All Forum Posts by: Brian Pleshek

Welcome to BP, @Tony Gazetti

 @Robin Cox, this site didn't seem to work for me.  Most of the links were broken.  Is it a new site?

I would like to go to the meeting this Thursday, but could you post or PM me the address/info?  As I said, the site redirects nearly every link to /#

@Robin Cox and @Tyler Breeze, I would also like to meet up.

Brian

just keep in mind that an appraisal may not correlate to a sales price. 

@Robert Hidrogo cash out refi, basically means you have equity in a property and you're getting it out by refinancing(ie taking a mortgage).  

RE: Removing the risk from personal residence

The reason that investment loans are more expensive is that banks believe that IF you run into financial problems, you'll let your rental properties go to foreclosure first rather than letting your own personal residence go into foreclosure. And they're right. You'd rather lose your rental and have to move yourself. I personally believe that my house should be free and clear. Others will think that this is foolish to tie up capital that way. But to me, my personal residence is a lifestyle choice. It's not an investment. I don't want to live next to people. I also want to know that if I lose my job or if all my rentals go vacant, there's no mortgage to pay(on my personal residence) and I can't lose my place. So what I mean by removing the risk from my personal residence is that I am removing the loan off of that property. I use a HELOC to quickly acquire a property, because having cash gives you more options. Then after that transaction is complete, I will move as quick as a lender will allow me to put financing on that property and remove it from my home. Yes, I will pay a higher percentage rate, but 1-2% is worth sleeping well. What i'm doing in effect is borrowing from the bank for my investment property like many investors do. I'm just not waiting 40 days to get my money. I'm doing that waiting after acquiring it rather than before.

Brian

Welcome @Conner Sweet

That is some good information.  Thanks @Don Konipol.

Brian

I could be wrong, but I thought that inherited property was exempt from the due on sale clause option(Garn-St.Germain Depository Institutions Act of 1982).

https://www.law.cornell.edu/uscode/text/12/1701j-3

Brian

Good information @Maggie L..  I was wondering that myself.

Brian

Welcome @Tabi Traughber.  

I think getting your license is a great step.

I'm contemplating whether I'm going to get my agent's license or to renew my wife's license.  She was a agent years ago in another state and it's likely that it'll be less work for her to renew(continuing ed credits) than for me to start from scratch.  On one hand it's be a nice to have, but then again, she's my partner, so a division of labor is good too.

Brian

I hope you got it for a steal or that your ARV is high compared to purchase price. Will it go for $373K? I don't know your market. The rents seem low for the ARV. Now if you tell me that you have only 230k in it, then that's a different story.