All Forum Posts by: Manco Snead

@Account Closed Good thoughts; thanks. I will look into that approach.

Greetings all,

I'm up against a not uncommon scenario; can't get a loan from my credit union because of my low income. I'm hoping investors more experienced than myself may be able to steer me in a more productive direction:

Objective: owner occupy a single family for live-in rehab/flip for approx. one year then sell or refi.

Approx. price of single family: $150k - $200K

Anticipated down payment: 5%

Income/work history: $22,500/yr. Went back to school a few years ago, finished this June, now working part time in same field that I went to school for. Schooling can often be counted as work history. Have not found full time work yet.

Assets: duplex(both units currently occupied), purchased 6 yrs ago for $265k; close to $400k market value now.

Duplex total rent: $2,225/month

Duplex loan: approx. $150k remaning on loan (had put down large down payment)

Other debt: none

Cash assets: have enough for down payment and reserves for above mentioned single family

Credit score: good (don't know the #)

If anyone has ideas of how to approach acquiring the above mentioned property I'd greatly appreciate your thoughts. My low income seems to be the credit union's sole reason for not granting me the loan.

Much thanks.

Greetings all,

Newer investor here (own one duplex with good equity) moving toward buying a second multi-family, likely via 5% loan, cash-out refi, or HELOC. Trying to understand a few concepts here:

1. My current duplex is financed through my credit union and I've always been happy with them. For a new loan to finance an additional multifamily what are your thoughts on credit unions vs mortgage brokers? I've only ever used my credit union and like the idea of continuity and sticking with something that works, but I understand many people like working with mortgage brokers. 

2. Perhaps the obvious is escaping me on this question: If I choose to refinance or do a HELOC on my currently owed duplex I would be able to do that only through my credit union through whom I have the loan, correct? I could not do a refi or HELOC through someone else, i.e. mortgage broker, other bank etc, correct?

Much thanks.

That's a great starting point; much thanks Mike.

Greetings and thanks in advance for any suggestions,

Does anyone use a property manager in Bellingham, WA they would recommend? I have used Access Real Estate Services for the last few years for my duplex, but their quality of management seems to be going down hill; not following through on repairs, not keeping an eye on the property in general.

Thanks again.

Thanks Patrick, will take that into consideration.

Greetings,

I'm wondering if anyone has had any exceptional experiences with property managers in Bellingham, WA that they would recommend. The one I use currently is ok, but I believe there is room for improvement.

Much thanks.

Thank you very much for your responses; very helpful.

Greetings,

I am hoping someone can give me a bit of feedback; I own a duplex in Washington state and the new owner of the duplex next to mine wants to build a fence separating our properties, which I am fine with. Both lots are rectangle in shape. However, despite all the documents I have for my property, along with assessor/auditor internet resources, I am having a difficult time finding a map which accurately depicts my property line. The area where the property line is roughly located seems fairly obvious, but I want to know more precisely its location. I live outside the duplex location area and am very rarely able to make the trip to deal with issues such as this.

Any ideas of how to approach this?  Much thanks.

Greetings folks,

I'd appreciate any feedback regarding this question: I am currently a student and not working; my only income is some cashflow from the one rental property I own. I just filed my 2017 taxes, but it had not even occurred to me that I may have not needed to file given my low income. The year's total rents was about $23,000 with approximately 75% of that going to the mortgage/utilities/management fees. The remaining cashflow was my only income for 2017. So, I am wondering if, given my low income I had to bother filing taxes for 2017 at all and could have avoided the bill I'm about to get from my accountant. Or does one need to file every year regardless of income if that person owns a rental property?

Much thanks.