All Forum Posts by: Raul R.

@Cindy Gonzalez

My understanding w FHA you can only have 1 FHA loan, if you move out after a year and loan is still in your name I don't believe you will be able to get a 2nd FHA loan.. Do a quick search on Google for updated FHA mortgage guidelines I read an article due to Covid there has been changes but I believe mostly w credit requirements..

@Jordan Freeman

Make sure you understand the difference between a Warrantable and a Nonwarrantable Condos.. It will affect how easy it will be for you to get financing I learned the hard way...

@Brian Boodoosingh

Great market but inventory of small Multis is low in NC compare to other markets. The few that you see in MLS go fast if they are priced right..

For many RE investors we dont qualify for the PPP loan but many (confirm w your CPA) qualify for SBA Grant ($1k per employee) and EIDL loan ( I did for first round back in March). As of June 15 SBA accepting new applications in portal.. 

https://covid19relief.sba.gov/...

@John Collins

I wish that was the case so I can jump on opportunities, it is not!!!

Maybe for expensive rentals but sales prices haven’t fallen significantly at least not yet..

Personally I think its a great idea.. Assuming you have all the financing in order I think one of the biggest pitfalls for a new landlord is the tenant / landlord relationship. I live over 500 miles away from my tenants , which is fine by me.. New landlords dont know the dynamics and all tenants are different, Im not a fan of being neighbors even less roommates with your tenants. Im assuming you will not have a Property Manager make sure you have your systems set in place beforehand (concerning how to handle maintenance request, rent, applications  etc) and that you understand your State Tenant & Eviction Laws.. Just like any relationship in the beginning honeymoons are bliss but divorces can turn nasty .....

@Inna Pakhalyuk

During "normal" times it's difficult but not impossible finding a HELOC for an investment property now it will be harder. Many banks stop giving HELOCs to new customers.. Your best bet to find a HELOC for investment property is w a Credit union or smaller bank but as mentioned won't be easy.

You’re better off doing a cash out refi you should be able to get back 60-80% appraised value of property minus closing cost the best I’ve been able to find is 70%

@CJ M.

If you’re referring to the SBA DLA loan you are right at 3.25 at 30 years that’s cheap money but as others mentioned you better understand the fine print you can basically only use funds for working capital you can’t use funds for growing your business / expanding or buying more properties. There’s the potential to be audited and you need to keep good records.

Many are afraid of the terms I’m not I plan to accept the loan I’ve read the application multiple times and I feel like I understand the rules. I plan to open a separate checking account just for my SBA funds follow the rules and keep good records just in case..

Luis

Personally I wouldn't have an issue if my tenant installed their own Ring system.. Packages being stolen have become a big issue with a Ring or Nest your tenant will have a better idea when packages are received.. I understand you have your own Ring system but Im assuming they are not getting the alerts when Packages are received or when there is someone at the door??

To answer your question of course you have the right to say no its your property but for me personally its a non issue especially if they have the concern I mentioned.

@Tim Silvers

SBA decides, what I suggest is apply and if you qualify you can decide to keep it or not. I received grant a couple of weeks after applying and weeks later I received noticed for loan $50k 30 years at 3.75% it’s cheap money but loan terms are strict. You can only used funds for working capital and need to keep good records and you have potential of being audited.. I have a month to decide been reading fine print..