All Forum Posts by: KYLE Z.

 Thanks George, can you message me the banks info? 

 Thanks Jon, They did say they will do my residence with conventional financing. But I need to use some collateral from the rentals because im under water a bit on my home

 I have 4 rentals and my home my credit is around 800. I live in a small town in the UP of Michigan there are not to many options 

Hi all, So I am trying to Refi my rental property's and my personal home. The bank im working with wants to do a commercial loan for everything at 6.5%. I would rather break them up with a loan for each. They say they will not give me a residential loan on any of the rentals. I thought I heard on here people were refinancing rentals with 30 year fixed rates. I am also looking to get some cash out for a siding and window project on a duplex. The bank says that they will roll that into the loan. What do you guys and girls think?

Thanks in advance

When I first started renting I followed advice on here and books I read and everything went good. The last few tenants I have gotten lax on the screening and have had some bad luck with my 2 of my units. Lesson learned follow the process. Sometimes you have to fail to succeed!

All my rentals are in the UP of Michigan so freezing pipes are a way of life for me. I always leave the heat on at least 45. As far as shutting the water off I try not to as the bill for turning it on and off is really high in winter. Of course I live here so I can drive by and check on them regularly. Some people will let the water run a bit in a sink to keep the pipes from freezing. Im guessing if you are investing from a different area you will have a property manager in place. He can do routine drive by's weekly to check on house. The cold up here is nothing to mess around with!

Im with you @Bobby Beard I have gotten rid of most of my "doo dads" to invest in more rental properties. I also am a big fan of what @Account Closed just said as that is classic Rich Dad. Whenever I find myself wanting a new car or a new gun or whatever I look for a property to buy so the cash flow makes the payment for me.Problem is after I buy the property I take the cash flow and look for another property lol.

Welcome Richard! I used to work in Idaho for a bit, I loved it there. I have been to Meridian a few times. It is really nice. Boise is prob my favorite city anywhere.

Hi Douglas,

I see your looking at a duplex. I have a duplex with a section 8 tenant in it now for about the last 3 years. Very good tenant keeps the place really clean no real problems. Like others have said sometimes you can get above market rents which is a good thing. Are you including heat and water in the rent? It is not a bad idea to find out how much they will pay if you pay the heat electric and water. I have 1 like that works great and 1 that doesn't work as good as I thought it did. Always find out what the costs will be before you move someone and in. Also you may find they will do a year lease then it goes to month to month.

Congrats guys! Love the podcasts! There is so much great info. Plus I always get a laugh. Can't wait for more