All Forum Posts by: Brandon Borah

@April Benard I heard a variety of timing differences from the multiple lenders I spoke to. I would call local Credit Unions and just inquire about your timing issue concern. You may be surprised of the responses you will receive. Also you usually get pertinent knowledge that you did not intend to receive just by engaging with these lenders.

April Benard I also am planning on implementing the BRRR strategy as well. In regards to your question on refinancing through an LLC, I personally could not find ANY banks that would refinance through a LLC and I spoke to over 15. The response I continued to receive was that they would only refinance to an individual regardless if they personal guaranteeing the refinanced loan with an LLC.

An angle to take to combat this situation would be to quit claims the home into your personal name for the refinance and quit claims back into the LLC. This will cost some minor up front costs, but is worth it for the refinance.

I hope this helps

Welcome to Bigger Pockets! I just bought my first investment property in September so I'm new to the game as well. This website is phenomenal tool and remember to actually implement the strategies you learn. The knowledge you get without action is futile. Good luck!

Good morning.

I have recently accepted an offer on a home, which will become my primary residence and I will be renting out my current residence in Fishers, IN as a rental property. I started searching property management companies and was asking the necessary questions; however, I found it difficult to differentiate between the different companies and see what was MOST important in a property management company. This would be my first rental home, so I was hoping the BiggerPockets community could help shed some light on the best way to chose a property management company. Also, if you have any referrals or have any further advice, I would greatly appreciate it. 

Thank you, 

Brandon Borah

I recently applied for a HELOC, which I was advised by my mortgage lender would be used against me in my debt-income ratio. With a 3.5% rate and $30K HELOC, I will be looking at a $100 a month if the entire HELOC is drawn on. I have a 8% student loan in the amount of $12K with a monthly debt obligation of $112 a month.

My question is since the mortgage company already includes the HELOC against me as they assume it will be drawn upon, would it make sense to pay off the high interest student loan and pay the now approximately $40 month on the line as opposed to $112 and would this lower my debt-to-income in regards to qualifying for a loan as my month debt obligations have now decreased?

Any information is appreciated.

Brandon 

Thank you all! I'll PM you @Wendell De Guzman 

Thank you @Brie Schmidt. If the owner and an investor have a contract for a home for $90K, but I want to purchase the property. The investor would like to assign the contract over to me for $100K, would I be able to get a mortgage through a mortgage lender in order to proceed with this transaction? As this is not a traditional closing, I have been advised that a mortgage lender would not finance such a transaction.

Good morning,

I am looking to purchase my first investment property (specifically in Noblesville area) for a buy and hold strategy in the $50K sales price, but have ran into some issues/questions regarding financing. I can pull a HELOC for approximately $30K and want to see what my options are. If anyone could assist with answer the below questions and/or could suggest a lender, I would be very grateful.

I have been advised by a couple of lenders that the minimum they will loan is $50K. Are there any lenders/credit unions that would lend less? Say $30K?

What does it take to finance a rental property such as cash reserves, closing costs, add-ons, etc.?

If I get a HELOC, is there a time frame the cash must be in my checking account prior to being considered for the down payment?

Are rental incomes considered in debt to income ratios?

What is the process on lending to LLCs? As in which lenders will lend to LLCs with personal guarantees because the lenders I have spoken to have advised only individuals?

If there is a wholesale agreement for a property, is it possible to still go through a lender to have the property assigned or must it be a double closing?

Thank you, 

Brandon 

Thank you all very much for the insight. Excited to learn and network with other like minded people. 

Good morning all. I am a newbie to the sight and have been fascinated with the networking potential and information that is readily available. After I purchased my personal residential property, I fell in love with the thought of real estate investing and after reading many books and attending seminars, I am ready to take the plunge and learn through experience. 

I currently have limited funds, but would like to start with extremely cheap home (preferably under $40K). I realize this will be a 1 to 2 bedroom poor home, but I have a tenant lined up. I have approximately $40K in home equity, which I could possibly use, but want to know further options in regards to financing. Suggestions? I am looking for REO, foreclosures, or any cheap property preferably in the Fountain Square area. Any suggestions or information is greatly appreciated.

Also, as I am new, I would love to attend seminars and meet ups, so if you are aware of any, please advise. Thank you all and happy investing!

Brandon