All Forum Posts by: Catherine Peters

Great points, everyone! This discussion has been hugely helpful and I'm so glad I finally bit the bullet and asked it on the forums. I have talked to every broker I've run across socially in the last few months (surprisingly more than a few!) and I always get the feeling that they just have no idea what I'm talking about and are not accustomed to working with REIs at all. The broker I worked with on our re-fi has been really great to work with, but she is somewhat old school and isn't well-versed in different loan products that I ask her about (the FHA new construction loan, for example) and I think I need to work with a broker who can explore creative options with me and has the knowledge to understand what my goals are. To me this makes the most sense starting out. Again, you guys rock! Thanks for taking the time to educate me!

@Joshua Fulenwider I keep hearing that brokers use overlays that can make the process more difficult and/or result in higher interest rates. What is your thought on that?

Thank you both for your input! 

There has got to be a wealth of information on BP about this subject but I can't find it! I am interested in the BRRRR strategy and also out of state investing using conventional mortgages but want to get the best terms possible, and know that I an working with a lender who will refi when the time is right (after new ARV, seasoning, etc). Whenever folks talk about the BRRRR strategy, they just kind of gloss over how they are getting the financing piece done. How do you find lenders that understand and agree to this strategy? Are you using brokers? Are you cold calling banks? From the yellow pages or Google or what? Who do you ask for? What are you saying? What are you asking? I have NO idea how to do this and am really looking for some step by step guidance. Also, if I'm looking to invest out of state, do I need to be calling banks in that area?

Also, we just refinanced our house from an FHA to a conventional loan so we could potentially house hack with a new FHA on our next property, and we did this through a broker. Do you have success with brokers or should I always go direct to banks?

If there are posts or articles or books that address these questions, I would really appreciate the links. And of course, any direct advice would be much appreciated!

Cat

@Daniel Roca great tip about private lenders! I think I'm too green to do lease options at this point but it's good to keep in mind.

@Brian Phelt @Ross K. for the clarifications on property management. I have never used a property management company before and don't have a clear understanding yet of what their obligations are. That will be yet another piece of education I need in order to make this work!

There is a property I'm looking at that is zoned as a legal duplex but has a third unit they are calling a mother-in-law suite. If this has an outside entrance, can I legally rent it out? Curious if anyone has invested in this kind of property and if so, what are the potential pitfalls of this situation? This is in Aurora, CO.

Thanks, @Ross K.. IMO this does sound pretty landlord friendly. I wonder if I am working with a property management company if they take care of this whole process or would I need to be flying out for that? More research to be done! 

Hi BP Investors!

I am researching San Antonio as a possible market for my next buy and hold property. This may or may not be an out of state property depending on whether or not my husband gets the job he is interviewing for. Regardless, I like the market after my initial research so have been researching how to do out of state investing. There is very little out there, besides network, network, network, team building, due diligence, verify, verify, verify. Okay, I got that. But one article suggested researching whether or not your out of state market has laws and policies that skew in favor of the landlord or the tenant. I thought this was great advice, but am having trouble finding any info on the subject. So I am looking to the BP investors in the San Antonio area for feedback. Any information would be much appreciated!

Hi BP Investors!

I am researching San Antonio as a possible market for my next buy and hold property. This may or may not be an out of state property depending on whether or not my husband gets the job he is interviewing for. Regardless, I like the market after my initial research so have been researching how to do out of state investing. There is very little out there, besides network, network, network, team building, due diligence, verify, verify, verify. Okay, I got that. But one article suggested researching whether or not your out of state market has laws and policies that skew in favor of the landlord or the tenant. I thought this was great advice, but am having trouble finding any info on the subject. So I am looking to the BP investors in the San Antonio area for feedback. Any information would be much appreciated!

@Jonatan Barbera thanks so much! Right now I've just been scanning MLS properties and it looks like there are several that already cash flow, which is night and day from here in Denver, but of course I want to be cautious. I am just starting my research in this area and getting to know the neighborhoods. I prefer B properties, or C's that can be turned into B's with a little TLC, prefer urban neighborhoods and small multi-families. Any neighborhoods you would suggest avoiding? Any insights would be appreciated. Also if you could add me to your wholesale list that would be great. I would not be in a position to buy for several months but I'd like to start building my network. Please IM me for that!

@Ian R. thanks for the tip! 

@Rod Hanks I am interested in San Antonio and have been trying to connect with San Antonio investors and resources on this site but the search bar has not been working so I'm at a loss as to how to do that!  My husband and I currently live in Denver and he is interviewing for a job in San Antonio, which led me to look at the market there. Much easier points of entry for beginning investors like myself, and I went to school there so it feels like home. If you have any suggestions on how to get connected on this site, as well as local groups you recommend, I would very much appreciate it!