All Forum Posts by: Richard Audet

Thanks Jaycee! I appreciate the information!

We will be keeping all of the 3 properties and self managing. 

I will be acquiring a loan to purchase a single family residence in South Carolina. The property records show the parcel having 3 lots from many years back. We contacted the county and were told we would just have to update the survey and we would be able to split the parcel into 3 lots. This property is currently owned by my private investor and we will shortly be cashing him out. The existing house on the property is being rented as an STR. One of the lots would be built on and also used as a STR. The last lot would be built on and used as our primary residence. My questions are, how should I structure the loan if I am going to subdivide the property shortly after the purchase? Would I be more than likely applying for a commercial loan or a residential loan? Would I have to refinance after the splits?

Rich Audet

Hey guys and gals, I'm trying to refi my personal residence and I am self employed. I would like to know if you have a bank that you could suggest that works with self employed borrowers to make the process easier. Please send a reply if you can help. Thanks!

Rich 

Thank you Kathy! I like your idea about having a sit down with the tenants. I will have to find out their rent to income ratio. I would hate to have to start an eviction right after acquiring the property.

Rich

I will be closing this month on a four family rental. Three of tenants are current. One tenant is always behind. Can anyone give advice on how to handle? Thanks!

Hello Chris! I am a contractor in CT and have just started my investing journey.  I will be attending the meet up in Pawtucket on 10/22. I am looking forward to meeting you all!

Rich Audet

Thanks for all of the suggestions! Going to 5 local banks this week.

Thanks for all of the suggestions! Going to 5 local banks this week.

Gotcha!