All Forum Posts by: Amy Bates

Congratulations!   Very much enjoyed the podcast.  My husband and I made a goal at the beginning of the year to buy our first joint rental,  so I've been feverishly reading and listening to podcasts.  Now we are set to close in the next few weeks.   Thank you for all your work and creating this wonderful community.   I sincerely appreciate the support. 

@Troy Gandee, my husband and I will be there.  Thank you for coordinating and hosting.  Looking forward to meeting you all then!

@Terri Spann, I have not.  Are you trying to use it to get money or to lend to others?

@LaToya Gethers, I'm going to second what others have said here.  No need to spend $20k to get a mentor.  

I am only now purchasing my first rental, though my husband already had one prior to our marriage.  I would say reading is the best way for me to learn, and I'd recommend the same. 

I would also recommend the podcasts as well.  There is one in a similiar vein to the book above called: 

https://www.biggerpockets.com/renewsblog/2013/03/2...

Once you have had a chance to review those, you may have a better idea of what you want to do next.  I'm happy to chat with you further.  Welcome, welcome!

Evening,  

We had a seller recently accept our offer and are working on all the next steps that brings!  With that being said, any recommendations for landlord insurance for the Charleston area?  I got one quote this morning, but I'd like to compare it to others.  Thanks for any insights!

@Terri Spann, Welcome, welcome!  I too greatly enjoy BP!  We just had an offer accepted on our 2nd property!  Wish you all the best going forward!

@Robin Dade, I was curious how your quotes turned out.  Who did you go to for estimates?  I got mine first today, but I'd like to ask a few more to do some comparisons.  Any insights you can share would be wonderful!

Thank you everyone for your insights!  Found out today they went with another offer, but hey, at least it's a start.  Thanks again.  

@Mark Fitzpatrick, if you don't have much to put down, I'd recommend reviewing what Brandon Turner has shared on how to invest with little or no money down.  I plan to listen to podcast #92 this week, where he goes over his method and suggestions.  He has a book as well, but there is probably a bunch of resources on here to reference as well. 

Yes, with the secondary mortgage option our bank discussed, it was 20% down plus having enough reserves for 6 months for mortgage, tax, and insurance. 

@Mark Fitzpatrick, we are getting started as well, with one property ourselves, like you and your fiance.  We are working on our second, and one item to note is that you likely need at least 20% down for investment properties, or so I've seen.  We are working with a bank in Murrells Inlet who has offered us two options - secondary market loan in my name, requiring 20% and 6 months of expenses set aside or a portfolio loan, with a likely higher interested rate, for only 20 years, but still requires at least 20%.  

Are you still living in the condo?  Perhaps you could house hack, buying a duplex or multi-unit, then you could get owner-occupancy rates and down payments.  Just a suggestion. 

Good luck with everything and stay in touch!