All Forum Posts by: Aaron Claybourn

DMed you @Andrew Postell and thank you @Curt Smith

Thanks everyone for the replies! I will keep trying but if it comes down to it I'll just save for my next down payment and keep the loan I have before having to switch to an adjustable rate.

Thank you for your response Corin! And yeah I bought at a very good price before this insane rally in the housing market. According to nearby comps I will be able to pull money out, I am just having trouble finding the right loan to work with. Local bank has offered me a commercial loan with a 50k cash out but I know its in my best interest to stay with a fixed rate

I really appreciate it Bill. I will look elsewhere and find another bank to work with. I have been stumped for a month trying to figure out how to cash out to move to my next property. Thanks again!

Yeah they want to give me a commercial loan but I am trying to stay with a conventional fixed rate loan.

I am currently running into a road block with local bank (DFW area) and our mortgage company that services the loan now. I bought the property just over a year ago, lived in one unit for the year obligation and renovated two units. I am trying to get an appraisal done (knowing I have great equity due to comps nearby) but since I don't live there anymore they want to move me to a commercial adjustable rate mortgage especially if I want to cash out refi. How are you guys keeping a 30yr fixed rate on up to 10 properties? Sorry if this has been answered before. I've looked everywhere and talked to multiple banks. 

My Wife and I had the same situation on our 4plex we bought back in October. The rents had been at 750 a month (on month to month leases) since 2013 and two of the tenants have been there since 2013 and one tenant since 2014. I had a plan to leave the leases the same cause we didn't want to come in as the bad guys and raise rents. When talking with a seasoned investor he told me that its a lot easier to come in first thing and raise rents when the property is changing hands. Tenants expect it and should understand since they haven't had an increase in years. So I went with his advice and was pretty nervous going to the tenants. Average comps in the area are around 960 a month so I went to them with a year lease at 900 per month. Now that was a huge jump of $150 per month but I was kind of hoping at least one tenant moved out so I could renovate one more of the units. But that didn't happen. I went in and told them about the rent increase but at the same time told them about the improvements I was going to make to the property. I asked them what they liked/disliked about living there and what they would like to see improved. With me showing them I cared about there opinions and getting them excited about improvements it went super smoothly and everyone signed a year lease with me. Not to mention if they looked around they saw they were still getting a better deal on rent than they could find elsewhere. We have a great relationship with all them now and we will see here in October if they all re-sign. I hope this helps. I am still a new investor and learning everyday. 

 I am also a beginner Justin and I'm in the process of building my team as well. So far I have a lender, agent and contractor. The contractor is a close friend and is my 50/50 partner. The Lender has been a blessing. I was truly lost and finally just started calling agents and got hooked up with the lender through the agent. She has really helped us see our options and even given us great ideas. I would love to stay in contact with you and help motivate each others journey.

Welcome Matthew. I am from Texas but actually proposed to my fiance in Ithaca, NY over at the waterfalls. Definitely a beautiful place! Good luck on you financial goals and I hope to keep in touch with you on the forum.

So inspiring Dean!