All Forum Posts by: Carlotta Hall

Im in Chicago...The house that I purchased sits next door to a house that CTA purchased to extend the Redline Train Station. They bought all of the land on this block except my house (I purchased last month for a rental) and the two houses on the corner. My problem is that they are about to demolish the house next door in the morning, and their contractors are asking me to allow them to take pictures of the inside of my home for their protection. Just incase something happens with my foundation and I try to blame them. Should I allow the pictures?. Is there anything that I should ask? They say they are building a parking lots for 8 cars on the soon to be demolished lot.

@Luther Wilson III I really enjoyed all of this advice that you gave her. Is it possible that I could run some questions to you? Thanks

@Nitin John Abraham thank you for your advice.

@Alex Bekeza thank you. I'll look that option up.

@Simcha Davidman thank you very much.

Hi.

I have 3 SFH's that I own. #1 was paid off, rented and then I cashed out to fund others. #2 I live in. # 3 I just purchased, remodeled, rented, and will refinance and cashout in May (6 months season). I actively looking to buy #4, and then #5 immediately after. All of these properties that I purchased are financed of course with the 20 percent down, conventional loan.

My two questions are this... I've read that for property #5 or more, it will be difficult to refinance, and cashout because the banks and underwriters don't usually do this. If this is true, then how are you able to do the brrrr method past 5 properties? If this is true I was thinking about using loan #4 to do a flip so that I can acquire more cash on hand so that I can purchase the same properties for cash. I was trying to avoid hard money lending when acquiring houses and conventional loans are pretty easy for me.

@Michael Henry thank you. I will take you up in the offer to ask a few questions.

NEWER but not newbie

Did a cashout refinance on a rental that was completely paid off. I got 70k and already had 32k so I have about 103,000 in bank. Credit score about 790. I want to buy another rental and finance a property to flip for my first time.

What would you do with the money?

What bank can I go to for investment loans?

Do you think they would give me their money so that I can keep mine to invest?

Should I find an investor consultant to help me because I've got one shot at this.

I consider myself a newbie real estate investor. I have purchased 4 SFH in my time, and currently I still own 2. I live in 1 of the SFH, and have a tenant renting out the other. The rental is completely paid off as I purchased it at an auction. The rental covers all of my mortgage to the home I live in. My debt ratio is pretty low, like under 20 percent of my monthly income. My credit score is pretty high, like in the 800's.

My problem....

Last year, I decided that I wanted to try to buy more property so I applied for an equity cash out on my rental. I made it all the way to the appraisal....paid $500 for it, and was told that I couldn't get a conventional loan until April 2020. It was because I had a previous foreclosure from 7 years ago. An underwriter told me that it will be completely off in April, despite an 800 score. April is approaching and now I'm discouraged in my plan because of what happened last year. I want to cash out the house, and use some of the money to purchase another property to rent out. This means that I'll now have to carry a mortgage. Not a big mortgage, like 70K cashout. My tenant is very stable and there is no threat that she would move so that's a win. Should I go ahead with my plan, AND stop being scared and buy another SFH or something like a Two unit.