All Forum Posts by: Sharon Steenbergen
Sharon Steenbergen has started 6 posts and replied 53 times.
Post: Killeen, TX Wholesalers
- Posts 54
- Votes 55
Hello everyone!
Recently started investing in the Killeen, TX market! I am currently looking for any leads on wholesalers in the area.
Originally posted by @Gregory Schwartz:
@Greg Jenkins Texas refinance laws strictly require 20% equity in your property. Keep this in mind as you plan your refi's. On the plus side, you can have multiple VA loans as long as your debt to income ratio meets the requirements and you don't go over the standard VA loan max $510,400.
VA loan is a super powerful tool, good luck
Yes! Im glad you mentioned this! Most people are unaware
@Greg Jenkins
Hi Greg! I have done something similar. If you want to refi your VA certificate out you will have to have 20% equity in the house. If you have the 20% equity conventional mortgages will have higher interest rates.
Also, buying a Duplex/Triplex is the right idea because VA loans are amazing (you can buy up to 4 units). Just keep in mind you will have to make the new property your primary residence, and pay the VA funding fee again if you don't have any exemptions. Food for thought :)
Post: Best/worst advice you’ve gotten as a new investor ?
- Posts 54
- Votes 55
Getting started in real estate the first year I was told. "Quit your job and follow your dream".
Two months later
Bank: Um, we won't lend to you. LOL!
Always wait till you build business credibility before pulling the plug on your W2. I learned the hard way! No regrets though! Work hard, it will pay off.
Post: Is deferring my mortgage to invest in stocks a good idea?
- Posts 54
- Votes 55
@Artie Butcher
Definitely not a good idea. A close friend of mine asked for forbearance on their primary mortgage due to COVID. During this time he was also refinancing the mortgage on their second home. The Mortgage company of their primary residence told him that it would not hit their credit, but Fannie Mae flagged their account and it showed up on their refinance....
Post: Need Advice: How to pay "partner" after initial first flip
- Posts 54
- Votes 55
Hi @Bethany Kerr,
If you already agreed to pay him 35% on the first flip, thats what you should pay him. Going forward you have the right to adjust the numbers, but do pay what was agreed upon other wise thats just bad business ethic.
35% is a lot to just manage a project. Speak to him directly and have a conversation of what he actually brings to the table and go from there.
Post: FHA on first househack but tenants?
- Posts 54
- Votes 55
@Cody Clark
Hi Cody! With the tenants in place you will not be able to use the FHA loan. Ask the current owner for copies of their leases. If one tenants lease is ending soon, maybe you can schedule a closing date at the end of their lease. Otherwise FHA will not work.
Post: Cozy Property Management App
- Posts 54
- Votes 55
I love Cozy! I use it for my duplex, and I have no complaints. Its a free app which is great, I just pay the expedited fee to get the rent in my bank account sooner. Easy and affordable!
Post: SELL OR RENT? at this point in time
- Posts 54
- Votes 55
I would hold it a little while longer, maybe you could get a TAW. Sales have definitely slowed, and in Massachusetts everything is pretty much shut down unless you are going to the grocery store.
Post: Mom's House Paid For - How to Make Passive Income
- Posts 54
- Votes 55
Honestly, I were her I would either pull a HELOC on it to either:
A: Finance a rental property or
B:Privately lend to people at high interest rates.
I don't know if A. is fitting for your mother, because rental properties come with more responsibilities, BUT private lending is a lot more passive!