All Forum Posts by: Kerry Baird

When I got started, I didn’t know about any other way to buy than conventional financing, and used those mortgages for purposeful flips.  Learning more about lending helped me buy and flip so much faster.

Great write-up.  The first one has so many lessons learned.  The first few took longer than I expected and cost more.  You’ve likely improved since getting started.  

Welcome to BP. Find the STR forum and ask your question there, as you will get experienced folks who follow that particular topic.

Hello, I am going to PM you about my setup, which started out like yours. We started with a TX series LLC and added a FL LLC, and then more recently created a holding company. PM coming in a few minutes.

I would take another look at @Christian Wamsley's comment above.  Sell the property to a new entity that you form and get acquisition financing in place.  

Hello and Welcome to BP. I haven't used either of those, but I did use HomeBridge and the process was quick and relatively easy. Did you find a HELOC product that you recommend?

That is a good clause to add to a lease.  I don’t know that I have ever has a property impacted by a tenant’s side gig.  I imagine tenants did have one, but I haven’t been aware of it. Would be interesting to hear of other situations. 

The process will be to notify the lender that a parent died, and it is possible the lender will want a copy of the death certificate to show that. You should not have to assume the mortgage, but to keep making payments on the mortgage until it is paid off. The mortgage and the deed are two different things, as the deed conveys ownership. As far as ownership of the property as it is related to the trust, you ought to be discussing this asset and any others in the trust, with an estate lawyer. You may, in the future, want to get a HELOC or refinance, and you will need to show ownership to do that.

My husband inherited a house when his parent died and we were allowed to keep making payments on that loan, without it being called due. 

I ask for creative financing on every offer, and that is super helpful. On the traditional bank loan side, DTI and reserves became onerous, particularly after the 4th conventional mortgage. My DTI would often be impacted by renovation expenses on my personal credit cards. There are smaller deposits up front, which enable buyers to keep more of their cash but we are limited by reserves for all of our houses & DTI. Going to DCSR mortgages have higher down payments, which I did not appreciate at first, but since they fund off of cash flow, we could keep going.