All Forum Posts by: Lee Judd

@Veldin Miskic thanks!

@Patrick Q. I don't blame you a bit. It does cut into profit a little but I wanted you to know that it's less of a hassle/cost now than it was in the past. If I had my choice between two properties that were equal I would choose the one that wasn't in the flood zone

@Paul Ivanov have you talked to local banks that would keep it in portfolio? Their rate would be higher but they may let you refi which would give you access to the equity. Then you could refi into secondary market after the 2 year mark.

@William St. Jean Have you looked at what you can get from your 180k if you put it into other rentals? Your current rent is well the 1% rule. With 180k down you could buy roughly 600k in properties at 30% loan to value. Look at what you could buy for that and see what kind of return you could get. Compare that with what you have now and decide if you want to mess with addition tenant for the money. Good luck.

@Lewis Guest Wow! Big penalty. If you plan to keep the house for several years it might be worth it. What is the cost to refi? You need to add that to the penalty to see total cost compare with savings.

@Matt Jesberg I have been using TenantCloud property management software for my rentals and track my income and expenses through it. There are some things I dont love about it but it has gotten the job done for three years. I have had several people recommend Buildium and demoed it but have switched yet.

@James Lauer do you have some minimum requires on you investments? If it meets that criteria than do it. @Jason Wray made a good comment on the loan to value. We wouldn't loan 80% on a cash out refi on investment prooerty.

@John Harrison Find a local bank and talk to them to see what they say. If they will do it the co-signer will have to qualify for the bank's underwriting requirements. Bank most likely will not count your income at all. Good luck.

@Ryan Harvey i can't answer the turnkey question for you but how you hold title may depend on the bank you use. Some banks will let you buy in the name of the LLC and others want you to buy in your name and transfer after closing. Talk to your bank ahead of time.

@Michael Widick let us know if you come up with other questions. Good luck