All Forum Posts by: Robert Portal

Hello Naveen, 

Welcome to BP! You'll find a ton of resources here and lot of people to network with. 

I also bought my first home at 32 and haven't looked back since. Just gotta keep building from there. 

I'm currently in IN and OK for my long term rentals. They've been pretty good so far! 

Welcome to BP Cameron! Lots of great resources available here. 

That does depend on a few things. Is it a SFR or multi? Loan amount? LTV? What's the estimated FICO? Have long have you owned it? Do you own any other properties?

I ask because some programs are actually pricing less than conventional and some over. So it does truly depend. I'm happy to connect and provide a rough quote based on your criteria so you have an idea.  

Can you check with your county regarding the tax assessment?

Lowest I've seen in a portfolio loan if 6.5% with a buydown. I understand that you're resetting the mortgage but you can always put more towards the principal if able to. You would have to consider the costs of doing this as opposed to changing your occupancy strategy (STR, MTR).

Good luck!

Welcome Bryan! Glad to have you here!

The main things that you need to keep in mind are seasoning and status of the home. Conventional guidelines will ask you to have owned the home for 12 months before you can do a cash out refinance. Additionally, you have to qualify by submitting all your documentation (tax returns, W2s or 1099, paystubs). The new debt will also be accounted against your DTI. Lastly, the home needs to be rent ready so it can pass appraisal (cannot be under construction). Other than that, the timeline should be give or take 30 days.

Another route you can look into, is refinancing into a DSCR loan. This loan will qualify the property itself, without the need of all your personal documents (as mentioned above). Just have to make sure the rent can cover the mortgage (this is where you assess rents in the area or ask your agent for rent comps). There are programs where they don't require seasoning and you can refinance as soon as you're done. The process can take between 30-40 days.

Always consult with a CPA. You can start by reporting it on your Schedule E but you will be subject to taxes. However, you will be able to count as income in the future. 

Welcome Christopher! 

I'm from CA as well and I actually started by investing out of state (IN and OK). Pricing just made sense for me at the time. But I made sure to establish my team first before I decided to put offers out. The first one can be overwhelming but it gets easier from there. 

Good luck in your journey and feel free to reach out as I'm happy to share my personal experience. 

Hello Saulo, 

I have two STRs and the main things my cleaners do - 

Reliability - they live close to where I operate so that's always a plus 

Availability - I do constantly update the calendar so they know well in advance of turnovers

Pictures - they always send pictures after they're done in the event we have a discrepancy with a guest (it will happen)

Additionals - if I ran out of something, they will get it an add it to the invoice. This way, I don't have to scramble to replace it right away

Referrals - she was recommended by my spa person but also provided me with a couple of referrals. 

Hope this helps and best of luck to you in your venture. 

Hey Zac! 

Hope Ann Arbor is treating you well! 

Deciding what to invest in can definitely be overlwhelming since there's so many roads for real estate. I started with LTR and moved to STRs and now considering apartment complexes. 

Developers can be a great asset to have and I'm sure they would appreciate what you're trying to do. 

I'd suggest looking for local FB groups (search Ann Arbor real estate and/or related keyworkds) or even Meetup.com is a great networking site for related topics. 

Best of luck to you in your journey!