate it, if she has experience with it, etc. Anything else I should be drilling down on? Thanks!

@Heather Walker just depends on your goals. I know that is simple but true. You could use a HELOC and use the cheaper money for multi-family property that flows more than enough to pay the heloc.

@Canel Cole well I’m just getting started myself. I think we need to know some more. Like what market are you in? Second, dial for dollars! Pick the phone up and call contractors to price the work, or hit Home Depot and price materials if you’re doing it yourself. As for what to charge for rent, idk how many people “need” 5 bedrooms. I’d say maybe they want the extra room as a luxury like an in home office. Or maybe it’s a large family or multi generational family. Either way it’s a small niche. I’d also caution you on you’re maintenance costs. 5 bedroom probably means more bathrooms, a physically larger house with more plumbing, roof tiles, larger hot water heater etc. And just something I was thinking on today. What if I found a SFH and could make it into a top & bottom duplex if both levels were finished? Hope those thoughts help! Good luck!

@Don Harris Just want to say thank you for pointing me the Metrolina group. I went ahead and joined. I’m looking forward to attending my first meeting next week!

@Christina Jolam Oh yeah, I listen to the podcast on my drive every day

@Don Harris Thank you Don. I will check it out.