All Forum Posts by: Account Closed

I recently downloaded the blank rental agreement that is provided by BP.

I am wondering if anyone else has ever used this. I am asking because I am getting ready to rent to people that are on section 8 but then tenant is saying that the lease is too long and full of rules. This kind of threw me off because I thought it was great.

Thanks.

Jon Holdman Adel Shahal Thank You . Jon, you are pretty close to my numbers. I can see why now. I just moved over to the new place, but I still have some of my bills to my old address ( Insurance, garbage, water, and PGE).

I just don't see many things to do with 50k.. I guess I got some more reading and searching to do.

@jon I see. I make about 28k a year and getting ready to rent out my house July 1st.i pay off my credit card every month and just got closed of my 2nd hone last month. The house was 160k with 20% down.

I think that its less risk if they gave me the full 150k because I have alot more to work with and was hoping to pay off the loan after a flip or two. Another thought that I had was to buy another home for about 150k so that what I would still have a house that I completely own without the chance of always having a home to fall back on in my worst situation possiblw.

I may pass on the line of credit u less you guys may think to take the chance..

I recently talked to someone at Wells Fargo about a Hel. The guy inside the store told me I would probably get somewhere about $150k for the property that's worth about $200k.

After a couple days, a woman called me saying that she will be the voice between the guy at the branch and the under writer.

She stated that the loan will be for $50k instead of the $150k because of my debt to income ratio.

In my opinion, this would be crazy if I took out a loan of $50k for a property that is completely paid off. Do this sound right to you guys?

I am very interested in using the money to "flip" a couple houses, but I think the risk greatly increases since they are only giving me 25% value of my home.

They said it was a variable rate, and when I wish to use the line, I call customer service and tell them to lock me in. Does this sound right?

So I talked to Wells Fargo and they said about $150k at 4.8%. So far they said I just need to show them 2 years of tax, home insurance, and a letter saying what I want it for.

This was however just a guy at the bank, and everything will be forwarded to the under writer when my file gets assigned.

Hopefully everything pans out.

Oh and his wife then told me to write in another $3000 under the husbands name, which we declined.

I recently had 3 people fill out applications. I had one that I wanted but as I went into his background, I noticed a bankruptcy under his wife's name, he did not fill out his income section, and the total income written was 2200/month. Rent is 1500 and they had a car note of 500. Which means they had $200 extra a month for food and bills.

They called and we told them they did not qualify and now their pissed. They have been calling me everyday but I do not pick up. Now they are wanting their application back.

Do I have to by law give them their application back? Can I just mail it to them? I would like to avoid them if possible.

Hopefully I am In the right place for this question.

I own my first home with no mortgage or anything. I am guessing that it was worth about 200k since the last few properties near by have been sold around there. I am wondering how hard, or if it is possible to get a HELOC or Line of Credit if I just purchased another home last month which was a conventional, residence loan.

My old home is currently pending tenant (July 1st) and will be section 8. I make about 30 k a year not including rent income.

Any info will be great.

Hi All, New here. I just purchased a 2nd home and I am stuck on deciding if I should go with a property management. I have posted my old house on Zillow, Trulia, CL, etc.. and Have been getting a lot of bites!

I am worried however, that I know absolutely nothing about real estate renting. My parents, however have been landlords for 20+ years (asian) and keep telling me that I shouldn't because it could get expensive.

What should I do? spend the 7% on a $1600 rental, or go cheap and learn as I go... and take the hit when it comes up.