All Forum Posts by: Michael Nguyen

Thanks Melvin for your response. If I can't get funded without proof of income, what would your suggestion be in order for me to qualify? Would I need to refi with another HML then?

For my first property, I used HML. The loan will season in one year. I have started talking to lenders, and my goal is to refi into a conventional 30 yr fixed, as I have excellent credit, but the problem for me is that I have no proof of income and little cash reserve.

Once I am able to refi, I will use a HELOC to help with the purchase of my next property.

If I am unable to refi, I will sell and use HML or private money to buy another house.

Hello BP!

Has anyone ever been approved for a business line of credit from Kabbage?  If so, what was the qualifying process like?  What was your interest rate and fees?

I have read a lot of mixed reviews about them on the net!  Hence, I am asking here for anyone's actual experience with them.  Please don't reiterate their sales pith I've read it!

Also, if you have any experience with business lines of credit from other companies, please do share.

Any and all responses will be greatly appreciated!  Thanks!

Where my rental property is at, the utility bills has to be in the name of whoever is on the deed, which is me!  In which case I just forward the bills to the tenants.  This is all agreed upon in the lease of course!

Thanks Ruth!  I will check out your article, and thank you all for the input!  I will be sure to obtain professional advice before doing anything!

Dmitriy,

thanks for your thorough answer. The property I'm referring to is a single family rental, have been renting it for a couple of years now! Would that qualify then? Would I be able to refi under the LLC in the SDIRA?

Thanks David!  I will look into Advanta.  There are so many out there, I'll just have to sift through them all to see which ones are a good fit for me.  

Chris, thank you for the quick answer!

Hello all,

My name is Michael, and I am totally new to real estate investing. Although, I do own one rental property in CA.

My long term goal is to acquire more rental properties and flipping houses. I have never flipped a house before, have no clue how to start, and quite fearful of taking that first step!  Anyhow, that is something I must push myself to overcome!

After months of reading up and learning everything I can about real estate investing, I have decided to open a sel-directed IRA to start my REI Venture. I am curious as to whether I can use the self-directed IRA to buy my own house?

Any feedback, opinions, or guidance would be greatly appreciated!