All Forum Posts by: Mitchlyn D.

The simple answer is Yes, you should be able to move out and rent that property. However, any underwriter would probably want you to answer some questions before approving you with another loan:

- What is your current Debt to Income ratio

- How long have you lived in your current home

- Can the rent pay for the mortgage 

- Are you planning on self managing or employing a Property Manager 

- Do you have enough money in reserves 

These are just some questions you would be asked if attempting to get another loan.

@John Underwood - OK, Makes sense! 

@John Underwood - How are you buying homes cash?  Just curious.  Are you raising capital or just doing BRRRS?

@Veronica Giggers - Use this site:  https://www.bankrate.com/mortg...

Once you land on the webpage, fill out the Home price section then 'click' on the Amortization tab.  You can then plug in the frequency amount of the additional payment(s) and the payoff date will adjust accordingly!  

@Timothy Burns - I use Turbo Tenant.com.  Honestly, there are tons out there but this one works fine for me.  It provides a Credit, Criminal Background check and if any evictions were filed against the potential candidate.  And it's free for the Landlord.  

The Tenant will have to pay Turbo Tenant to initiate the the Checks.

@Veronica Giggers - I use this site to plug in numbers when underwriting the amortized loans:  https://bretwhissel.net/cgi-bin/amortize

Be sure to 'click' on the Show Amortization Schedule checkbox after you enter your loan information.  

Let me know if you have any other questions.

@Timothy Burns - Ok, gotcha!  I'm not certain about the pros and cons of doing Sole Proprietorship.  What I do know; I was able to open multiple Business(s)(with LLCs) Checking accounts with Chase and I qualified(because I am a Military Veteran) for no minimum dollar amount required.  But each Bank is ideally different.  You just have to shop around and ask questions.  

Honestly, I called like 5 Banks before deciding on using Chase.  It really just depends on the Bank honestly.  

@Timothy Burns - Tell me some of the conflicting information you are receiving?

But I agree that you don't necessarily need one as of yet.  However, when you get ready to scale, then you can readjust!

@Timothy Burns - If you are intending on growing your portfolio then open a Business Bank Account.  I have a Business Checking Account(Chase) and also a savings account.  The savings account is what I provide to tenants so they can deposit money if they desire.  But it really what Banks are more commonly used in your AREA.

@Jake Peetz - Congrats!  What is the monthly cashflow looking like on this deal?