All Forum Posts by: Deak Smith

This might not be possible due to variations in appliances, but maybe swap out your perfectly functioning fridge from your home with his "leaker".  He will have a fridge you KNOW to be working fine & you will also be able to tell if he's BSing you about the leaks because it'll be in your home.   Then base your response on the facts gathered.   

@John Corralejo,  I agree with @Travis Bailey & others. There are some good areas but many not so good areas. We have a SFH we recently completed. It is a 3/1 in the area Travis suggested and should rent for $800-1000. Hope this helps.

Thanks for your input @Gavin Davie. That’s pretty much what I was thinking. I will check into Finance & Lima. Thanks for those as well. With all of that said, it still leads me to the next question…how is everyone managing to get regular (conventional) mortgages on their investment properties?  Nearly every lender (large & small/local and regional) I spoke with over the last 2 years refers me to the commercial lender as soon as they hear rental. I’d prefer using up all of my conventional loans simply to help improve cash flow before I start down the commercial loan path. I’m not in a position to try any variation of house hacking.  So that strategy isn’t a realistic plan for me. 
Any additional advice is welcome. 

Alright, I’ll just throw it out there and hopefully not feel too dumb when the answers start rolling in. I hear a lot about the 10 conventional loan limit. I have 4 single family houses and 2 loans (2 houses/loan). I’m nearing completion of a 5th house & I am wanting to find my best financing option for this property. Some background….When I started & was trying to find financing for the first property, no one would give me, what I think of as, conventional financing. I was constantly referred to the “business loan department”. I recently verified for sure one of my existing loans is considered a business loan. Maybe I am incorrect when I think of conventional financing as a typical owner occupied loan. So my question is, what exactly is this conventional financing I keep hearing everyone refer to & how is everyone getting conventional financing for investment properties? I get the feeling I need to misrepresent my intentions when I discuss a potential loan with a mortgage officer.

As an aside, this last unit is in a college town. Although not part of the original plan, my daughter has moved into it (@ a discount but not free). I toss out this information just in case it leads to a different set of options.

Look forward to hearing what I am missing.

@Mason Weese

At this point January 5 works for me. I’ll pass it on to a couple other folks to see if it might work for them. Looking forward to hearing some goals.

I have a friend that is planning to attend with me. He has a couple rentals and is looking at a few different strategies than I am. 
I’m looking forward to some good food and beer so I hope we can still get together. 

I agree with John, Pies & Pints is a favorite. As of right now I can make it. I hope that doesn’t change. 

Getting together with like minded folks is a great idea. Love to figure out what all I’m doing wrong. I can’t commit to any specific day of the week due to my rotating shift & overtime schedule. Of course I’d like to meet somewhat regularly so I’m sure I can make it work at least some of the time. I’ll go ahead and throw it out there, as of right now I’d be good for next Wednesday. 

@John B. Waugaman Jr. Well, I’m in Putnam County. I have property in Kanawha, Putnam, & Cabell counties. So I guess I’m kinda from both. I’m currently working on a house in Huntington.

Mason & John, I work an odd schedule but I’m always ready for refreshments if I’m not working.