All Forum Posts by: Kyle Schlosser

@Dennis M. Someone who comes out swinging over “knowing their rights” is, to me, the mark of a professional landlord and property abuser.

@Alyssa Kroeker Thankfully, 825 credit and and income of 12x the rent are what is required to rent that particular unit 😉

@Matthew John Are you buying in the Detroit area or long distance?

@Mandi Martinez When we built our last house, we used a SW color that I thought would be blue-gray. Nope, turned out crazy robin’s egg blue. I actually asked the builder if it was just primer... I will say, the interior was fantastic, great finishes, etc... but it went into contract in 3 days, in a development that still had plenty of lots, in November, in Central Ohio.

By chance, today, I drove past a (what looks like a 4-plex) in a fantastic area in Louisville. Giant yellow sign on the front: Notice of Intention to Demolish. I was surprised, to say the least. It looked to be all brick and it‘s in a bustling area packed with shopping in Jefferson County, KY. While there are always exceptions to every rule, if a property gets to this state, is it typically too far gone?

@Thomas Bender There is a potential that it could trigger a “due on sale clause” if the ownership is transferred...even if just from you as the individual to an LLC.

@Michael Seeker That was extremely clear and it seems your assessment was spot on. I believe I was consistently getting commercial people despite being clear about my newness, number of units desired, etc. I’m. Now being more diligent about it as I speak with lenders and even attempting to re-clarify when they say “commercial.” Thank you for the great details. Are you Louisville or Memphis based?

Applies to non-owner occupied properties. Thank you to all for the feedback!

So I went back to one of the 20 year am banks via email and simply asked the following: “Under what scenarios do you offer 30 year am products for investment real estate...even if just a 2-4 unit property?” The tune changed entirely. He said they offer 30 year am products and said he would have to pull in his mortgage partner on it. I’ll again reconfirm that this applies to non-owner-occupied property and report back.!I’m a bit shocked that this didn’t come out earlier when I asked, face to face, if they had any 30 year products, but progress nonetheless.

@Priya Thomas Great advice. I really appreciate it. I will. Thank you.