All Forum Posts by: Steve Oswald

Thanks @Blake Dailey.  I appreciate the input.  Hope to see you Wednesday. 

@Neal Johnson Nice.  I'm assuming this is a buy and hold?  What is it going to rent for?

@Ruben Feletoa I'm not in the Salt Lake City, UT area, but I would suggest getting with a mortgage broker in your area.  They normally know what the lending requirements are for all of the lenders they work with.  In addition, I would get with a national bank.  Since you only have two properties, you are still under the 4 limit that many banks go by, and well under the 10.  But I would definitely make sure that your debt to income ratio is decent.  You may be able to use projected and/or current rent as well.  Each lender is different on the amount (%) of the rent they will consider.  And of course check with local community banks/credit unions.  They typically have looser lending requirements as long as the deal makes sense.

@Joseph Gisler What type of house hacking are you considering?  I think that house hacking is a good way to mitigate risk because you are basically spreading the risk among other tenants.  Now I wouldn't say to buy a deal where the numbers don't work just to get in, but I think house hacking in a property where a portion of your mortgage (or maybe all) is covered allows you to learn hands on, without totally jumping in head first where maybe you have both your personal residence and a rental to worry about in a possible downturn.

@John Kihm As long as the rehab is fairly light a bank would likely not have a problem with financing it. I just wouldn't advertise it to the lender as a rehab project. I've done several that were carpet and paint type renovations and refinanced between 6 months and a year. As far as seasoning, 6 months for normal conventional loans. You may be able to get a nonconventional lender (found through a broker) to refi it early, but you would have to be sure that they would have a new appraisal done and that your LTV would be based on that new appraisal to get the money out that your anticipating. Hope that helps.

BP Investors in Panama City.  I currently manage my own long term rentals in Panama City and I am considering transitioning my properties to a property manager.  But I have received nothing but poor feedback about property managers in the area.  Does anyone have any recommendations?  I appreciate it!

@Jay Hinrichs Great question.  I think the best overall strategy is to work with them to avoid the vacancy assuming that the tenants have been quality tenants.  Although we are not in the business to be charities, being charitable can save you money in the long run.  Turnover is expensive, time consuming, and uncertain.  Sure processes can solve most of it, but avoiding it all together in my opinion is best.

Hello everyone,

Just wanted to take a second and put up a review of fund and grow.  First off I was able to get $37K worth of 0 percent introductory rate credit cards through them.  And so far used them for numerous things including repairs on my houses, paying contractors and such.  I recently used a credit card to send part of a down payment on a property using Plastiq.  Some cards won't allow you to send payments to pay mortgages even through Plastiq.  I was going to attempt that to try to use a velocity banking type strategy, but oh well.  Anyway main purpose was to help me buy property, and so far it has helped.  I worked with Michael Richard at fund and grow.  The only part that was a little un-nerving was that we had to create a different business to apply for the cards, because real estate isn't looked as favorably when applying for credit.  If you don't currently have a business I guess it doesn't really matter, they'll just create one for you.  Overall, they did provide what was expected.  

Originally posted by @Jason Halpin:

@Tom Gillotti, @Account Closed - thanks for the meet up, good discussions.  Looking ahead, how does 19 Feb @1800 sound for our next meetup? 

 Sounds good to me.  As long as packers don't hold me up that day I should be good.

@Jason Halpin, @Tom Gillotti, @Account Closed

I don't mind getting together this week and next.  So 29 Jan at 1800, and 5 Feb @ 1800.    Let me know if anyone wants to do that.