All Forum Posts by: Andrew Halbert

Neither, If they can't cut the grass, they can't rent from me.

Never, That is a disaster waiting to happen. I tell my tenant it's off limits.

Thanks I know I am close to my dti limit already according to my conventional lender I have used for all my other properties. Does a lender use the same qualifying criteria for a cash out refi, as they do for a primary mortgage ?

I know this topic has been discussed, I am clear on all the steps in this method, however I am not clear on how to make sure I will be able to refinance? I know not to expect more than a 70% LTVfrom the lender, however I am concerned that as I progress with more properties my DTI will hold me back from being able to refinance through conventional refi. I just watched Brandon's webinar and I understand banks that do portfolio loans are a great option.

The real question is how do I prepare the best way possible for the re-finance part. It seems incredibly risky to take on private money, or even Hard money in "hopes" of being able to refinance. If I could not refinance, I imagine that could be devastating. Am I over thinking this?  

I know this topic has been discussed, I am clear on all the steps in this method, however I am not clear on how to make sure I will be able to refinance? I know not to expect more than a 70% LTV from the lender, however I am concerned that as I progress with more properties my DTI will hold me back from being able to refinance through conventional refi. I just watched Brandon's webinar and I understand banks that do portfolio loans are a great option.

The real question is how do I prepare the best way possible for the re-finance part.  It seems incredibly risky to take on private money, or even Hard money in "hopes" of being able to refinance.  If I could not refinance, I imagine that could be devastating.  Am I over thinking this?  

This is the same question I have been having. I am putting the pieces together for a BRRR strategy, however I am concerned with getting all in and not being able to refinance.

Sarkis,

There are pockets in 48089, 48092 that have very good neighborhoods, however 2 blocks away is a different story.  48088 is SOLID.  I have under contract right now in 48089, but only because I drove the area and saw things first hand.  I had peace with that property.  Some parts of Roseville, Eastpointe, SE Warren are just plain aweful, some are pretty decent with good Cashflow numbers.  I do not think these are areas to purchase if your exit strategy or long term goals depends on appreciation.  It's a saying in SE michigan that 696 is the border between "rich get richer, poor get poorer".  It's true in some respects. 

Email sent. 

Only piece of advice I can offer is don't freak out over this deal.  It's easy to get caught up in the excitement, but be careful don't take HM if it doesn't make sense.  By all means if you can get it, go for it, but don't sacrifice your numbers because you don't want to lose "this deal". There will always be another deal.  

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