All Forum Posts by: Chris Virgil-Stone

Great stuff right here! Continuous self development is key.

@Vincent Chen about 3 weeks if an appraisal is needed. That takes about half of the 3 weeks between scheduling and getting the results.

To add- I don't think anyone has ever preferred living with tenant over a single family residence. The financial impact is nice, but living with your tenants isn't preferable. That's not to say it's terrible either. Sacrifice for a year and I doubt you'll regret it.

@Account Closed...I think the analytical thought process to work around rules is good but you should not proceed to break FHA rules or any laws. Aside from any criminal penalty, they can call the loan due immediately and if you dont have enough equity (only 3.5% down) you could end up filing for bankruptcy, setting yourself back further. I asked this same question when I was 23 and first starting out. I was quickly answered by a loan officer/investor who said they do check these things.

When a lender has the option to call the loan due you are at risk...rates are going up. Their money has better returns loaning it out today @ 5-6% vs 3% a couple years ago so they have more incentive to call a loan due if the option is available (also think transfer of title to LLC here).

Think about investing as a weight loss journey, slow and steady. If you plan to be wealthy long term, you will not break laws to gain a buck or two. You'll use the many available, law abiding tax benefits.

I really enjoyed-

Multi Family Millions

Buying and Selling Apartment Buildings

Crushing It

@Vincent Chen- It's starts at something like prime +1% or prime + 1.25%

@Jessica Kirby I've recently pulled ELOCs against my 2 rentals with PenFed. They will go to 80% and interest only. Catch is you can't own more than 3 properties including your primary when you pull them. They were great to work with and closed pretty quick. I would use them again.

@Drew A Roque I'm surprised at how many people say pay student loan debt. If you buy right (for cash flow) then you should be getting 15-20% return minimum with debt pay down and appreciation to boot. I'd bet that your student loan debt isn't anywhere near those rates. Paying down "good debt" has a big opportunity cost. You will still have nothing in your asset column which is where you will find financial freedom.

@Joshua Feit my agent just did a 1031 to buy a nice air bnb property in Gatlinburg. From his analysis the return looked really good. Not sure what management company he is using but if you're looking for a recommendation I can reach out and let you know.

@Steve Emling I require tenants to pay using erentpayment.com. Not sure if Cozy has changed, but one feature I really like is having automated payments set up where the tenant can't change them for the duration of the lease. The only "out" they have is having insufficient funds, which a late charge will be applied automatically.