All Forum Posts by: Felicia Richardson

Quote from @Rumen Mladenov:

@Rianna Mcgee You can pay off properties organically, no need to sell. I have HELOCs on some of mine, I pay them down with any funds that would normally sit in my checking account earning 0%, and pull out as needed  for repairs/new purchases etc. I also have 15 year mortgages on a few, they don't really cash flow but I got the mortgages before my kids were born and will be paid off by the time they head to college. 

There is a learning curve in this, especially if you manage the properties yourselves. Once you get to the 10 property mark, you've already more or less on top of it. It just didn't seem to make sense for me to stop just when I got good at it... I get referrals from my current tenants all the time, and have a waiting list of pre-approved applicants waiting for my next available property, even though I haven't posted an ad anywhere in years. They also tell me if any of their neighbors are looking to sell off market. 

 @Rumen Mladenov Do you mind sharing a referral for a Heloc? I'm trying to decide if I want to go the Heloc route or a Cash Out Refi. I have a substantial amount of Equity and I plan on using it to aquire another property. 

Quote from @Bud Gaffney:

AND REPEAT !

This is exactly what I'm doing. I bought a Duplex last year to House Hack in a great location in Atlanta. Now, my goal is to get another one by buying an existing one and rehabbing or building from the ground up.

@Rianna Mcgee Its wonderful that you're starting this early! I too, have a multi-year plan. I spent year 1 saving and year 2 rehabbing little by little and cultivating relationships within the RE community. Like others have mentioned, I House Hacked by buying a Duplex. That cashflows and covers 90% of all my Duplex's expenses. 

Although I had approvals for FHA and a couple of others, I essentially went with NACA because I had time to go through their program. Two of the biggest reasons I went the NACA route; Lower out of pocket costs and no PMI. Now I'm going into year 3 and I'll be getting another Multi-Unit or building one from the ground up.

Quote from @Denver McClure:

Hey @Felicia Richardson, we can help with your construction loan. Feel free to reach out if you'd like to chat.

 Hi Denver! Thanks for commenting. May I have your company website, so I can take a look at your loan products/programs?

Hi everyone! I have the opportunity, to aquire some land in Atlanta that is Zoned R5. I'm running into a problem seeking a good Lender, who is willing to finance my desired Duplex build-out.

I already own a Duplex in East Point and I have close to a $100k in equity, that I can use to help fund my next project. Any good Lender suggestions for a newbie? 

I appreciate your advice!

Hello everyone! I am doing my first JV, with a Wholesaler. Does anyone have a Template for Georgia, that they can Email me? Also, I'd love some advice on how to handle this type, of Agreement.

Quote from @Nicholas Coulter:

@Felicia Richardson I would say try and get conventional financing with a 5% down loan on a SFH next. You can rent by the room and use the income through the duplex to qualify!

I appreciate your input. I'm definitely weighing my options. 

Quote from @Christa Coore-Powell:

Quote from @Felicia Richardson:

Quote from @Christa Coore-Powell:

Thanks for sharing this Felicia! What is the residency requirement for a NACA loan?

Awesome thanks! I signed up for the next intro workshop. 

Welcome! Same as FHA. One Unit has to be Occupied, by the Owner. Bank of America (who is the NACA Lender) requires it to be Owner-Occupied for a year. But NACA, requires it be OO as long as you are in their Program which is until you sell or refinance. 

Best of Luck! Join the NACA Group on Facebook, for valuable information. 

Quote from @Christa Coore-Powell:

Thanks for sharing this Felicia! What is the residency requirement for a NACA loan?

Welcome! Same as FHA. One Unit has to be Occupied, by the Owner. Bank of America (who is the NACA Lender) requires it to be Owner-Occupied for a year. But NACA, requires it be OO as long as you are in their Program which is until you sell or refinance.