All Forum Posts by: Nicholas L.

@Lucas Musil you can also ask an agent for actual rental comps.

@Sam Zawatsky it's going to depend on the terms of the loan.  If you have a 30-year, fixed rate, conventional mortgage, and you're making the payments on time, as others said, the odds of something unusual happening seem low.

You asked - "I am concerned about the possibility of not being able to get a cash out refinance mortgage with under a 7 percent interest rate on BRRRR properties or getting my existing mortgages called in."

Those are two very different things!  The way to mitigate the first concern is to try to have a good idea of what your refi is going to look like before you buy.  You likely won't be able to lock in a rate but lenders will usually tell you what current rates are and what their expectations in the short term are.

@Kyle Zuleger if you use a property manager, which I would recommend, they will handle the lease, collect rent, and deposit it into the bank account of your choice.  What you're asking becomes more important if you self-manage.

@M Trevor Bennett I am with @Terri Wyzkoski - I don't understand your question - if you have lots of cash, and are BRRRRing successfully, you should get it all back each time.  Is there something else you're looking for?  Are you saying you're maxed out on loans?

@Josh Raikin are there markets within ~2 hours of you that are less expensive than where you live?  Profitable OOS investing is of course possible... I just think it's more difficult to get started.  Why not find a closer market you can drive to on the weekends, and look at dozens of properties?  You can also go to REIAs, meet agents, meet property managers, etc.  To me this would be so much more beneficial than trying to make a guess at a random market in Ohio.  If you haven't already listen to Spencer Cornelia's BP podcast episodes.  

@Kyle Mack if you need money for a down payment... does that mean you have minimal to no savings? What happens if you have a large repair occur? Can you wait and save up enough to do some kind of live in flip / live in BRRRR / house hack?

@Anthony Parsons have you tried going to REIAs?  Most folks going to REIAs love to talk shop.

@Marshall Magnus congrats! I might be missing it but what was the LTV on the refinance? You said it was appraised at $300K - did you get 75% out, 80% out? Thanks.

@Leila Moussavi

Anything is possible... but here's a better option.  Finish college.  Get the highest paying W2 job or jobs you can.  Minimize your expenses, and maximize your savings.  Rent (maybe with roommates) until you have some funds saved up.  Then house hack yourself... with no entanglements.  Refi as soon as you are eligible.  Then do it again.

@Victoria Imlach those are good questions, but given the current market condition, the seller may not need or even want to answer lots of questions.  If you're working with an agent, you won't be asking the seller anything; you'll give the questions to your agent, who will give the questions to the seller's agent, and at best you'll get partial answers back...

Unless this isn't competitive, or there isn't a lot of interest... then the seller might be more engaged.

Just trying to set expectations.