All Forum Posts by: Ryan Keenan

Joshua, there are banks out there that will lend for distressed property's? What kind of loans are they? Great info thanks!

I was thinking more of just a personal loan because the house may be to distressed to qualify for fha or conventional. Essentially buying all cash but with the banks cash. The bank wouldn't be calling it a mortgage or would they technically need to know exactly what I was using it for.. I took out 30k last year for some rehab and they really weren't concerned to much what I was exactly using it for.

Thanks!

hi bp, question about the brrr strategy. Is it an option to take out a regular bank loan say for 50,0000 buy a house, rehab it then refinance out? barring  all the numbers worked. Specifically using the banks money to buy and my own money to rehab is my question. Thanks

Ryan

My first rental I've owned for 5 years and on my schedule e it's 24,900 for the year. Is that what your looking for.?

My current home I'm living in and renting the other side for 1150. I claimed only one month Lasth year because I bought it in December. After I file this year and judging by my income of 55000 and monthly debt of 685 not counting the mortgages ... would it be a long shot for me to qualify for a 3rd using my fha?  Greatly appreciate any advice!

Ryan

33 years old

Any advice on my dti too high for using my fha for 3rd property.

55k a year income

House 1 gr- 2100 a month.. mortgage is 1550

House 2 gr- 1150 a month. Mortgage is 1200.. will be renting out other side for 1150 after purchase of new home.. total 2300.

Other debt. 685 a month for personal loan.

30k in retirement 

8k in bank.. am I in a position to buy again?

Thanks

Ryan

should I get mortgage insurance on a rental property? Good idea?

Thanks 

Ryan

great info! Stupid question but what does under contract for deed mean? And your saying that 5 percent loans can ONLY be used for SFHS? Overall how hard was it to convince them you were going to owner occupy it?

makes sense guys thanks for your help. Need to work on buying smarter. My first house I really didn't have any idea how powerful real estate was. I just thought buying a 2 family and having someone pay most of my mortgage would be awesome. Lesson learned.

hello BP friends, I've been trying to do more research on the brrr strategy.  I'm still alittle confused on the acquisition part. Is the only way of obtaining the property either  hml or private money if you DO NOT have the funds avaliable? I thought I was reading small banks or portfolio lenders will lend? Will they lend even if the property is in ruff shape and will not meet conventional guide lines? Furthermore and this is  probably a stupid question but confused on what or how to determine what a small bank is?

I've been reading and listening to people who have 60 or more units and started with around 20k and are or are on the verge of retireing. Is this really reality? just really trying to figure this out.  I'm working 3 jobs and have 4 units. Rehabbing the fourth to rent. Just looking for an easier method of doing things. 

Thank you for and advice

Ryan