All Forum Posts by: Christopher DeLucien

@Ned Carey thank you. 

In this case, I would have enough debt to income to support the personal loans and second mortgage from a banks perspective. I am looking at ways to free up a bit of cash in the bank so I would have money left over just in case.

Again, I do understand it as a very volatile way to go and thank you kindly for your input. I am trying to get as much feedback as possible for now and for future knowledge, so keep it coming!

I'm trying to open up this discussion in terms of both good and bad...

After speaking with a few people and lenders on acquiring money for a down payment on a multifamily property, a secured personal loan came up as an alternative to coming up with enough money for part of the down payment (oh, say $10,000).

That means:

> Secured personal loan (putting a lien on a car as collateral) worth $10,000 at terms of 4.25% APR over 5 years. - Total Down: $20,000

> A mortgage for $102,000 @ 5% over 30 years , meaning a monthly PITI of about $800

> 2 Duplexes (4-plex) with total monthly income of $2,400

*these numbers are somewhat irrelevant to the question, but is just an attempt at giving real world data*

The question is: with the acquisition of another mortgage, what are the upsides and downsides of acquiring a secured personal loan as well? Would mortgage companies say "no deal" if another loan was acquired for the same purpose?

All comments and criticism welcome

Through looking for insurance myself, it's my understanding that the higher the rating of the insurance company, the more likely they are to accept your insurance claim. They also have the money to back it as well. Lower rating insurance companies may nickel and dime you if you make a claim, which in the long run means if you need make a claim, you're gonna fight for it.

perfect. All those posts were very helpful. 

I was not aware of such sites as rentometer... then again, I usually default to doing web searches before starting a new thread on BP. 

Thank you for your input!

Where can I find the best resources on rental prices for my area? I don't want to rely on assumed rental prices currently listed (IE: zillow, realtor.com) if they're not true to the market.

All I can say is get everything in writing. If it is a matter of privilege to them, then more reason to do so.

Hi Kenneth Jackson To get the ball rolling, what areas in Florida are you considering? ...Although I haven't purchased any properties yet, I've networked through my wife's BNI group locally in SWFL and gathered a team of good people just through that alone. You might want to consider that an option, since they typically work closely with each other and get most of their work from referrals. Consider it an all-in-one stop shop. It gave me some confidence knowing we're all on the same page and understand my backstory.

Thanks for the input. That's interesting to hear. On one side, I expected people to be focused on the holidays, but I guess at the same time, some might be making that move just before the holidays as well? I'll keep a closer eye on this holiday season to get a better feel for how the market actually changes....

Hello As a newbie investor, and one who is actively trying to fill gaps in my knowledge, I am curious to know if anyone is actively investing in the warmer climate states (IE: Texas, Florida). If so, what sort of seasonal trends should I expect to see in the market as compared to states up north? I used to live in Maryland, and so for me, I am familiar with the idea that most people do not actively search for homes in the winter months.... Is this trend reversed in states with warmer winter months? Is it reversed for the blistering summer months as well? Are there other factors that influence these decisions? What drives people to suddenly buy down south? Any thoughts or ideas are greatly appreciated!

Peter Davis and Dmitriy Fomichenko thank you for the tips and suggestions. It's on my "to-do" list to get a couple books. The getting started articles on BP were a great read as well. Very informative! I've also downloaded the 130-something podcasts onto my phone for days when i can't physically sit down and read. Again, thanks to everyone for the kind words