All Forum Posts by: Roger S.

When doing a refi, how does the 10 mortgage limit work?  I did a refi last year and ran into that issue, but since I was at 10, it didn't matter.  I guess my question is, do portfolio loans count towards the 10 mortgage limit?  All of my rentals except the one I refinanced are through local banks and are not sold to Fannie or Freddie.  Will Fannie or Freddie count these as mortgages?

If I listened to Ben whoever the hell he is, I wouldn't have bought any of my 10 rentals.  I'm doing right well with them.

Who are you guys using for your 30 year refi's on SFRs?   I've got a couple that I've remodeled and have held now for about 3 years and I've decided to refi from the original 15 year notes to a 30 year cash out.   I did one about a year ago with Cardinal Finance, but am looking for a another direction on these.  I'm in Texas.

Thanks.

Thank God for Texas.

Deposits in Texas do not have to be kept in escrow, but they do have to be refunded within 30 days, minus actual damages.

You might find it difficult to refinance the properties without the income from the job you quit.   I am continuing to work until we have bought and/or refinanced the last house we plan to.

I travelled for my work, and for a few years we lived in Malaysia, and we made a conscious decision to stockpile our miles.  After we came home, we started our real estate investing.  We made the decision to get the AA miles cards and use those for all of our expenses.  We love to travel and these miles will allow us to travel for free, or nearly so for years.  I pay all the insurance premiums, property taxes, materials, repairs, anything at all used for the business.  So far we have over a million AA miles and racking up more every month.

@Max T.  Funny thing is, I looked up the values of all the appraisal board members houses.  Most of them seemed reasonable, except for one.  His nice big 3/2 brick in a nice neighborhood had an appraised value of 44k.  Every other house on the block was well over 100k.

@Alan Pederson  I appealed mine last year and had the same situation, 2 identical houses, side by side with greatly differing values.  After she adjusted the values, they were still greatly different.  How the hell does that represent market value?

We get them thrown in the contract when we buy a new property.  Sellers usually agree to it easily, and it gives us a years semi-peace of mind.