All Forum Posts by: Katie Smith

Hi Brendan! Is this your first rental property? I wouldn't really consider $300 a month cash flow, THAT is more the savings to go towards upkeeping/maintenance (hvac, dishwasher, roof, septic). I'd be happy to run numbers with you. I'm going to message you so we can go over some calculators together. 

Hi!

Getting your first rental property near where you live offers several advantages, especially for a new investor. 

You will be familiar with the area, so you know the ins and outs of the neighborhood, including its amenities, schools, transportation, and safety concerns. 

Being close to your rental allows for easier management and maintenance. You can conduct regular inspections and handle tenant concerns promptly. You can save cost on a property manager by managing it yourself. 

It will also allow you to build relationships in your local community with tenants, contractors, real estate professionals, etc. 

Hi Dean! 

DSCR would be the way to go in this scenario. Quick 20-30 day closing, and it will not affect your DTI. DSCR generally requires low documentation, no tax returns or W2's, and you can put all of your investment properties in separate LLC's to protect your other assets.

Let's connect 

Hi Gino!

Are you an investor looking for a top-tier hard money lender to build a relationship with? Would love to connect! 

Hi Andrina! 

Are you attending any local networking/meetup events? If not, I would highly recommend doing so! You will meet wholesalers, investors, agents, lenders, etc at these events that you can meet face to face and potentially partner with and learn from.

Hi Ayyoub! 

I'd recommend creating an LLC with both of you on it! You can then get a HML, put the rental in that LLC so it protects all of your other assets. A lot of investors will create new LLC's for each rental, so that in the case of default, they can only go after what is in the LLC that owns said rental. I'd love to hop on a call to go over this more in-depth.

Hi Shaun! Would love to connect with you and see how we could work together. Are you looking for deals or are you sourcing them?

Hi Rigo! Are you attending your local REIA's? They are hosted in every metropolitan area. I would highly recommend checking these out each month, along with any networking events in the area. You can find them posted on facebook, eventbrite, meetup, etc.

HI Elvis! I would check on Eventbrite & Facebook for your local events! 

Hi Brooklyn! Do you know how long you would have to close on the property? HELOC's take quite some time, so if you haven't started on that yet, I would recommend doing so asap. Once you have the HELOC funds, you should look into a loan option that covers the rehab budget. You do not want to have all of your funds tied up into one deal, so going with a lender that can cover most of the purchase price and all of the rehab budget - would be best for you. Make sure the rehab budget is non-dutch, so you are not paying interest on it until you begin to use it. Most lenders require you to have 6 month seasoning to do a cash-out, but I do know of an option that cuts the seasoning period down to 3 months. Would love to connect!