All Forum Posts by: Kyle Myers

I'm looking for recommendations on which banks to start with for conventional mortgage quotes. I'll be putting 20-25% down and borrowing about $60k on a non-owner occupied, out of state, REI.

Any recommendations for property managers in Hot Springs, Arkansas?

@Aaron Moore sorry I should've stressed we are moving out of town in the next year no matter what, so the question is sell or rent this one. Also, we wouldn't buy an investment property in Colorado Springs with the cash if we sold the home, and couldn't use the VA loan unless we were going to live in it. We'd look for a market with a better ratio for a buy and hold property and use the $40k as a down payment on a conventional mortgage as an alternative to renting this one.

New to REI. Although we have purchased two houses, they were ones we lived in so we didn't do a great job looking for good investment properties. We now live in one and rent out one, but have a slightly negative cash flow. We are really motivated to dive head into REI with our extra income and current savings, but want to ensure we are fully educated first. This site has been great so far.

Our house is in a very desirable location in Manitou Springs, outside of Colorado Springs. We put in about $35k in upgrades in the house over the last 4 years and should be able to sell it, making $40k after what we still owe and realtor fees. The other options is to rent with a $200-300 cash flow. Because of the VA mortgage we didn't have to put any money down. Overall property value about $400k and expected rent $2300-$2500.

What are the big considerations when deciding to keep the home as an investment, or selling it?

My gut feeling is the $40k could go as a downpayment in a much more profitable property. 

We're looking at getting start with REI in a non owner-occupied SFH (DTI 27% and FICO 775+ for both my spouse and I). What's the lowest reasonable down payment we can expect to have to come up with on a conventional loan? Would this lead to a PMI included for the life of the loan? Is a conventional loan the even the best means of financing in this case? (more info: We don't have kids, have high job security, and don't have any healthcare costs...I don't know if a lender would even look at those things)

I'm looking at possibly purchasing raw land in a popular vacation spot and putting a "tiny house" or building a small cabin for a short-term/vacation rental.  Does anyone have any experience with this type of investment? I'm new to all types of short-term/vacation rental strategies so all tips are helpful.