All Forum Posts by: Katy Fry

Hi Brian,

I recently acquired a line of credit with my primary mortgage. This is a personal LOC not a hiloc on my home. They are also covering my first rental property and they are ok with my using the LOC for the 20% down, or a combination of the LOC and cash.

Welcome Amber,  

There is so much information on this site isn't there?  I just love it.  Welcome and good luck in your endeavors.    

Good job Justin. How are you finding the properties? Is your property in Idaho or Washington? I'm looking at some SFH in the Spokane Valley. Some are pretty decently priced but need work.

Thank you Charlie, that makes perfect sense.  I will have my realtor check with the proper agency.  I am so glad you and BP are available.  It makes it so much less scary to get into real estate.  I do appreciate your time.  

Hi,

I am looking at a small rental property, single family.  The home is very small and has a concrete foundation on the main building.  The problem is, there were a few little additions to this house that don't have a concrete foundation so mortgage brokers are balking at loaning on it unless an appraiser ok's it.  But, I'd rather not shell out the money to be told no as I'd have to pay for that.  Has anyone else dealt with this.  My concern is that if I get the funds from someone anyway (going around mortgage bankers) but can never refi when the time is right due to this issue.  I would appreciate thoughts on this situation.   Thank you.   

That is a great contact Alex. Does anyone know of any meetups or REI groups in Coeur d'Alene area? Or something like WCLTA? I'm new as well, love BP and the podcasts and would like to network with people of like mind in my area. I'm looking at buy and hold, rentals. Just starting. Thank you!

Ok, that all makes sense.  Considering the "unconventional" type home it is, and the rents in that area (I highly doubt rents can go as high as 2 % but I will research) it sounds like I might want to let this one go.    Thank you all for your responses.

Thank you James,  I will listen to that now.    

Thank you for your responses.  I'll see what I can do about getting higher limits on my current cards.  As for the rent for this house I'll do some research to see what other rents are in the area but I'm afraid, for this area, this is the norm.  Also, the roof was replaced a few years ago so I don't think that would be an issue for awhile.  

Curious though, what price would you offer considering the rent that is being charged currently (585.00 per mo).  If I calculate this, it's in the 1% range and from what I've been reading on the forums , that isn't too bad?  

Hi

I am currently looking at purchasing a 50-60k rental property.  My first.  I am looking for a loan for that property but it is a little bit of a "non-conforming" property and I also don't have the 20% down for a conventional.  The house is currently rented with long term renters (4 years) and the rent is currently $585.00 per month.  The house needs a little "makeup" but overall is in nice shape.    Sounds to me like a good deal??  

My problem currently is locating a loan.  Apparently, even though I have excellent payment history on my credit and never defaulted, etc.  There is NOTHING negative on my report BUT because my credit use to credit limit ratio is too high I have a score under 700.  This is a problem with the loan companies.    Am I really supposed to take out another credit card and not use it to fix this?  So that it would raise my credit limit, thereby lowering the ratio?  Seems pretty ridiculous.    Any comments or suggestions would be appreciated.

My plan is to purchase single family homes for rental income.    Just need to get over this issue.

Thank you