All Forum Posts by: Patrick Thomas Dickinson

I have 200000k for a down payment and the ability to get around another   400000k in lending from a lender 

I own 2 single family homes, 1 in California and one in Texas there both newer and knock on wood don’t give me to many problems. I live in California. 

Im just wondering what would your next purchase be if you had my finances. I want to scale faster so I’m thinking out of state multifamily but any opinions would be appreciated. 

@Mike Malyy Who did you use as a lender

@Jeff Webster good suggestion but a house hack is probably not In my future. Although I do like a 3 1/2% down I don’t think I’m quite willing to live with someone next-door right now

@Grant Schroeder

I currently rent a place so using my primary house is not an option because I dont have a primary house, I rent 

I own two rentals one in California and One in Texas, the California property which is currently a rental has 300000+ in equity its loan terms are favorable because when I refinanced it the last time I was living in it and it was considered owner occupied, so my rate for a 20 year fixed is 3.125. The Texas home was newly acquired so there not much to pull from there in regards to equity. 

Im on the fence between cash out vs heloc, to me a cash out seems like the better move, mostly because rates could change before I could pay the heloc off. At least with a Cash Out Im locked in. I could also adjust me rate from 20 to a 30 year and probably still keep a similar monthly payment or maybe even less. Havent crunched the numbers yet in a mortgage calculator. Any thoughts.? 

Okay here's my financial story in a nutshell. I am trying to scale quicker as most of us are. 

I own 2 rentals and I'm trying to buy another one. 

Spoke with my lender the other day he said my DTI was 2 percent. My income is high I have no debt and the 75 % percent lenders are using from my rental incomes offsets my Mortgage( PITI) payments. I guess that's why my DTI is so low. Yes I know it can go up to 46 % or something like that. Take home message is that Ill have no problem getting the lending for the loan. MY PROBLEM IS THE ADDITIONAL 20 PLUS PERCENT DOWN PAYMENTS THAT IS REQUIRED. SO my goal here is to give you a better picture of my financial situation so that maybe I can get some creative opinions as to what you would do to come up with the down payment quickly.

California Home market value 620,000 I owe 244,000 = my concerns if I do a ( heloc) rates could change in the future because of our current economic climate vs cash out refi ( my concerns my rate will go up because my current rate is 3.25 % which I got obtained when I lived in the house as a primary residence. Now it is a rental so I'm thinking if I refinanced I would get a worse rate than what I have. Does anyone think I could get a similar rate to what I have now with cash out refinance (for a non owner occupied rental property.) I Guess I should probably call a lender on that one. If I can get a comparable rate it would seem like this is the best route for me which would allow me to do a cash out of about 300,000 ( 80 %) of my built equity from my understanding. 

Texas Property Market Value 205,000 I owe 144,000  just purchased last month not enough equity for heloc or cash out yet as far as I know. 

I have ROTH IRA accounts that I could pull 10000k tax free from tomorrow if I chose to

I have 30000K in savings roughly 

My current rentals together cash flow together gives me $1250/month ( this would take to long for me to build up more money in my opinion) 

I also have the ability to augment  my income at work through overtime 

I also have enough in retirement accounts to cover the 6 month PITI reserve requirements that lenders require for probably at least more 8 homes

Hi everybody, my current tenants gave me a months notice yesterday stating that they will be vacating by October 6th, 2021.  It is written in my lease that I can show the house to prospective tenants if needed. I am in California any idea on how much notice to give my current tenants before showing the house, I believe its 24 hours. I am thinking I might just schedule a couple days of open house and have people come during there scheduled time slots. Any thoughts people. 

I agree guys thanks for the information and input 

My situation:

-I live in California and I am closing on a property that will be available for rent effective sept 1st.

- This property is in Conroe Texas

- My plan is to market the rental myself on zillow, hotpads, realtor.com, trulia etc

- From what I understand rental demand is high in the area due to housing shortages.

- I am planning on establishing an interest list of prospective tenants and then flying and out to Texas to do a weekend long open house as well as inviting people to apply on zillow rental manager as well.

Im just wondering how you other bigger pockets members would juggle this situation being that I want to place a tenant myself and not go through my realtor to place a tenant. ?

I feel like a lot of people would be reluctant to pay and fill out an application without first seeing the house. Any thoughts or suggestions.?

My situation: 

-I live in California and I am closing on a property that will be available for rent effective sept 1st. 

- This property is in Conroe Texas

- My plan is to market the rental myself on zillow, hotpads, realtor.com, trulia etc 

- From what I understand rental demand is high in the area due to housing shortages. 

- I am planning on establishing an interest list of prospective tenants and then flying and out to Texas to do a weekend long open house as well as inviting people to apply on zillow rental manager as well.  

Im just wondering how you other bigger pockets members would juggle this situation being that I want to place a tenant myself and not go through my realtor to place a tenant. ?

I feel like a lot of people would be reluctant to pay and fill out an application without first seeing the house. Any thoughts or suggestions.?

I am closing at the end of the month in the Crockett reserve community. House is a 3/2
I will be looking for a tenant to place starting sept 1 , rent will be 1500 to 1600 per month so I was just wondering how the rental market is out there right @Lauren Cutchen