All Forum Posts by: ROBERT Richards

@Jayden Boysun

I would get what I already own producing as much PCF as possible and go do it again. So the question is what would it cost to finish the basement and the max rent you can charge. Do the numbers work, if they do theres your answer.

12 total

I actually have 3 mortgages now and I am looking for my 4th house hack. My business partner and mentor explained this challenge to me that she is stuck because of the number of mortgages she has and the bank does not want to give her another mortgage. I can not believe that has to be a no. That is why I posted the forum question. Our ultimate plan would be to combine both of our business. So my mentors problem is also my problem. I was hoping someone could advise me of another lender that did not care as long as you can afford it. I will correct my profile.

Thank You

I was writing to ask your advice. I sold one home this year and i am trying to releive some of that tax burden by buying a 4 plex with less than 90 days to go. I am being told i have too many mortgages, 12. I have a great FICO score and plenty of reserves. Where can i go to get a mortgage. Any ideas would be great. I can't be the only one with this kind of problem. I was thinking i should find a FISBO or go commercial. What would you do.

I would consider myself still a newbie in Real Estate investing. I have a rental property that brings in $250 per month. The house I live in, I was able to get a modification. Now my mortgage payment is $326 PITI-H. I can rent my primary for $1025 giving me almost $700 in rental income. Both of these homes are manufactured homes with the land. I was able to get a FHA pre-qual for $200k. I found a manufactured home with the land in my community for $85k no HVAC only swap cooler. Total cost of repairs under 10k and the house will be worth about $115k. I went and got another pre-qual letter for $150k specifically for older manufactured homes. My plan is to move out of my primary, rent it out, find a 3rd property that I can move into fix and within 6mos. rent out and find another property. This would give me in 6 months, 3 rentals and a primary residence. This is my plan so far with the goal that within a couple years I could manage my property and not have to work the crazy job I have now. I should also add that my mother own 17 rentals in our community. I'm being taught slow and steady. My credit is getting better, I have a job that pays well, and I have about 20k cash to work with. My primary has about $80k in equity, thank you remodification. Slow and steady, I'm not sure about. Am I better to stay on the course I'm on or pull out my equity and use that to invest? I've been reading BP for a while now and I am a pro member. I don't think my situation is unique but I am getting advice from a successful person, who only invests one way. I wanted to reach out and see if someone has a better idea. I feel like I am at a cross roads. If I do what I'm being guided to do then I will be a landlord making a minimum of $200 per month on my rentals so if I want $2k per month to live I would need 10 rentals.