All Forum Posts by: Karen Schimpf

@KevinYeats

Some lenders have a one time 20% substitution where you can sell a property and replace it with a like property. If you are planning on flipping deals or know you are going to sell a property in the future, it would be best not to include the property into the blanket loan.

@ Mike H

There are blanket loan programs that go up to 75% ltv and at rates you are talking about.

Thank you Peter.

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I agree with Marcia Maynard. Only rent if you are making a profit and have time to manage a business.

But if you do decide to rent your home, I recommend renting out each room versus the entire house. (Typically when you rent rooms out you furnish the kitchen and the living room) Renting rooms should make more than if you rented out the entire house...and should make a profit above the mortgage payment. Also if a renter decides not to pay you are only loosing money on that room versus the entire house.

Good Luck

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@Brandon Turner taught me how to guest blog.

I have many thoughts on this but I only have time to discuss one. You have heard the saying...location, location, location It applies to all types of properties whether it is commercial or a single family home. I liked to buy properties where there was demand. I'm not talking about demand like the growth that is going on in central Texas but demand like where your property is located. An example is having a property located near hospital. Hospitals always will need workers whether the economy is doing well or poorly. But if your property is located near a big company for example like Dell, IBM, HP etc. and the economy tanks, well than your property has a potential of loosing a renter and it's value.

Mike,

I agree with Kevin. Do not waste your time putting together what you think the lender wants. Ask the lender for a document checklist and their forms so you can give them exactly what they want.

My recommendation would be to buy commercial investment properties (5 units or more) Commercial loans do not use your income to qualify.