All Forum Posts by: Brandon McCraney

I plan to handle repair. That said, open to thoughts on this approach. Thanks Joseph for the response!

Hi BP's, hoping for some comments on those knowledgeable in Subject To....

I have found two opportunities where Subject To came to mind a possibility. I have read many posts and watched youtube videos on Subject To but still have some questions. In both opportunites the owners are in a position where they can no longer afford the payment. Also, both owe more on the mortgage than what the house is now worth. Both opportunities would be used as a long term rental income investment. Both properties would cash flow from day 1 (at least $200 p/mo). Does anyone have experience with these type of situations?

@Michael Jobe thanks for the tip!

@Michael Jobe @Daniel Nicely - thanks for the referrals.

@Andrew S - this is a conventional loan.

I have read several posts where a local bank is recommended as a starting point to obtain more loans. When I think of local, a community bank or credit union comes to mind as oppoosed to large banks -- Fidelity, BOA, etc. Has anyone experienced a difference between the large banks with local branch offices and local based credit unions/community banks?

Thanks so much for the info!

I am looking for recommendations with a local/community bank in the Raleigh, NC area to discuss loan options and possibly start a long term business relationship. Anyone having success in this area that they could share?

Any insight is greatly appreciated!

@ Hattie Dizmond - Thank you for the comment. I am investing in properties in another State. Would you recommend building relationship locally or in the State where the property is located?

I am looking into purchasing a second investment property within the next month and am interested in some advice on the method of finance. The first property was paid for with cash (close in Aug) and have since transferred it to my LLC. My credit is great and mortgage approval should not be an issue (currently have one mortgage on my personal residence). I was hoping to place down as small amount of cash as possible on the loan. Also, would likely add $5-10k in renovations into the house before renting and was unsure if options were available to add this amount to the mortgage total. Purchase price in low $40k, appraisal $60s, monthly rent $850.

Any thoughts/comments on the best approach for #2 is GREATLY appreciated. 

Best, 

Brandon

Hi Everyone,

Dawn posted based on my inquiry. I just joined the site and appreciate the comments to date!

As a background, I have familiarity with Toledo and have invested in the 43613 area (my wife's family is located there). I do not have a professional firm acting as the PM for this investment as it requires little upkeep. 

I recognize my limitations and am interested in learning about PMs in the area as part of diversifying investments in the area. Most of the lower income investments I have found are in the east Toledo area (right across the river). That said, does anyone have experience in working with some local PM firms? I noticed FLEX seems to have a bit of involvement in lower income areas. Anyone had experienced with them?

Thanks again for the comments!