All Forum Posts by: Bailey A.

Hey Everybody,

Next year I’ll be working towards becoming a Realtor in addition to snagging more properties. I wanted to know how long it took you to close your first deal as an agent?

Also, have you found you got an upper leg on growing your own portfolio since becoming an agent?

Any advice for a newbie agent would be greatly appreciated (even if it’s harsh haha)!

@Andrew Postell

Thank you Andrew,

This is clearing up a lot of confusion. I see now why I recently got denied! I feel like I shot myself in the foot with that one lol the second unit is a converted garage done by the previous owner and not even technically recognized as a second unit by the bank. I’ll look into the Texas forum, thanks for the info.

@Nicholas Covington

Hi Nicholas,

Thanks so much for the info. I’ll keep this in mind moving forward with other properties. Glad I learned this before getting another under an owner occupied.

Typically what is the DP required for investment properties? 25%?

@Matthew Crivelli

I’ll eventually be offering up the second unit. I spoke with my lender about doing a cash out re-fi and he advised against it. He said that since it’ll be rented then the loan would be considered an investment loan and the rate would be higher. Road blocks I was not expecting!

Hi,

I was recently denied a HELOC because one half of my two-unit is rented (I was shocked). The title of the house isn't under an LLC and my original loan is considered "owner-occupied". Any suggestions?

Also, I’m looking for a bank that offers fixed-rate HELOCS if you could recommend any. Thanks!

@Zachary Harrison

Thanks Zach, I appreciate the input. With this being my first, I’m a little antsy in thinking I have to be there 100%.

@Scott Mac

Thank you Scott. I certainly have learned a lot by just showing up and having them show me what they are talking about.

Hey Everyone,

Could anyone suggest a bank that offers Fixed-Rate HELOCs?

I've got about $80k worth of equity in my property and would like to put a very small sum to use. Maybe 15k to use towards another property. The house isn't under an LLC. Any suggestions?

@Kaylee Walterbach

After a long year of sweat, tears, many long talks with God/The Universe/Blue Bell Ice Cream, I got my property appraised and was able to cancel my PMI. The appraisal came in way over what I thought it would. It sounds like a small thing, but knowing all the work put into it actually paid off was amazing. Also, cutting expenses and keeping more each month is a plus! Little steps in a long journey ahead.

Side note: I found a tenant that pays me a week ahead of the 1st. Who could ask for better???

Hi Everyone,

I’m currently self managing and each time I’ve needed an electrician/plumber I meet them at the property myself. I’ve only got one property but I wanted to hear from someone who has the experience in self managing and multiple properties. Do you take it upon yourself to meet contractors there or do you have them coordinate with tenants?