All Forum Posts by: Michael Smith

@Franklin Romine for some reason I never saw your most recent comment, sorry that it took so long for me to look at this again! I am 100% sure that Fannie and Freddie will count a loan in the number of financed properties if you are personally liable on the note, even if the home is owned by an entity. If you signed the note as a borrower, it counts. I read this directly in Fannie and Freddie selling guides when I was working in the mortgage business (I am now a Realtor, I was a Lender when I wrote this post originally)

Hi @Brelyn Pyles, I've been so busy that I haven't made it out to anything yet, but I hope to within the next few weeks. I'll let you know!

Hi Gary, I'm also in Greer and just got my RE license - I was in the mortgage business for the last 3 years and decided to switch over to this side of the business. Let me know if you're interested in any local networking!

Thanks everyone! I had to fly down to FL for a few days, but I'll be back up this weekend. Will take a look at these resources and get plugged in to something shortly. Starting the pre-licensing course this Monday for my real estate license :)

We just moved to Greenville, SC and I'm hoping to network with other investors. Are there any groups that meet regularly in the area? If not, would anyone else be interested in starting one with me?

@Christopher Schmidt , do you know of anything?

I highly recommend www.cozy.co - it is free for the landlord.

Hi @Miles Stanley, FNMA allows cash-out refi when you have up to 4 financed properties... After that, properties 5 through 10 you can only do a rate/term refi (meaning you can only pull out up to $2,000 in equity after paying off existing 1st lien). However, you may be able to find a portfolio lender who will do an unlimited number of cash-out refis... Just be prepared for a higher rate than a FNMA loan.

@Christopher Schmidt yes it does!

@Ryan Koehler not ready to jump into the syndication game. I have SFR experience but I want to get my feet wet in multifamily and learn on my own dime before risking other people's money.

@Brock Adams I spoke with a few larger nationwide lenders who would work with me if the numbers were bigger... And a few up in SC that would work with me if I lived up there. I'm finding it's tricky to get a small commercial loan out-of-state.

@Ian Elstrom welcome to BP! This site is bursting at the seams with incredibly helpful tools, and knowledge. We're glad to have you!

Thanks @Joel Owens - I'll give Arbor a call. I'm personally not a fan of partnerships, just not my cup of tea.