All Forum Posts by: Phillip Lanier

Hmm, I still have not received a check.  Anyone in TX experiencing the same thing?  

Guess I'll swing by the office Monday and see if it's open.  Not sure if they are affected by this shutdown. 

I have a sec 8 tenant and have not received payment yet.  Not sure if it's due to the shutdown or a localized mistake.  

Here is an article saying sec 8 is affected.

https://www.curbed.com/2019/1/7/18172058/governmen...

Here is an article stating it will affect payment.

https://www.curbed.com/2019/1/7/18172058/government-shutdown-hud-programs-trump-2019

I have a Section 8 tenant and haven't received a payment yet.  They usually pay by now.  Not sure if it's due to the shutdown or a localized mistake.  

Anyone else not receive payment?

@David Richard Sounds like a great opportunity. I had a similar situation where the house cost me $12,000 but the rehab is over $100k. The ARV is $220,000. One thing to be careful with is really watch that budget. With a big project like that, you will most definately go over projected budget. There will be unforseen issues and things that will need to be addressed. But, I think at that ARV, you will be fine. Good luck!!!!!

@Tommy Pitts How bad is bad? If you're talking about a FNMY or Freddie loan, then your score will be a factor. A portfolio lender may be a little more lenient but they will also consider your score. Lenders look at what is called "the five C's of credit": Charactor, Capacity, Capital, Condition and Collateral. You may be weak on one of the C's, but if the others are strong enough, it will get you a loan approval.

@Matt Whittle I believe DTI is going to be the big factor. I also think that 10 mortgages is the max threshold that most banks allow. Don't quote me on that though. I'm not there yet. I'm at 6 houses and two of them are under one loan. I'll find out in 2019 as I plan on passing the 10 threshold.

@Adrian Chu What are the mumbers like there? Do you do alot of biy and hold or flips?

@Damien Dupee Would you be able to share the most common ones? I'd love to hear some of your strategies.

@Adrian Chu ARV $140,000 County assessment $78,900 Taxes are $2,287 ($190 a month) Insured through NREIG at $556 ($46 a month) I bought it cash but will refinance it for $60,000 @ 5 75%. P&I $350 Total liabilities $586 It will rent for $1,200 $1,200-$586 = $614 cash flow and CapEx