All Forum Posts by: Leslie Fitch

Did you ever get any help with the development you were thinking of doing? What state are you in?

We are about to finish up on a rehab here in Buckeye Lake, Ohio and are excited to turn it into an Air B&B home. My current insurance company cant write on them yet. She referred me to a company in Westerville (Berkshire Hathaway ) who can but they want almost 3 times what my normal insurance would be for a rental. I understand its more traffic but does this seem normal?   

Thanks Joel, Yes, we have used First Federal and Bremen bank because they do not have to follow those guidelines. They are the ones who said I need to slow down and let the investments season longer. 

Our PITI is good. We ascrow them ourselves into another account each month.

Sure Aaron, They are all in both our names as commercial loans. I think anything here in Ohio that is not your primary home or is a rental is a commercial loan @ 20 yr and around 5.5%-6%. We don't usually have a seasoning period.

You are right! The taxes are not helping. We will c her in March and have this discussion for sure. I guess I was so distraught when I made my post I was rambling on and on. I realized later that, my bank said we are at 50% and need to be at 43%. My bad. I will ask if she wrote the depreciation back in? Thanks

That sounds great! Im in Columbus Ohio and will ask around. Thanks

I need to correct myself. We have a total of 5 mortgage's with one being an 8 unit. Two others paid off. Plus our personal home.  My husband said I made it sound worse than it really was that way.

Hi Everyone!  

We have been investing for 7 -8 years now and the banks r now saying we are at a 43% debt ratio. I've always used the smaller banks but I NOW NEED a great bank not a hard money lender. We have great liquid in the bank and over 700 credit scores, never ever late on anything but it doesn't seem to matter. We paid cash for 2 properties now and when it comes time to refi out the banks are saying our debt ration is not good. We have 16 rentals with 12 mortgages between 2 banks all bringing in great cash flow. Between 170-500 each!  Both banks apologetically r now out? I cant help I have a goddess for a tax accountant. What do I do!   We have just got to a financial position we worked so hard for in the flips to be able to pay cash for these homes and we are now stuck.  We need to rent them for retirement. I don't want to sell, although we could make 30k each NO! I WANT TO BRRRR Brandon! 

Please & Thank you for your advise