All Forum Posts by: Maria Vogel

@Account Closed your help has been AMAZING! Thank you for all the advice! 

Thank you @Nik Popoola! I'll look at it! 

The nice thing about having student loan debt is that if its federal loans you can always file for a hardship if you lose your job or get sick etc and your payments will be deferred, you won't find that with other loans. If you refinance your student loans you lose that. I am in the same boat and am investing money rather than pay off student loans. I am looking into some jobs that offer student loan repayment too. Last year I wasn't making a lot and it was very easy to have them defer payments for 1 year. I was surprised how easy. That's a nice "fall back" if you're thinking in terms of risk.

I am just learning and reading about a portfolio loan and getting investors with a portfolio. Can you expand on what a portfolio loan is and how to put together a portfolio? Do I compile the properties I own, expenses and income? 

Are banks typically lending based off your portfolio or private investors? I currently own 4 rental homes. 3 of them make a good profit. I am hoping to buy more rentals an possibly start doing some flips. 

I have about $50k from a HELOC I can use and about $30k in unsecured personal loan that I can use but its 14% interest. I'm trying to decide what type of financing and if I can find a partner or investor to help front some of the down payment and rehab costs.

I'm very interested in learning about this also. What does a portfolio involve? 

I was able to get a HELOC on a rental home that I owned clear and free. I could get 70% LTV on it. I used a local bank. I do have good rental income and regular income from my job but my Debt to income ratio is high due to the mortgages and student loans. I had no difficulty getting the HELOC though.

James, Thank you so much for the informative post. I am ecstatic with the amount of informative responses I have gotten already. 

I have a few questions. Usually when I find a good deal it doesn't last long. Either an auction, foreclosure or its just come on the market and things move fast. I am working on my real estate license now, which might help me to find things before they are gone. But when I do find a deal, I need to be able to put in an offer immediately or have cash in hand. My last house I purchased had 7 showings the day I saw it and I had to put in the offer that night. Most auctions or foreclosures want cash in hand. So, my question is. How do you present a deal to an investor prior to having a house in mind? How do you obtain financing/investing without having a property? 

Do you suggest creating hypothetical situation and getting pre-approved for the investment money similar to a bank? 

This is the part I am confused about, its a cycle-I can't look for good deals until I have financing, I can't act on good deals without financing. 

I am able to get regular loans through the bank without any difficulty, (great credit, great income etc.) the problem is I need the 20% down and money for rehab. I have been pulling HELOCs out of my previous houses or refinancing and pulling cash out for a down payment on the next but I'm concerned with HELOC's having variable interest I could get myself into trouble if the rates go up. Also, if I want to buy anything more expensive I won't have enough cash.

My last rental I purchased I could have easily flipped. It was $133k, I put about $5 into it, redid the bathroom and flooring-cosmetics. I easily could have resold it for about $150k-160k. I currently make about $600/mo in rental profit from it and had people banging down my door for rentals so I just kept it and rent it out. I did put 20% down so I could possibly pull that out by refinancing. 

I just need to get through this first hurdle of finding investors and I think I'll be good. I have quite a bit of history of remodeling and improving homes. I've done 3-4 complete remodels. 

Thanks again for all your help and advice. 

I have remodeled and rented out a few houses. I am thinking of doing a flip and am interested in multi family rentals also. But they all require more cash than what I have. I have a little to work with but not enough. I noticed the bridge financing is often high interest. How long is a reasonable amount of time to expect to hold the loan? Any tips for me? 

Also, I have seen a lot on "wholesaling" How do you find a wholesaler? I am still trying to figure out what it means. Is a wholesaler someone who fronts you money and you pay them back when the house sells with a profit? I need to find a partner or investor to help with the up-front cash but I am unsure where to find one. 

Thanks! I'm excited to learn from you all! 

How about showing up for listing that clearly says "NON SMOKING" and then standing on the porch when you arrive asking the the landlord to "wait a minute" while you finish your cigarette.  

Hello, 

I currently own 4 rental homes. I have bought and remodeled multiple homes. Selling some and renting others. So far, I have taken out HELOCs on my current houses to use as a down payment on the next home. I would like to explore some flips and maybe some multifamily homes. I am also working on my real estate license. I am mostly interested in Lenders who will lend for rehab and down payment. I have great credit and have never had trouble getting financing. Its the cash up front that is getting tough to get. 

I live in Kalispell, MT