All Forum Posts by: Dean Miller

@Dan Mahoney thanks for the offer but we have already found an attorney. 

I'm looking for a referral of a local attorney on the north or northeast side of Atlanta that specializes in asset protection and estate planning.  If anyone has worked with an attorney that meets these qualifications I would be interested in obtaining there contact information.

@Travis Kurtz I would like to suggest another method to fiance your first rental property. If you have sufficient equity in your primary home you could take out a home equity line of credit and use the cash from the HELOC to finance your rental property.

The advantage of this method over doing a cash out refinance is lower closing costs, you will maintain your current position on your amortization schedule for your primary home, and the cost of holding cash will be less since you will not have to pay interest on your cash while you're waiting to buy your property.  

After you buy your rental property let it season for 6 months then do a cash-out-refinance on the rental property then use the cash from the refi to pay off the HELOC.

@Josh Carr Thanks for the advise.  As part of my investing strategy I also plan to market to these homeowners pre and post sale using direct mail, cold calling and door knocking.  Right now I'm in the educating mode and learning everything I can about Tax Deed investing before jumping in.    

@Roy Oliphant I'm interested in buying 3/2 & 4/3 SFH requiring $25k - $40k in rehab to hold as long term rentals. Gwinnett is quite competitive right now so I plan on focusing my efforts in the more rural counties. I will also be marketing to these home owners post sale.

I'm in the process of expanding my REI education in the areas of Tax Deed and Tax Lien investing and I'm looking for some good education sources out there that will provide value that will set me up for success in this area of REI. The areas I'm investing in is in Georgia on the NE side of Atlanta in the counties of Gwinnett, Barrow, Walton, Hall and Jackson. If anyone here could provide any recommendations or point me in the right direction I would greatly appreciate it.

Thanks everyone for your input, advise and recommendations.  It looks like I'll have to make a few more calls to other banks in my area to find a bank that does not have an "overlay" policy. My back up plan is to transfer title into my wife's name, let it season for 6 months then cash-out refinance with my current bank, Fidelity.  She currently has no mortgages so we should be able to obtain four more mortgages under her name.  I did run this idea past Fidelity and they do not have a problem with this strategy but they do require it to season for 6 months after we transfer title.

I recently applied for a 30 yr conventional cash-out refinance on one of my rental properties that I own free and clear and was denied the loan.  The reason is I would have exceeded the bank's 4 investor loan maximum limit.  I've read that Fannie Mae has lifted their 4 loan limit and now allow up to 10 investor loans.  I've called around to several other banks I do business with and they still adhere to the 4 loan limit. I'm not sure why many of the banks have not raised the limit. I was wondering if anyone knows of any investor friendly banks located on the northeast side of Atlanta or Gwinnett County that will do up to 10 conventional investor loans.

Thanks Marco for the information.

After a day of door knocking I just placed a pre-foreclosure townhouse under contract as a Sub 2 purchase.  I've purchased SF homes in the past as part of my rental portfolio but have never purchased a townhouse.  My question is what king of due diligence should I be doing thats different from a SF home purchase? 

The following are some items I came up with so far:

1. Rental restrictions.
2. Number of rentals allowed and current number of rentals.
3. Does the property qualify for FHA financing.
4. Financial statement of HOA.
5. Meeting minutes of HOA.
6.  ???
7. ???
8. ???

I'm sure there are more so any advise would be greatly appreciated.  I have multiple exit strategies that include flipping, sell under a lease purchase option or sell using seller financing with a wrap-around mortgage.