All Forum Posts by: Ronnetha Darrett

Called local credit unions about loans for rental properties. Two of them informed me they partner with MyCu Mortgage in Ohio for rental loans. Wondering if anyone has worked with this CU. My purpose of wanting to work with a credit union was for the local partnership/relationship and being able to deal with any possible issues face to face. Both local credit unions indicated that MyCu Mortgage will sell the loan to Fannie almost immediately. I knew that was a possibility, but really want that local relationship.

Any thoughts on MyCu in Ohio?

@Andrew Postell Just called several credit unions and asked your questions. They all stumbled and continued to say, “That is a really good question. I’ve never been asked that.”

Thanks for your guidance. I now know what lenders I shouldn’t work with.

@Daniel Weber Didn’t realize you possibly would have to pay the GC due to the bank being slow in payment. Seems to go against the basics of the loan.

@J Scott Thanks so much. Your book is next on my list.

@Aaron McGinnis Thanks so much!

I’m new to investing so this question may seem odd to those with experience or those that do their own rehab work. My goal is to occupy a home that needs rehabbing. One of my biggest worries about that is being available to the GC when he/she needs to discuss issues. I hold a full time job and cannot “drop things” to come by the house to look at different issues. I definitely will be able to come by during some lunch breaks and before and after work, of course.

Am I worried about nothing because this is not how things work anyway when/if issues come up? Am I watching too much HGTV that makes me think that a GC will call you and you must come within the hour to make a decision in order for the project to continue? Is this how GCs work?

Help me BP, I want to make sure I’m thinking about rehabs through the right lens. Give me feedback on what I should expect working a full time job and completing a future rehab with a GC.

@Martin Neal Thanks for sharing all this information. As someone who is not interested in BRRRR, but interested in rehabbing. I learned a lot by reading your post.

@Casey Hudler I definitely would read Brandon Turner’s books. A lot of good information and his personality drips through the pages.

@Matthew Porcaro Thanks! I will send a PM.

what feedback would you give on 203K or Fannie Mae Homestyle? I’m a believer in using other people’s mistakes to learn from, along with mine. 😉

I’m quite certain that I will be approaching a lender in the next few months about committing to either, but want someone’s real feedback on what they went through while utilizing this type of loan.

Did you have trouble getting your contract approved? Was the paperwork outlandish? Did it take you 90+ days to close?

Anything would be helpful.