All Forum Posts by: Justin Peila

Thanks @Andrew E. maybe we will hit up Pended or USAA. We are retired military and the house is on a VA loan.

Does anyone know of a bank or credit union that will lend 125% other than State Department Federal? 

This is what we found out about State Dept Federal:

#1 Membership: You either have to work for the state department, a handful of companies or have a relative in either or apply for membership which they can deny you for. 

#2 Recent credit: You cannot have opened any new credit lines in the past 12 months! This is particularly hard when you are an investor. They denied us before we even sent then docs because in the past 12 months we have purchase a 5th property and pulled equity out of 2 others. 

Now we are looking for some creative financing because once you hit 5 mortgages it gets pretty tough to find financing to pull equity from your properties. 

Thanks! 

where is the property located? That's a pretty high purchase price. 

@Zena McCoy I would recommend Mark Anderson at Keller Williams.  andersonmark @ kwrealty . com

We've used Ticor and Old Republic. However we are in Pierce County. Not sure if they have offices up north or not. 

we just don't have any experience there. We have a friend who is a property manager and he says they have high demand for rentals and great rental rates. We just don't know enough about the area. Since Tacoma really does vary practically from block to block it's just not an area we have explored or are looking to in the future. 

We don't do east Tacoma. In South Tacoma you can get $1300-$1400 for a 3/1. With the rental market as slim as it is right now rents are high 

No we are not doing extensive rehabs. We also do all the work ourselves. 

We get them on the MLS (still foreclosures) and at auction. But all of ours are at least 3 bedrooms. We can rent 3/1 for $1500-$1600. The rental market is very tight right now as well. We have not had to list our last three rentals - we get tenants from just the neighbors word of mouth before they are even ready to rent we have people stopping by wanting to put down deposits. If you throw an extra bath in there for a 3/2 you can get 1% all day long.

We get 1% in Tacoma, north and south. Where is the rental at? how big etc?