All Forum Posts by: Will Gates

I've used the Law Offices of Jeff Parmer several times now and I've got no complaints. They're quick and friendly to work with!

Excellent! It may be worth doing at least a partial cash out refinance depending on what the appraisal comes in so you can still cash flow and recoup some of your costs to put towards another investment opportunity. I'd be interested in seeing other numbers, but hey, if it makes sense for you, do what works!

$4k could be enough for a 3.5%FHA opportunity... but make sure that you are able to have enough savings and emergency funds left in case of a rainy day, etc.

Also, maybe you could get something where you could house hack... either rent out a room of a house to help cover bills, etc., that way it's not all on your own money

Sounds like it's somewhat of a great problem to have if you're getting very qualified candidates.... I'm interested to see how things go.

@Adam Craig, For those that want to see it early, could you charge an early access fee either in lieu of or in addition to an application/background check fee?

Currently my wife and I have properties in TN and AL. We live in TN. We don't own an LLC yet for either state but want to soon and we think we will have to have two LLCs, one for Tennessee and one for Alabama?

I’ve got a house in AL that I own outright no mortgage and have to now wait until I can refinance on it (deferred financing route ended up not working -not able to loan low enough).

So the question is..should I create an LLC in Alabama and quit claim the title from me to the new LLC?

That way the LLC builds income and credibility with rental income?

Can I eventually refinance in the LLc name or would it have to be in my personal name?

Would the LLC impact my insurance or cause some issues or would I just need to have them change it?

Thanks!

Incredible!

Good day, BP!

I've currently got 2 properties... and another under contract scheduled to close at the end of January. That'll be 3 properties since middle of October 2018. One of the properties will be a BRRR (rehab almost done, refi to follow soon) and the other two are traditional mortgages - 20% down, 80% loan.

What ways are people able to most effectively scale? BRRR probably, right? I like the idea of BRRR and I'm excited for the rehab and refi to be done so I can see the fruits of my monies working for me and coming back with some more money friends.

I've got my eyes on several other opportunities that I want to move on, but I know that since my W2 income is limited (state government employee with very few opportunities to get increased pay), my DTI is creeping up to the 28% mark (with the lender NOT counting rental income) and I've read that 43% is roughly the cut off... I'd like to get to 6 or 7 properties by the end of 2019... I may need to get creative soon after #4 or #5.

Are there recommendations for convincing lenders to use rental income as income so that I could keep growing the portfolio? How many months of rental income per property do you need to be able to consider that as income towards either mortgage or BRRR cash-out refi loans?

Thanks!

For FHA loans... is it true that the mortgage insurance (PMI) never goes away for the life of the loan?

@Peter Pratti - emailed

In order to determine if it's worth considering or passing... you'll need to find out the other pieces to the puzzle...

Insurance price? 

Repairs needed? 

How long have tenants been there? 

Do they pay on time? 

Will you be self-managing the property or hiring a property manager?

How much are taxes?

Will you be able to get financing by the end of the 3 years?