All Forum Posts by: Joanna Gossett

My husband and I are investors in rentals in SC and we are looking to purchase a second home/investment property in Jacksonville as my husband is now spending substantial time there for work. We need a local realtor who knows the area and can help us search. We will absolutely be buying a property in the next couple months. Recommendations?

Gabe Ledo we have acquired 3 properties in the last year- all under he $75k price range and all conventional, 20% down. Wells Fargo did both of ours under $50K. They were pretty miserable to work with but they got the job done. Literally only bank we could find that we do amounts that low. We did our third (just over $50k) with first commonwealth. First commonwealth will not do under $50K. Hope that helps!

Congrats! Sounds like you're well on your way to that early retirement!

We use Venmo. We have it in our lease that that is the only way we accept rent payments. It is similar to PayPal except no fees. The tenant can link directly to their bank account and pay instantly. We can then transfer to our bank account and it's available within 24 hrs. No trips to the bank, to lost checks in the mail. We've found it works great! Obviously your tenants must have a bank account but we want to rent to tenants that do!

There is a vey active real estate investor association that meets in Greenville monthly. You should definitely come to the next meeting. Google upstate CREIA.

Jared Bouzek so I've read but have had trouble finding any lenders that will lend over 4 without landlord history. Will have to shop more brokers. Most recent one we used was super nice but wasn't well versed in investing. We also had the hurdle f loan amounts under $50K which no one seems to like to do because of the regulations and fees being too high of a % of the loan amount. Will keep searching. Thanks for replying!

Brandon Schlichter thanks Brandon. Haven't heard of either so will have to check them out. We have looked into two local credit unions. Neither could help. Will keep shopping!

My husband and I have purchased 3 properties (2 single family and a duplex) in the last 3 months. We also own our primary residence- for a total of 4 properties. All in my name currently as I have W2 income and he doesn't at the moment. All purchased with conventional financing, 20% down, 30 year mortgages. All mortgages less than $55k (aside from primary residence). What's next? Are there lenders out there who will loan on properties 5-10 at conventional rates? We have 3/4 units rented currently but obviously since we just purchased not a long rental income history yet. Still have enough cash reserves to cover expenses on all properties for over 6 months and we really want to buy another- ideally another duplex. Thoughts on where to go from here ?

Andy Ballester have you thought about trying to apply for a personal line of credit vs. one with collateral? You might have better chances of getting approved.

While we do not (yet) own any rentals in myrtle beach we have looked into it, and as mentioned above, it's really hard to cash flow due to the HOA fees. The season there is only about 13 weeks long- so you really need to get an outstanding deal to make money.