All Forum Posts by: William Eric Schaefer

This problem only applies to the Refinance portion of the BRRRR process. I am having trouble finding a lender who will finance a 30 year loan on a SFR rental property. However I have talked with a lot of small banks and a few offered a 5 year ARM with a 20 amortization. The 5 year ARM would work with the properties I am looking at but that obviously decreases cash flow. My biggest concern is giving up the extra cash flow I would get on a 30 year amortization opposed to the 20 year.

Is this because of Covid?

My ideal lender would offer a 5 year ARM with a 30 year Amortization is that too much to ask for😂??

Also I am aware that I can put properties in my personal name and qualify for a conventional 30 year mortgage but I currently do not have the income to acquire more than one mortgage.

I am located in the Birmingham area any referrals would be greatly appreciated!

@Patti Robertson

Great thank you!

@Solomon F.

I’ve been having a difficult time getting an answer from my local housing authority they either don’t know or don’t answer. But thanks for your input I’ll check out their website.

I am having trouble finding information about being a Section 8 Landlord, I am mostly concerned about the eligibility part. My considerations include: (I am in the Birmingham area if anyone knows specifically about the area)

• Experience Required?
• Building Requirements?
• Who pays what utilities?
• Anything I should know before entering this landlord platform?

Any advice will be much appreciated!

I didn't think of that but I will be sure to check into it. I don't plan on changing any floor plans just filling in what is there. 

Thanks! I am pretty set on the property I just wanted some outside advice with financing, rehab, and section 8 considerations.

That's what I thought but I wanted to be sure because I am not really interested in renting to anyone except section 8 tenants due to the location of the property. Thanks for the reference!

Also does anyone know anything about qualifications for being a section 8 landlord? I've called Birmingham's Housing Authority at least five times last week and I either didn't get an answer or they tell me they don't know...

@Craig J.

I have not heard about that tax rule could you go farther into depth?

@Mark F.

This July will be my three year mark, but from what I have read I need to finish my 6 year enlistment in order to be eligible. I may be a different case since I am a reservist.