All Forum Posts by: Jeremy England

So I have a tenant that is very sensitive to mold and she is moving out of my rental.  I went there and sniffed around the area and smelled nothing.  Whether it be physical or psychological, no matter, she was clearly in distress over it, anyway, 2000 remediation later.  Mold is gone, however;  She wanted an air quality test done, so fine.  AQ test revealed the presence of cladosporia and aspergillus, no stachybotrys.  

Now, I had the siding and sheathing removed from half the back of the house and the walls inspected.  There was some mold on the back of a baseboard for about 3 lineal feet in teh bathroom.  The AQ test was done in the living room which is adjacent to the affected bath area.  

Anyways, now what to do.  I neither see nor smell any mold, but an AQ test is saying there is like 3500 spores cubic meter, which is supposedly an indicator of a remediation that is needed.  This was like 2 days after the remediation was complete.  

To rent the place to someone else now, what steps does the board recommend.  Disclosure?  A/C cleaning?  

I havent actually done it yet as i am just starting to look for my second property.  Refinancing today on my brrrr.

It will depend on the property as to which strategy I use to purchase it.  If its via auction, I'll likely use the same strategy as before.  Personal loan for purchase and rehab, then refinance after 6 months.  

If I buy from a wholesaler, I may get a hml.  Refinance after 6 months

I doubt i'll connect with any motivated sellers, i don't have the marketing budget or time to scavenge. But if i did, I would probably use one of the two above.  

I could get a heloc based on my current rental.  It appraised at 118k, and I'm refinancing for 78k today.  But i don't think it would be worth the fees to get such a small amount.  even if someone would give me a heloc at 80%.  Which i doubt they would

 Hope you recoup your investment.  I'd like to see how it turns out, as I'm not sure what a promissory note entitles you to in terms of foreclosure.  

Or a deed, other than you being able to sell the property, albeit under a clouded title

That is below market rates for what I pay here, or what I would charge for a similar task were I doing it myself.  

I've actually debated in paying off the brrr property I bought rather than paying so much in fiancing costs, relative to the amount of the loan that is.  Doesn't make sense to me to pay (all together) 5-8k just to get 75-80k in loans.  That's including hml and permanent financing.  

But that would take a huge chunk of my cash reserves and i think it would make it more difficult in aquiring more properties.  

Terrible business.  Hope you got a first position lien.  You can foreclose and might get properties worth more than you invested.  

Thanks, this is what i thought should be how it is done.  Im not sure my bank is accounting for the rental income in the dti.  

So I've heard alot of talk on the podcasts and this forum on banks limiting the number of mortgages that you can have for rental properites.  Some have said 4?  some have said 10

I am 10 days from refinancing a rental property and it has been a tedious process.  In addition, its not that big of a loan.  We are talking 75k.  I refinanced with a local bank but found no fewer hurdles to jump through.  

I got this rental property with a personal loan which i owe 78k. Bank says it has pushed my DTI ratios higher so they wont refi me for the 75% of appraised (appraised value is 118k) So in order to get the loan at the number I want, the payoff of the personal loan is going to be at closing,. Which is fine because that's what i was going to do with the money anyway. The rental property is bringing 1000/mo in revenue.

Now, I make a good living in my W-2 job and my credit is excellent.  I have a mortgage on my personal res for 369k, and I have one car loan for about 14k left on it.  My cash reserves are plentiful.  My question is how are people getting multiple morgages (like in excess of 4,5, or 6).   I understand commercial lenders but that's not what im talking about here.  I'm talking about conforming loans.  

I've borrowed from huge national lenders and now this lender who is a local bank, I didn't find the standards, processes, qualifications any different tbh.  The local one was cheaper in fees so I chose them.  And i can go down the road and get face to face if I need to.  

Thought i'd update everyone following this thread.  New survey came in 18000 higher, so my cash outputs for this property are going to be about 3k, that's only the interest paid on the loan.  No cash needed for closing.  So it looks like it will be closer to a true brrrr deal.  

Appreciate the info, turns out i had to get a new one.  Couldn't get my hands on the one done before.  I bought the property in cash with no survey, that owner bought it at auction cash with no survey.