All Forum Posts by: Anthony Gayden

Nice job, certainly not what I would suggest, but I’m glad that worked out for you. 

I totally disagree with several of the points you tried to make. Not only do I strongly believe in leverage, I also believe strongly in property management, long distance investing, and paying contractors to do work for me.

That is not to say that your way is totally wrong, however I believe that there is another way, one where I don’t have to never go on vacation.

@Monica Abeyta

Getting a deal on your parent’s house is not something I would do.

-it teaches you nothing in terms of finding deals

-it takes away your self reliance, and your parents may perceive that you owe them for doing you a favor

-It will encourage you to take a lackluster or even bad deal because you think you are helping them out or that it is easier 

-You won’t truly be investing in real estate, just buying a personal residence 

There are some listed on the MLS, but very few and they are quite over priced.

@Michael Stanley Nino

I have found that single family rentals in my area have less turnover. That means less vacancy loss. The rents also tend to be lower in a single apartment as compared to a single house, yet in many cases the price per unit is similar. Keep in mind as well that the tenants pay all utilities and handle yard care/snow removal in single family rentals. That is a significant cost savings. At least here in my area, reasonably priced single family rentals are easier to find.

 I don't talk about success as something I have achieved. I talk about what I am doing to achieve success.

I don't brag. I know that there are countless people out there doing way better than me and I will remain humble.

 I have several methods.

- I have taken 3 loans from my TSP (401K)

- I cashed out my Roth IRA, twice

- I bought three homes using low down payment mortgages and lived in them as my primary residence (FHA 3.5% and 2X Conventional 5%)

- I used the BRRRR method and did a cash out refinance to buy another property

- I saved every extra penny for years for down payments

- I took out a HELOC

I have experienced considerable appreciation in some of my earlier purchases and I am looking at doing a 1031 exchange.

At the end of the day, I found out that I wasn't nearly as limited as I originally believed. There are alternative methods as well to acquire properties such as lease options and seller financing, but I have no experience with those methods.

Well I did a little research and it looks like the rules were changed by Fannie Mae.

https://www.creditkarma.com/home-loans/i/debt-to-income-ratio-increase/

"Fannie Mae, the leading provider ofin the U.S., is relaxing its debt-to-income ratio requirements to give more potential borrowers access to credit. The increase,, allows borrowers to have a DTI ratio limit of 50 percent, up from 45 percent."

@Samantha Miller

I have wondered about this for a while myself. On my fifth mortgage they told me that they went all they went up to 49% DTI so I could qualify.

“OTOC proposes a three-year inspection cycle for rental properties — with annual inspections for properties that aren’t repaired quickly — to be funded with a landlord fee system. With a program similar to La Vista’s, OTOC says, landlords could pay $50 for each single-family property, or $6 per unit at multifamily properties, and provide proof of annual pest inspections. The city could use the extra revenue to hire more inspectors, Walsh said.“

Honestly $50 per single family home is not very high and I will just pass the cost to my tenants. 

My worry is that inspectors will hit us landlords hard with expensive repairs that have nothing to do with safety. Telling us to paint an entire house because of peeling paint. 

It is probably a scam artist trying to get your money. Ignore it.