All Forum Posts by: Everett J.

Yes. You can always stop it at a later point if things change.

If you are putting down 20%, then the MIP ends at year 11, unless you sell or refi.

As a mortgage loan officer, who does NOT do HELOC's, I will give you my opinion. The only concern that I am seeing recently is that many banks are ending them. If that happens and you have a balance, they can call the loan.

I have personally been considering a HELOC vs a traditional mortgage on a free and clear property. At this point I am leaning more toward a fixed loan for about 8-10 years.

Good luck on your decision and your rental property journey.

Section 8 is really not too different for us than any other lower to middle class tenant. If the property is in good condition and you screen the tenants well, you should not have an issue. Converting more of our properties to section 8 or similar programs. Good luck.

It may be best to move on. Take plenty of pictures and start the rehab. Use as a lesson for the future.

@Ozzy Smith I will reach out to you by the end of the week.

@Todd Douglas At the moment we only buy and hold Section 8 rentals. We are re-evaluating our system by Q2 to see if we wish to include PN/NPN, wholesales and/or flips. We are not sure which additions may work with our current system. Do you currently invest in notes?

Yes and no. I agree with Michael Le, it has to be local. If that requirement is met, then I would look at areas that may be low income but not war zones. If I see open air drug sales, then I would not invest. My firm personally invest in these areas. If they are on Section 8, it reduces the liability some. 

Denny, it really depends on your market. I'm in the Carolina's and in my top tier neighborhoods, I'm putting hardwood because that is what is expected. Middle to lower, I may use engineered. I also consider if the area is mostly owner occupied vs rentals. High rental areas normally always get engineered. Hope that helps. 

Great story. Very similar situation happen on a rental for us recently in Gastonia, NC. Took extremely longer than it should have to renovate and rent out. Deal was so great that I did not do the financials like i normally would. Fortunately there was not a mortgage attached, which was the saving grace.