All Forum Posts by: Pete T.

You mention a 4 loan limit, but there are portfolio loans that can consolidate, commercial loans that you can use to get larger properties, use means outside of bank loans all together (seller finance, other creative, private, joint, etc), eliminate loans (blanket, HELOC to payoff smaller loans, etc).

I am sure some of the more advanced members have plenty of other ideas @Will Barnard @Ned Carey @Jon Holdman @J Scott

exactly

What are the details of the contract w/ the company? Did you get copies of all of the information prior to closing?

No experience w/ a building like that, however w/o knowing the area or anything else I would assume more turnover in studio apt vs a larger unit or SFH.

It depends on your personal goals, but I agree w/ @Roy N. for the exact same reason- growth.

The easy answer would be that there is surely an easy way to reject based on your criteria. Most people that accept Sect 8 (voucher program in VA) advertise that, as they have their own site and there are requirements to place them (the house needs to have an approved application, inspections are done, etc.). I would say you likely have no issue not accepting Sect 8, but the BEST answer would be to get familiar w/ your local and state laws.

I agree w @Ned Carey It is usually easier and cheaper to do everything that needs done at once w/ everything open (quicker too). Either way, I think it puts you ahead- if you hold (better rents, less issues to worry about), if you sell (better price, sold faster). Those all seem like needs vice wants. Also, have you considered laminate vice carpet?

I agree w/ @Jon K. I would rather wait for a better candidate that could potentially rent the unit long term.

@Paul Z. is this a private request?

@Alex Silang when you say "2 years to count," I am assuming you mean for use as income? Use another lender. Some lenders will use 75% of all rental income even if you aren't at the 2 year point. There are also other loan types to consider for other properties. Not knowing all your circumstances and goals, it is hard to recommend any farther.