All Forum Posts by: Sean Kelley

@Caroline Gerardo yes I am on the title still, but curious why you ask. We do live in WA state which is a community property state. I have plenty of savings to invest and great credit but ideally would like to stick with residential loans since the rate is better... commercial loans are definitely an option though. Sounds like my wife and I may have to put initial properties in her name since I'm not currently planning to return to a W2 job anytime soon. 

@Brian G. thanks, this is helpful. That's the route we are going.

Hi All-

I'm looking for some advice on refinancing. My wife and I both own two homes, our primary and a rental home we used to live in.

I left my job earlier this year and have a large chunk of savings I intend to use for real estate investing, looking to start doing it full time. My wife is still working full time. In the meantime we want to be taking advantage of the great rates for existing mortgages. 

We just recently refinanced our primary home and were advised to only put my wife on the loan (since she is the one currently employed and by adding myself we weren't gaining anything.)

Now we are looking at refinancing our rental property. Does it also make sense to have my wife be the only one on the loan?

Since these home loans are typically based on debt-to-income and I am not currently employed, I'm not sure the best course of action. It would definitely free up debt if just my wife was on the refinance loan (we are both currently on the rental property loan) but I'm not sure how this will affect us in the future. 

For example if in a few months I find some good properties I want to invest in... Would it be better for myself to have no mortgages and just have them in my wife's name? We are open to having one or both of us on current and future mortgages, just not sure the best way to do this.

Thanks for any advice and thoughts.

Hi All-

I'm looking at multifamily and apartment buildings and wondering at what point would a commercial loan be "accepted." What I mean is, when it's a commercial loan the bank is looking more at the property and income generated from that and a little less at the personal income because it's seen as a business. 

For example, would a quadplex qualify as a commercial loan? Is there a certain number of apartments that would have to be on the property to be qualify as a commercial loan? 10? 20? 

Thanks for any advice!
-Sean

Thank you Paul, that's super helpful! Much appreciated.

Hi All-

I'm a newbie and learning as much as I can about the BRRRR method. I live in the Seattle area but am exploring options in the midwest and south to invest in. Thanks for such a great community to learn from!

I'm wondering what people's experience is with the cash out refinance. I've read that at some point the banks make stop letting you refinance your properties...

• Has that happened to any of you? 
• How many properties have you been able to cash out refinance before banks are giving you a hard time about it? 
• What strategies did you apply if this happened to you? 

Appreciate any insights you can provide for me with your experiences.

Cheers
-Sean

@Tony Robinson congrats Tony! Well done sir and thanks for sharing.

One question about your refinance I was hoping you could answer...

You got a 100k loan for the mortgage and 55k for construction. When finished and rented, it got appraised for 235k. So for your cash out refinance, what size loan did you take out? 100k + 55k = 155k loan? That would leave you with 80k of equity in the property and a renter, am I right?

Thanks and congrats again.