All Forum Posts by: Robert Portal

Congrats on your current escrow! And that's a great rate currently. To give you an idea, my last duplex bought last year came with a 8.875% rate! But I'm still cash flowing and I hope you do as well. As soon as my 1 year PPP is up then I'll refinance. 

The LLC is definitely a great tool to have though not entirely needed. I have worked with investors that have done both routes and it all depends on their own preferences.

Hope your closing goes smooth!

Unless you claim that income on your taxes then you cannot use it for additional source of income. If you bought the home yourself, with a higher rate at the time, and nothing else has changed (income, new debts, FICO drop) then you may be able to refinance just fine by yourself. Happy to provide a quick analysis. 

Hi J.C., you don't really need to fill out a 'formal' application to discuss your borrowing ability. I always discuss what you're trying to achieve before hand and, if it makes sense, will ask for supporting documentation for a formal pre-approval. We can even issue a TBD pre-approval without a subject property. Even more, I just rolled out with an investor program where I don't need to do a hard pull at all. Happy to discuss! 

What about partnering up with other people / entities? Would that allow you be able to leverages loans?

I'm surprised cost of insurance hasn't come up yet. Definitely becoming more of a factor that will squeeze margins. Other than that, not factoring in replacement costs, big ticket item expenses, and not having any reserves are some main ones that come up. 

Hey Chase! 

Welcome to BP and hope you find some answers for your journey. Deciding where to invest can definitely be overwhelming. I'm from CA and I decided to get started out of state (IN and OK) where pricing was more accessible. I did my due diligence in building a team first to make sure I got most of my bases covered. This may be an avenue for you to consider. Happy to chat further and share.