All Forum Posts by: Amy Kendall

@Erica Raby I meant that you can only have 10 conventional loans in your name.  There are ways around this as listed in the above comments, like if you use a bank that keeps the loan in house.  Or you can always search for seller financing deals as well.

@Scott Peterson  Where and when is this event?

@Gary Gristick All of the $800k would have to reinvested, but he could put that money into multiple properties, as long as those properties are still considered investment properties.

@Ben M. You would still need to meet the minimum requirements for the conventional loan.  But you can use your home equity loan to meet those requirements.  For example, if the bank wants you to have $10k in reserve and you need a $20k down payment, then you could use $30k from your home equity loan to meet both those requirements.  I hope that helps, good luck!

I'm sure you will have a lot of mixed opinions on this matter. Personally, I started out by renting out my first home and moving to another. I didn't have an LLC set up until awhile after that. I would just get started with your first property and worry about the LLC later. Unless you are buying in cash, you will probably have a mortgage in your name anyway.

@Andreas W. I agree that they are responsible to bringing the apartment back to its prior condition and you can hold them to that standard.  I'm just saying that you can't charge them a fee that would be assessed as a pet fee simply for having the pet.  

@Alexander Churchill I have had the same thoughts of paying off properties, but have decided to instead keep purchasing properties and getting the benefits of leverage.  I plan on doing this until I have my allowed ten properties and then I will start paying off a few.  I definitely see the appeal to owning a property outright though

@Dane Kania I am good to talk anytime.  Shoot me a message and we can meet up next time you are down in Utah county.

I am not familiar enough with the laws in Michigan to give you the best advise here.  But if you already provide utilities for the property, maybe consider having charter install service to the upstairs as well, and you cover the internet for both the properties and charge it back to them.    That would avoid this issue in the future.  You might have to seek professional advise as well, but I wouldn't think she has any justifiable grounds for getting all her money back.  But letting her out of her lease and cutting ties might be a good thing for you both.

@Dane Kania  Being a real estate agent definitely offers some good advantages when it comes to your own deals!  I did use my commission as a negotiating tool when I purchased one of my rentals in Springville.  We had gone back and forth with counters and dropping the commission was the last piece that made the deal happen.  Over the past few years, I have also built a few new townhomes, and getting that commission check a few days after closing sure helps spring you forward into buying another property!  Getting a loan will definitely be very hard or impossible until you can show your earnings on your taxes for two years; so, it might be worth holding onto your W-2 job until you acquire another property. I hate to say that, because I really saw a benefit to committing myself full time to being a realtor.  But in the long run, if you want to work with other investors, it certainly helps to have properties and experiences of your own to relate to.  Best of luck to you!