All Forum Posts by: Nick Shri

Why have you applied with multiple lenders? That is a good reason for all of them to deny. You should only apply with only one lender. PFCU used to do 95% at one point if I remember correctly.

What exactly are you shopping for?

You just need to find a lender that clearly states HELOC for investment properties. Credit unions are sure bet (although not all). Even small banks will be willing to work with you.

Congratulations! Always tough to 'buy-right' in your backyard, you did it 2000+ miles away!! Awesome @Alana George

@Elizabeth Rose

Many banks will state, borrow HELOC for 2nd home or investment home or something along the lines. In that case you are all clear. Don't lie on your application - that could construe as fraud, and if the bank doesn't offer funds for new purchase they could close on you. I have not seen banks jack up rate or lower DTI for 2nd home purchase.

@James Chen You may luck out with Condos in NoVA with Section 8. However, you can just find renters without Sec 8 all day long in NoVA

@Ryan White

Welcome to REI journey. Hampton Roads in general has a lot of inventory in not so desirable areas. Areas where the military families want to live there are very few opportunities. Doesn't mean its impossible.

Welcome @Johnny Forte Jr! 7 properties in 1 year? That is baller!! :)

My property manager sent email to clean gutters for fixed price of $149.

I was thinking the same, putting in expiration time so I can move on to next ones. Thanks for your input. 

This might be a stupid question but here goes. I am identifying quite a few good properties off MLS (actually, Redfin, Zillow and Realtor) that fit my purchase criteria. The numbers are also work them well for me.

My question - if I put in offers on say 5 of them at the same time, but honestly I only want to procure 3 (based on my financial feasibility), and if all 5 offers are accepted, how do I get out of the other 2 (before spending on inspection to back out)???

Thanks & Cheers!