All Forum Posts by: John Lorince

Hey all!

I am planning on buying a single family home in northeast Ohio to rent out. I have 1 other rental that was my first house that I rent out in the same area. I get a ton of lending companies sending me me pre approval letters in the mail like SoFi, Best Egg, Discover, Paypal, American Express like many of you, I am thinking. I was thinking of just using one of those companies to lend me say 60 to 70k to buy next property and then just get a mortgage with a lower rate once it is rented. 

Well, I just spoke with a real estate agent locally and they said they would not show me properties unless I have pre approval info that I could give her for her to show my houses. Is there a way to get pre approval info from these types of lenders or do get the letter from a mortgage company or do I find another realtor? Any advice?

Thanks,

John

 Ryan,

 Yes I did live in it for at least a year. I got the loan with no money down and later I invested $3800 hundred into carpet, paint, a new water heater.

Thanks

 Hi Ryan,

Yes, I lived in it before renting it. 

Thanks

 Abi, 

I lived in the property for a bit and got a FHA loan.

Thanks

 Hey Mike,

 Yes, I am looking into it now. Do you use a realtor that is good with investment properties?

Thank You

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $3,800

My first rental property.

What made you interested in investing in this type of deal?

I bought this house to rent it out for more cash flow.

How did you find this deal and how did you negotiate it?

I found the property on zillow. And told the real estate company I would buy it, but only if I can have it for no money down.

How did you finance this deal?

I have a mortgage on this property.

What was the outcome?

I am celebrating my 1 year of this property being rented.

Lessons learned? Challenges?

I learned you can make nice cash flow from rental and honestly everything went and is going smoothly.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did use rentalutions.com to screen and advertise the property and located an out of state tenant that is currently renting this property. I would use their service again.