All Forum Posts by: Andrew Teng

For FIRE folks, I happen to come cross this travel hack today.  Check it out:

https://www.millennial-revolution.com/freedom/travel-avoid-bank-fees/

My attorney office just emailed me saying that I need to pay $143.00 of re-recording fee because I did not date on the page where I signed my name.  It does not sound right to me at all. 

Does this sound familiar to anyone?  Any advise is highly appreciated.

@Steven Hickox  Please elaborate more.

@Jeff Wallace That's correct, Jeff. Debt to income ratio. My main debt is coming from property A and B which I am trying to reduce. However, it takes time. In the mean time, any way to get around it and BRRRR deals? One of the lenders I reached out is from one of biggerpockets sponsor so I assume they are primarily working with RE investors.

@Jeff Copeland  It is worth roughly $350K, and the outstanding loan is $149K.  What do you think?

@Nick C. Thanks for the advise.  Do you have any lender resources that might be the '1' says yes.  Also, is it true that per @Lisa Misuraca mentioned, the concept behind BRRRR is to buy with CASH$$$$??

@Account Closed  The unit was nicely done.  I actually stayed there for two years with my wife after rehab before rented out.  New appraised value should be way higher than purchase price.  I still have outstanding loan on it, and somehow lenders won't let me cash out.  They wanted me to pay off loan on it first.  Is it always the case for all lenders?  any advice on next step for purchasing another rental property? 

@Ryan Dossey I don't know what types of banks/lenders I can reach out to.  Ones I reached out including big and small financial institutions all wanted me to pay off property A first before I become "qualified" to refi.  Regarding hard money, I have not found any who is willing to give long-term loans.  The maximum term will be 12 months which doesn't work for rental properties.

@Zach Quick I put 30% down on property A in the beginning, and over the course of 3 year time span, I have paid off extra 10% of the loan.  I should have equity of 40% of property A.  Hope this answer what you're asking for.

Hi guys,

Please let me know on why I am unable to utilize BRRRR strategy in my situation.

I bought "property A" back in 2013, lived there for 2 years, and last year I bought "property B" and currently living in B. I rented out property A, and hoping to build up my financial profolio using BRRRR. Thus, I started reaching out to banks/lenders for refi on A. They all claimed that my loan ratio is too high, and I need to pay off my loan on property A before I can purchase another properties.

To my understanding, BRRRR is Buy, Rehab, Rent, Refi, Repeat. I've done Buy, Rehab, Rent (in a bigger time span), but why can't I refi?

@Kelly R. Thanks. That's a good point. I think for a flip, we don't want to hold for too long, especially we need that cash for next deal or pay off the loan.
Sometimes I wonder who are those people living in the houses next to highways...

@Charlie John Appreciate for the input. I thought if the price is right (super low), there will be people who's willing to spend that money and bear the noise. Maybe...

Congrats.  Great Work. 

Recently, I saw a 60 old house in the market located in a good school district with asking price roughly 10% below market value. It is not a short sale nor a REO (which saves a lot of hassle).
However, the biggest drawback of the house is that the house's backyard is 50 feet away from a busy highway. You can't see the highway, but you can definitely hear noises coming from it.

Is it a deal or no deal even the number is right?