All Forum Posts by: Kerry Baird

What did the occupancy change to?  I have properties in a college town in Texas, but students have been really rough on it.  I'm remodeling it now following a difficult set of tenants.

We bought in England when stationed in that country.  I don't imagine you will find a state-side lender who would take the risk of encumbering property in another country.  

Instead... Find a local lender, and to find one ask your local agent or real estate attorney. Perhaps owner financing would work for you.

Nice work! Kilz is indeed the bomb, lol.  Why did you go with PadSplit and how do you like that method of renting? 

Welcome to BiggerPockets!  

You are right that the payment needs to be accounted for via the rents you receive from the investment house. Additionally, there is risk of the interest rates increasing over the time you have the HELOC open. Reduce the risk of those increased payments by fixing the rate on funds you borrow (such as with a second mortgage) or by saving, using a tax return, doing a side gig, selling something you don't need, etc.

I have been looking at HomeBridge, Figure, SOFI and Navy Federal after looking at Nerdwallet and similar.  I liked the speed and process at HomeBridge so that is who we went with.  

We also did not have our 2024 taxes filed, but that was fine. I used credit cards to renovate a house and our DTI was high, so my rate was higher than yours will be. The business credit card rates were 29%, oh yes indeed, but I need an an expensive emergency roof for a rental house in the recent floods.

The line I got at HomeBridge was 11% and now that my DTI is lower, they are offering a lower rate on an investment property.

@Basit Siddiqi, BLOC vs HELOC…is there a benefit to using one vs the other?

@John Morgan, I love that idea!  Interesting that you have people who have chosen to pay late over long horizons.  

I’m similar to you: I want a late fee that will be a nudge but not a punch.

Yay!  Good on you to do what you said you would do.  I’m glad you shared the story, too, because many of us have a not-so-wonderful outcome to a deal.  Just like with the home run deals, there are lessons in these deals as well.