All Forum Posts by: Joshua Merchant

My wife and I closed on our first rental property in December and have had a tenant in place since the beginning of March. We went back to the bank we used for that property to try and finance a second rental and they said that our taxes wouldn't show a "Statement E" because of the timing so our rent wouldn't be offset by the income. Has anyone else had this issue? Is there something we can do or should I start looking at other options?

@Karen Filipponi, my apologies for the delayed response. For some reason the app didn't notify me of your reply. I'd love to connect! We could chat virtual or in-person, depending on your preference.

V/R,

Josh

@David M., thanks for the reply! Yeah, I've been watching the rates and running numbers the last couple of weeks. Right now the refi is probably the way to go.

@Brian Beck, what's the name of the group and when do you meet next?

@Chris Webb, will do! Where in FL do you invest? I've thought about looking in FL. Could you recommend any realtors?

I'm in the Northern VA area (Stafford) and just bought my first rental property out of state (upstate NY). I'm currently trying to find the next deal, but would also like to find some folks local I can bounce ideas off of. I've tried searching online for local REI groups, but many of the ones I've found seem inactive. Does anyone know of any active groups in my area?

My wife and I have just started our real estate journey and, after months of looking, closed on our first property in upstate NY in December. We're 90% through renovations which bring the house from $88k to $135k (based on bank's loan and renovation assessment). We also have a primary home in VA that has appreciated a good bit in the past 1.5 years. We live in a new build and the similar houses in the sister neighborhood have been selling for a significant amount more. We refinanced last year and lowered the monthly payment so I have an assessment from the lender.

I've begun looking for the next deal, but have been weighing options on how to finance it. I think I could pull a HELOC move and get ~$70k out or we could cash out refi on our rental in a few months. Even if we get a higher interest rate my calculations still show us with $250 positive cash flow each month. With rates on the rise and the market as it is I'm not sure if one option is "better", but thought I'd reach out to the community and get some advice.