All Forum Posts by: Amy Webber

Though we have bought both - I prefer vacant to avoid the inherited tenant problems.

@Stephanie P.

Thank you for the suggestion.  I'll see if I can round up some local recommendations for a mortgage broker and see what they have to say.

Its not as rural around here as it used to be - its all subdivisions and commercial development everywhere ... though the traffic still doesn't hold a candle to the traffic in DC :)

Thanks,

Amy

Hello everyone,

So are the 30 year rental loans at decent rates advertised by companies such as Lima One or Lending One actually 30 year loans or are they really 5 year terms with a 30 year amortization?   I've read a number of threads with a lot of pros and cons to both but several threads mentioned they ended up with 5 yr term etc .. rather than a 30 year term.

We have a great local credit union to work with that is easy to work with and has great rates. The only downside is rental loans are 5 year terms and 20 year amortizations.  

Is it worth trying to get a 30 year loan through Lima or Lending One or similar national lender to refinance a group of SFR and duplexes? Our cash flow and credit scores are good (mid 700's to 800's depending on which reporting agency is used) but we do not have W2 jobs anymore so that prevents the regular bank route for a 30 year loan

All feedback appreciated!

Amy

@Matthew Neisser

We got by for years with a 2004 V6 Saturn Vue and a 6 by 10 trailer.  The trailer was great because we only used it if we needed and it cost a whole lot less in taxes, maintenance, and initial investment than a truck.  The trailer was rated for 2000lbs, more than enough for moving couches and other things you mentioned.

You could be through that bar lock in 30 seconds or less with a sawzall.  Your handyman or locksmith will know what it is, if you do not.  There will be some damage to the door stop as the blade passes through, but it will be minimal if you're careful.  I'd be more concerned she is on the other side of the door and is armed.  Follow the eviction laws where you are and let the police get her out of your property.  

Have you had any problems getting insurance coverage with the mixed use property?

Just FYI - Our temperatures here in SC can regularly exceed 90 degrees ... our HVAC guy states that properly sized HVAC units are geared to drop the temp about 20 degrees below what it is outside.  If the tenant drops the temperature lower than that - well they are just spending more on electricity, putting additional wear and tear on the unit, and risking freezing up the unit and then not having AC at all for awhile.  Some tenants get that and others have to test the theory ... experience it and then they get it.

Good luck!

Dave,  Do you have anything else in the Simpsonville, Fountain Inn, or Mauldin area? Thanks,Amy

Dave,  Do you have anything else in the Simpsonville, Fountain Inn, or Mauldin area? Thanks,Amy

@William Huston

Thank you for sharing the information about your experience. I was comfortable with my decision to not sign up for any extended bootcamps down in Florida and this helps confirm it.

I certainly enjoyed the presentation that Robyn gave at the Upstate CREIA meeting as well as the very affordable weekend seminar she gave there a few weeks ago.  I think the local networking and local property bus tour of active Upstate CREIA member rehabs was my favorite part of the class.  The discussion/review/commentary by Robyn and the Upstate CREIA members doing the rehabs was quite interesting as well