All Forum Posts by: Erin Wilks

Thankyou so much for all of your replies, I had a look at the original lending contract and they didn’t give me the amortization schedule, just the principal and interest listed together. Which seemed totally fine,  of course when you don’t realise that’s just all interest. I’ve contacted the original lender to ask for the schedule and  I’ll have a further look into if I can make payments on principal without penalties. All part of the learning curve. Thanks everyone, this community really is so incredible 

Hi everyone,

I've had my mortgage recently taken over by another company, I've managed to log on to their online portal to see they are charging me three times the interest than the principal and had a quick look on Better business bureau to see they have 500 or so complaints and one star reviews. This being my first rodeo, I've reached out to see what can be done to change this payment plan. My interest rate is at 4.875%, but they have me paying the absolute bare minimum in principal which isn't ideal really. I initially paid a 25% deposit for the property and my goals are not to just be paying interest for the rest of eternity. Would it be prudent to try and refinance with another company if I can't come to some other terms?

I've only owned the property for a year, I have a feeling I am in a bit of a sticky situation with this company and I'm not sure if anyone else has found themselves in the same situation??? 

@Charles D. Thankyou so very much for your time and help, there is so much that I am learning everyday in the process and so very much that I don’t know. I am eternally grateful for all of the wonderfully kind people I meet through bigger pockets, especially being a foreigner. I am very much appreciative. Thanks again and have a great weekend.

@Drew Sygit

Incredibly helpful and kind of you to take the time to reply to me. This community just keeps on giving. I am so very grateful to you. Thankyou Thankyou Thankyou for the clarification and assistance. Have a wonderful weekend

Hi Bigger pockets team

Foreign investor with a triplex in Georgia, currently applying for an ITIN at the request of my management company. They are collecting they rents and won't release them to me until I have my ITIN. Some one said that I should be just getting the rent paid directly to me from the tenants and just pay the management company their fees. 

I'm in the process of getting my ITIN application submitted and I have never done this before so I am unsure of the best course of action. Does anyone have any advice? is the ITIN an essential/ non negotiable when it comes to property management companies in general? 

Or can I be going about this differently?

Thanks @Poem Turner, I will look into that!! I appreciate your help

Thanks for the feedback @Matthew Crivelli

Thanks @Lara White, i think I will continue to look in the Savannah area, I have a great realtor, so far good management company, hopefully my realtor might have some good local lender suggestions. I was just hoping they would take into account the income from my job, plus the cash flow for my investment if the following investments also cash flowed well. I appreciate your time and I will reach out in the forums you suggested.  I so love the people in this community.

Thanks again!!

Hello again!

I am a foreign investor in the US, I purchased a triplex in Savannah and I am looking to get my next deal under lock as soon as possible. I have already started saving for my next deposit. I am just wondering if there are any foreign friendly lenders that would be open to lending with less than 20% deposit on multi family investment properties that cash flow. I don't want to have to wait till I've saved up another $100K+ to get under contract again.

Super keen to keep my momentum going and hoping someone out there might have some good contacts/suggestions.

Appreciate the help, I would never have done this without learning from you all 

Hello

I have just closed on my first property, a triplex in Savannah Georgia and I would love any recommendations of CPAs in Savannah that could help me navigate setting up an ITIN (foreign investor). Then also just someone that is a switched on accountant with experience with property investments and knows the ins and outs of setting up trusts and LLCs and could help best advise a first time foreign real estate investor on doing property taxes to help me

Build my portfolio. Much appreciated any advice. Thanks team!