All Forum Posts by: Anthony Gayden
Anthony Gayden has started 77 posts and replied 1981 times.
Post: Can non-earner wife get mortgage?
- Rental Property Investor
- Omaha, NE
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Originally posted by @Herndon Davis:
YES you do NOT need to work or show personal income to qualify for a mortgage,for investment property IF you use a Non-QM (non-Qualified Mortgage) Lender, which is who I solely represent. Your wife will need to have strong credit (minimum 660 but preferably above 700 for better interest rate) and a property that cash flows. That's it! Let me know if you have further questions!
Would a person who has 10 conventional mortgages also be able to use a Non-QM Lender to get more mortgages?
Post: Soon-to-be wife not on board
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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Originally posted by @D'Andre Byers:
I've searched around the forums looking for someone in a similar situation but it seems like not many are where I'm at.
I'm 21 years old and just recently got engaged. I don't yet have any investment properties. I know the saying "happy wife, happy life" and I don't want to start our future together on a bad note. She is very adamant on buying a nice pristine house (small starter houses) that range anywhere from $100,000-$200,000. I'm listening to as many podcast episodes here on BP as I can to try and find new ways to invest and also give her what she wants but she won't budge. I've mentioned live-in flips, house hacking, and just plain old rentals. But it seems that every "solution" that I offer is combatted with another reason that we shouldn't.
She's saying that we are too young (she is 21 as well) and although I know that REI takes time, what better time than when we're both young to formulate a plan, and put it into action? Soon (but not too soon) kids will be thrown into the mix and I fear that they will just be an excuse to put off investing further and further until I get stuck in a situation where investing just won't be feasible.
I just spent my down payment for a house on a ring and now we are planning a wedding so I have time to work her into the idea of investing. This also gives me time to learn more and more about investing before starting out. I'm keeping my mind open to the fact that it may be some time before we are able to save enough to get into our first property. But I want to get her on board with investing before the time comes where we are searching for a house.
Anyone have any advice on ways to go about talking to her? ANYTHING helps.
Thank you for taking time to look over my post,
D'Andre
Great thread. I guess I will share my experience as well. When I met my wife I already owned two rental properties. She has only known me as an investor, so it does not surprise her what I am doing. Keeping that in mind, she doesn't understand real estate investing very well and doesn't care to learn anything about it. She will go look at houses with me an occasionally helps with rehab work, but in general it just isn't her thing.
I believe that she is skeptical for a number of reasons. You said it yourself that you haven't started investing yet. In her mind it is just talk, she sees no benefit from investing because there is no income, there is no wealth being created, it is still just an idea in your head. Not only that, but you spent all of your down payment money on a ring.
It is probably hard for her to take you seriously as an investor and get on board when you haven't even started yet.
Post: Is there harm in multiple loans if they are for cashflowing prop?
- Rental Property Investor
- Omaha, NE
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Originally posted by @George Clark:
This is not true.
Post: homeoner insurence or Non-owner occcupied landlord insurance???
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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Originally posted by @John T.:
How are you, my name is Juan. I was reading some post and I just read something that made me believe I might be wrong about the insurance I got. I have a rental property in Indianapolis, and I just get a homeowner insurance, with a high liability, but now I read that what I should do is to get a Non-owner occupied landlord insurance. I had no idea. Should I cancel my current policy and get that type of policy? Are they very different or would be better to get both?. I am very confused about this right now. I hope someone can really put some light into what the people who are landlords and in the business of rental property really do.
Thank you so much to anyone who take the time to write and give some help.
I found that I save money by switching to a landlord policy. As my insurance agent says, they do not need to cover the loss of personal property for the tenant which makes the policy cheaper.
Post: Wasting First Time Home Buyers Loan
- Rental Property Investor
- Omaha, NE
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The very first property I bought was an investment property. I bought my personal residence (a 4-plex house hack) second. So I was not eligible for first-time home buyer programs or special programs.
The thing is that those programs would neither make or break any of the deals I have done and there are a multitude of programs available no matter if you are a first -time buyer or not.
If the first-time home buyer program fits into your investment strategy then use it. If not, do not go out of your way, passing on good deals or waiting years longer just so you can save a couple grand on closing costs.
Post: Statewide Rent Control In New York
- Rental Property Investor
- Omaha, NE
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How do you think statewide rent control will effect cities in upstate New York like Buffalo, Syracuse, and Rochester? I know that they suffer from similar issues as Midwest rust belt cities.
Going even further, small towns and rural areas will all be subject to rent control as well. It seems like huge over reach. Pushing through something like that as though the entire state is NYC and has sky high rents. Very short-sighted.
https://www.rochestercitynewspaper.com/rochester/state-may-get-strong-rent-laws/Content?oid=10375525
Post: Mini Blinds Recommendations
- Rental Property Investor
- Omaha, NE
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Originally posted by @Cathryn Bankhead:
Can you recommend an affordable vinyl mini blind with cords to use in rentals?
I've always used the Lowes Project source mini blinds. They were great, tenants understand how to use them and I can easily replace damaged blinds. Now they are cordless and I see tenant damage occurring.
Thanks for your input!
Cathryn
CBRentals
I have seen that the absolute cheapest ones are at Wal-mart. Very easy to install and look good for $5-10 each.
Post: Walking the Tightrope between Debt and Leverage
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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Originally posted by @Gary L Wallman:
Anthony,
While I admire your hard work and commitment to pay off your debts, it seems with the refinancing of your BRRR you simply traded short term debt for more long term debt. Also from non collateralized debt to collateralized debt. While I can appreciate the difference in interest rates, it appears to me you are likely still over leveraged. Your debt didn't disappear. You are just paying for it over a longer period of time. Leverage can be a great thing in real estate investing. It magnifies profit, particularly if the market is rising. If the market is falling though, it can be disastrous.
I agree with you. The refinance did pay off the rehab costs of that particular property. However I should mention that merely refinancing did not pay off all of the debt we had accrued. I also cleared out my personal savings (except $1000), and spent 6+ months pouring every extra penny that I earned and that my wife earned paying off a large chunk ($30,000+) of the debt.
The refinance did pay off the rehab costs of that particular property and that helped a great deal. Also getting those two properties rented helped as well. What I really got caught up on was the spending on my wedding and buying a new personal residence and the related costs. It was a lesson that I learned quickly. Weddings aren't cheap and I shouldn't have tried to deliver on promises too big to keep for my wife's dream wedding.
While some see me to still be over leveraged, I believe that I am at a much better level now. I do not believe in owning investment properties without leverage or paying them off quickly. I believe that the absolute best way to make money in real estate is utilizing debt, but that there is a tight rope that has to be walked between investment debt and personal debt.
Post: Walking the Tightrope between Debt and Leverage
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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Thanks to everyone who replied. My wife and I have resolved to only have mortgage debt (rentals and personal residence) and no longer use credit cards, lines of credit, etc.
That was a hard sell for me but I realize that I was making too many justifications for poor spending habits.
Right now we are in the process of saving a large emergency fund.
Post: Walking the Tightrope between Debt and Leverage
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Brian S.:
Wow.... great job and thanks for sharing your story!
Thanks, but it would have been better had I not basically fallen off the wagon.