All Forum Posts by: Kay Kay

 Thank you sir! I am running into some constraints like

1. More number of rental properties

2. They don't cover section 8, iron bars in windows etc

Trying to find an agent who can cover personal property, auto and 15+ rentals. My agent said they don't cover that many rentals. 

Transferring title won't lead to reassessment of property taxes?

@Nick Belsky

Perfect, thank you! My subject property is a REO and not a primary. So, they are correct.

May be I can convert my primary to a rental and go for a primary conventional mortgage.

Thanks for your reply.

It is not having 10 Conventional loans with the same lender. I have 9 conventional loans and 1 primary residence loan.

I thought I can get one more conventional loan for investment but they said you reached the Fannie Mae cap of 10 loans.

My credit union says I can have only 10 financed properties including the primary residence. Is that correct? 
I thought it can be 10 + primary residence mortgage.

 Sorry for the delay in responding to this.

Here are the details from the post "https://www.biggerpockets.com/..."

"If you have a vehicle paid off, that’s great. Not only do you not have a car payment, but you also have a lendable vehicle that you can use to purchase property. This might be the least-known way of making a down payment.

Some banks will take the title of your paid-off car and use it as collateral or lend you the cash to make that down payment. With low interest rates these days, you might be able to get an interest rate lower than what your property might be getting.

Whether you are using your vehicle for collateral or getting cash out for it, just remember that your property needs to cover this added expense. After, you might run the numbers and conclude that everything works out—but did you remember to add your new car payment into the equation?"

 Awesome! What is the interest rate and for how many years did you get it?

I had a leased car for 3 years and bought the car at the end of the lease recently. Now I am thinking of doing a cash out at 4 to 5%. I will be getting more than 100% of KBB value for 7 to 8 years. This along with my other reserves should help my down payment. Has anyone tried this ?

I thought it's better a deal when compared to personal loan or credit card. Instead of paying a lease, I will pay this loan now.

Thank you! I have a shortage of some funds for down-payment and this is only for an year and I can manage after that. At the same time I need this car and no one will lend money at this rate even if it is a personal loan. I can tap up to $25K at 5% or less for a period of 7 to 8 years so my monthly payment will be very less.