All Forum Posts by: Andre Taylor

Yeah best bet is to call alot of local banks and credit unions....I agree with some of the investors.. the banks are making of new rules as we navigate through the pandemic and cash out refi's are taking at min about 90 days...thats what I have been experiencing

Awesome Matthew!!!!!!!! THat before and after looks amazing. Great Job!

Congrats on your 1st Investment property.. If you live in the area then schedule face to face appointments to properly introduce yourself and go over some of your plans on how you will manage and your expectations. If you are away then send an email and attach a welcome video and in the email list out your expectations on paying rent, following the lease, etc.

Best thing is to educate them on what the market rent is supposed to be in that area. I am taking over a 4 unit at the end of the month and I already sat with the tenants and showed them what units very similar to theirs are renting for and inform them about some updates that I was going to do with the building after that they where understanding and okay with the increase...now if your tenants are not.. hey let them go to the next landlord and you bring new ones in that will expect to pay the market rent

Look forward to networking with more local investors!

If he did conventional on the first home as an investment property... he can use an owner occupied loan on the next one and even an FHA as well. Due to COVID most banks are requiring 20% down on owner occupied loans vs 5%. I am doing owner occupant loan for a 4 Plex I close on this month using a Freddie Mac loan and they required 20% down.

I agree with most the other investors you have to go commercial lending... there is nothing more you can do for the DTI unless you clear up any debts but if you only have a truck payment then it won't make a big difference like that so I would suggest talking to your small local bank they are more investor friendly that can structure but dont be surprise if their commercial department is not taking on any new loans due to the commercial market being hit by Covid-19

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Six months is what I get from a handful of local banks in St Louis City but there are some out there that do it for less time if you purchase and renovate with your cash from what I heard but you have to pick up the phone and make some calls

@Eve Oliver I hate to hear a landlord have to go through this; the best thing to do is hire a good lawyer that is good with garnishments. It will cost some money every few months for the lawyer to re-submit the paperwork to track them down and garnish their check. Then if you used a collection agency they want a percentage. I learned that going through this process; us landlords still never recoup our money in full but if you can make them feel it by putting on their credit report then count that as success.