All Forum Posts by: Kyle Boughton

Will your lender take into consideration the income you will receive from your new rental?  They should look at at least 75% of your newly acquired income. This might be enough to allow you to squeeze it in?

You can search for private money but will be paying higher rates. There is always other options. Just depends on which will work for your current situation.

Is it a plus? Yes. Is it necessary? No

If you have good referrals from people you know I would use them as long as they met the requirements you are looking for.

I second the HELOC. Low interest rates and only paying on the money when you use it. May have to shop around a bit as some banks aren't as willing or have different terms when using a investment property instead of a primary residence.

Good Luck!

8-10% is completely reasonable. I don't pay any fees or first months rent though. That is just my area experience. Shop around to ensure you are getting the best deal. Sometimes its better to pay more for a good PM. Manage it yourself? 

Good luck!

I would not obtain a GC License based on the opportunity to gather financing. If you need a track record then show it on paper. Present every deal you have done with closing statements with all the numbers. Regardless of your title and what you do it comes down to your experience and track record. If you come in confident with proof of your experience you will look more appealing to a lender. I started young and struggled with the "age" factor. Prove to them you know what your doing and if they don't want to work with you then find someone else and thank them for their time.

Are you searching in the general vicinity of where you live or are you looking out of town? I would contact a local property manger to see if you can gather some input from them. Look at current and past rental rates. Increase in population and jobs? Do the numbers make since when analyzing properties? I am currently investing in rentals into a town with a university. The rental numbers are much higher and has always been on a steady rise.

Have had a tenant in the past that I allowed to have a hamster. It was a family and they were good tenants. No issues arose from it. They made me happy so I did what I could to return the favor. I would base it off of your specific situation and what you feel would be the right choice. Obviously from a landlord perspective it would be better and safer to say no but would it be beneficial to you in any way if you said yes. 

Everyone goes back and forth when talking about Hard Money. My experiences are positive when utilizing hard money. As I built my business I was able to utilize a HML and a HELOC off of my primary home. By doing this I was able to do multiple projects with more profit that out weighed the extra interest and fees I was paying.

Always good to keep a savings for emergency. I leverage whenever possible. I would shop around and compare all your options and see what works best with your specific scenario and what aligns with your goals.

Just putting in my 2 cents.

You should hit up Dennis. Sounds like he's got some knowledge of the area. Man those taxes would kill me though. Talk about cutting into profits. Good luck. 

$8348 in taxes? That's outrageous.