All Forum Posts by: Ian Salinas

I'm here in SCV. Let me know when there's enough people to get this going. I'm in, let's do this!

@Paul Shannon thank you!

@Kerry Baird that’s good to know I will check with my refi lender.

@Bernadeau C. Flag star

@Cody Barna will do.

Thank you @Cody Barna

Yes I should have a decent amount of equity on the other property at least in my opinion. I am actually having it appraised today to refi and hopefully be able to pull my down payment and have it be my first BRRRR :)

I took out a $60k line of credit from my house to fund my first deal but I only used about $30k. With interest rates being so low, I’m looking into refinancing my home and taking cash out to pay off the line of credit so I don’t have to worry about having a 2nd mortgage on my house. I was wondering it this is a good idea since I am just starting out and if I pay off the line of credit and close the account I wouldn’t have much funds to purchase my next deal. So should I pay off the line of credit or just keep it open and refi my 1st mortgage only?

@Moises R Cosme Thanks for the advice

@Joanna Rinella the way Rentprep work is i email the potential tenant the link and they provide the info then i just get the report back. I was expecting he was going to have me speak with his mom first. 

I am trying to find a tenant by myself vs going through a property management. I have a potential tenant who wants to use his mother's information to qualify but she will not live at the property. He provided information for his mother (i dont know if its really her) and it came back great. Prior to me running his information, He advised that he doesn't use credit cards or anything and his vehicle and 2 motorcycles are both paid with pink slip in hand to prove it.  When his credit and background came back through rentprep, it came back insufficient credit. I know insufficient credit is not uncommon for younger individuals however he is in his 40s. Does this seem like a bunch of red flags? I would like to get some advice and opinions.