All Forum Posts by: Stephanie Gledhill

I bought a property in May 2020 as a second home. My lender told me if I ever INTENDED on living there I could purchase it as a second home. (I live in CA, this property is in TN).

I would like to refi this property from 3.5 to 2.625 as a second property. I have a renter in it as of July. My lender is getting an appraisal waiver.

Does the INTENT rule still apply? Do people do this? The lender is pushing me to do it. Can I get in trouble for this?

Is there a way to tell if you are taking on too much mortgage debt? I have a home that I live in that has equity. I am using a line of credit to start my real estate investment company. I am in contract on a home in Franklin, TN. In order to qualify for that mortgage, I have to put down 10 - 20%. I haven't decided if i want to pay the mortgage insurance on it and have more funds to buy another property. I will probably do 20%. Purchase price $500k expected rent $3200

I want to purchase another property in Idaho. I know I need to wait until property 1 has a renter with a year lease. I am purchasing B+ properties, buy and hold investor. 

I am using my Line of Credit as my reserves. Any advice about ratio's or numbers to look at when combining personal assets for your real estate investments?

@Nick Maugeri

You said you spent a lot of time interviewing real estate agents. How did you screen them to know they would be looking for the “right” property. Most agents just want to sell “something” and get a commission. Thanks for sharing. 😀

@Daniel Beaulieu. Thank you.

@Lucas Carl thank you for your reply. Where do you recommend?

@Todd Rasmussen Yes. I am after cash flow not appreciation. I'm not sure about why I would only hold it for 10 years. I guess I was thinking it would need a lot of work at 15 years old. I did not budget cap ex into the cash flow so I guess that is why. I am looking at something turnkey. I see you're from California also. I'd like to hear more about the SFH for $140K. Where is it?

@Steve Frye can you send me your contact info.

@Devan Mcclish are you saying that this is not a good investment even if the cash flow is positive and any proceeds net of expenses will pay down the mortgage? I'm reading the book and it says go for cash flow not appreciation but at some point, I will sell. The property is in The Nations. The other option is to go for an older home in a better area. I want something easy to rent and not a lot of repairs and issues since I am out of state. The other areas I looked at like Franklin have land but rents don't pay the mortgage and there are so many properties/supply. thanks !!

I found a new 4bed/4bath 2300 sq ft in Nashville. The property will pay for itself so the cash flow I’m okay with.

It is $430K and will rent for $3,000. I’m stuck on wether it is good long term. I would hold for 10 years. The home has an attached garage, community pool and gym. The only LAND is beneath the house and common space. HPR property. Beautiful. Restaurants close by but bad school.

I’m afraid of the resale value bc it doesn’t have a yard. Advice please 🙏