All Forum Posts by: Paige Seeley

@Jay Hurst even with 20% down, what non conventional options are you talking about?

@Jaycee Greene the property is in NC. The property rents for about $4K/month total. Purchase price will be around $400-450K. We both have good credit but my lender made it seem like there was no getting around putting less than 25% down on an investment property. So I’m trying to come up with a game plan 

I have an opportunity to purchase a triplex with a partner. The triplex is occupied and currently bringing in positive cash flow. Since it’s an investment property, my lender told me we would need to put down 25%. My partner and I don’t necessarily want to part with that much of our funds. If you wanted to fund a portion of the down payment would you suggest a hard money lender, personal loan, etc.?

I’m also fairly new to investing and this would be the biggest property that I have the opportunity of purchasing so all suggestions are welcome!

@Greg Kasmer would you still call the rental company even with that much time passed since renting?

I received an application through Zillow of a potential tenant for my first rental property. The applicant completed the credit and background check through Zillow. The background check didn't show anything concerning but the credit check showed a credit score of 523. Her income is 3x the monthly rent. I sent the applicant an additional form to fill out for more information. She stated that she owns a home but recently gave it to her children and grandchildren to live in with her most recent rental history claiming to be from 2017-2018. She did provide me with the property management company she rented from though. 

Does anyone have any thoughts on this applicant or any recommendations for me?

I'm closing on my first investment property this week! Since this is all new to me, I'm looking for some advice and I had some questions about self-managing the property. 

1. Would you recommend periodic check-ins at the property to assess for upkeep and potential maintenance issues? if so, how often if the tenant has a year lease?

2. Best way to handle maintenance requests from tenants

3. Since I'm only at 1 property right now, bookkeeping should be fairly simple. But any recommendations on a system? 

4. Best way for collecting rent, security deposit, etc. with 1 property. I was thinking of offering Zelle, Venmo, cashier's checks as options- I want to try the inevitable situation of having a personal check bounce.

5. what platform would be recommended for a lease generator? I know bigger pockets offers their own but wasn't sure if anyone had any experience with using those documents and if it's worth the money?

6. I thought about offering a credit towards the utilities and having the tenant cover whatever the remaining monthly utility bill would be as an incentive to hopefully rent this property faster, any thoughts or recommendations on this?

Thanks everyone! 

I'm in the process of purchasing my first investment property. Is it better to do a smaller down payment compared to 20% to save on interest rates and then take a lump sum to recast the mortgage? Any thoughts or tips on recasting would be appreciated!

Hey everyone!

I'm starting my journey in real estate investing and interested in purchasing my first small 2–4 unit multi-family home. I'm working as a travel nurse and have run into some issues with getting approved for a mortgage high enough to make this type of purchase in my area. I have found that working with lenders and getting appropriate approval with travel nurse income has been difficult since a part of the income is tax exempt so it doesn't show on w2s. I'm hoping there's someone in this community that might have some insight and experience with this situation. I'm open to all suggestions and looking forward to hearing from you guys!