All Forum Posts by: Brian Baker

I'll be there (possibly a little late), with regular clothes on (no bells).

Venue change noted. Looking forward to it!

@Joe Prillaman, I won't be able to attend March 5th, but I look forward to being there in April!

@Peter Fennig I second using cozy.com. My wife and I just used it for our first rental and everything went very smoothly. We used it to advertise and tenant screen, passing the fee along to applicants, and had a very good and easy experience.

@Mike Dorneman, thank you for your reply. And hats off to you for doing a deal per month, that's awesome! I'm feeling like I may not have bought well enough to BRRRR on this one. It cash flows well, but I refinanced to pull the money back out, there won't be much of cash flow cushion left if I need to lower the rent at some point in the future. That's why I'm wondering about a line of credit instead. So I could use the equity on an as-needed basis instead, and replenish it when I BRRRR then next one! :-D

Have you ever opened a line of credit on any of your rentals vs a cash out refi?

PS - Nice to talk to a fellow Pennsylvanian. I grew up in Western PA, but had to get south to escape the winters.

Hello BP Community,

Have you had experience with equity lines of credit on rental properties? What kind of qualifications do lenders use for them? Are they harder to establish than lines of credit on primary residences? How did you go about finding lenders that would set one up (I know many traditional lenders won't)?

Hello (Wilmington, NC) BP Community,

I have a property that's had some slab foundation settlement. Does anyone have any recommendations for foundation repair contractors that service the Wilmington, NC market? I've been in contact with Southeast Foundation & Crawl Space Repair and Ram Jack. Both are very good, no issues what-so-ever. As this is a big ticket repair, I'm just looking for a third estimate to round out the field before pulling the trigger. Thanks!

Brian

Hello BP Community,

I've been working all year to get my first rental property under contract and it's finally happened!

I had a conversation a while ago with the commercial lender where I bank locally, and I thought I was going to be able to finance the property with 20% down, using a conventional 30 year loan. It turns out this is not the case with this bank, so I'm looking for suggestions. Does anyone work with any banks that do this, or have recommendations for a loan structure that could get me as close to this type of financing as possible?

A few details about the property: It's in North Carolina. The purchase price is $130,000. As I mentioned, I'd like to put 20% down and have a 30 year term with a competitive rate. If possible, I'd like to have a short (if any) limitation on refinancing. It's definitely in livable condition, but I'd like to make some improvements that I would probably end up paying cash for (or utilizing an equity line on my permanent residence), then refi to pull some of the money back out to hopefully use for the next property.

Any suggestions or recommendations would be GREATLY appreciated!

Hello BP Community,

I've been working all year to get my first rental property under contract and it's finally happened!

I had a conversation a while ago with the commercial lender where I bank locally, and I thought I was going to be able to finance the property with 20% down, using a conventional 30 year loan. It turns out this is not the case with this bank, so I'm looking for suggestions. Does anyone work with any banks that do this, or have recommendations for a loan structure that could get me as close to this type of financing as possible?

A few details about the property: It's in North Carolina. The purchase price is $130,000. As I mentioned, I'd like to put 20% down and have a 30 year term with a competitive rate. If possible, I'd like to have a short (if any) limitation on refinancing. It's definitely in livable condition, but I'd like to make some improvements that I would probably end up paying cash for (or utilizing an equity line on my permanent residence), then refi to pull some of the money back out to hopefully use for the next property.

Any suggestions or recommendations would be GREATLY appreciated!