All Forum Posts by: Sarah Brown

What are your goals with your investment property?  Are they long term or short term?  If long term, don't look at the short term market changes to make your purchase.  You need to consider the long term outlook.  Run your numbers and if it works, it works.  As an agent and investor I am still looking at properties. 

You're going to need to talk to a few lenders and find which ones will actually do HELOC on an investment property. Many won't. Once you find someone willing to work with you, as long as you are doing investment loans and you qualify, you can theoretically buy as many as you want. There is no limit to the number of mortgages you can get in a year as long as you have the income to back it. Keep in mind your first year, rents will likely not be considered income and the mortgage payments will go towards your DTI.

What level of service are you wanting from your software?  Cozy.co is free, but you'll likely be utilizing other spreadsheets to keep track fo things.  RentecDirect is inexpensive and will do a better job of keep track for you. Both give tenants option to pay online. 

Hmm you post an inserting question. It's been my experience lenders generally don't like to loan to LLC's unless you are doing a commercial loan. I have always borrowed in my name and then QC to my LLC. It'll be interesting to see what others have to say about this.

Loan it out to other investors 

Comes down to cashflow. Which will cashflow better? A lot of townhomes have high HOA dues, which makes it harder to cash flow it without putting more down. Some CC&R's for townhomes (at least my area) have a limit how many units can be rentals in the complex. How much will you put down in each scenario?

Nope.  None of my tenants know where I live.  If they can't pay their rent online, then they pay it to a PO Box.  If we need to meet, it's at the property.  I would never allow them to know where I live.  I also would never hire one to be my handyman, even if they are qualified. 

It will depend on your area.  Keep in mind that air BNB can be more volatile and that should play a factor.  You will have high months and low months.  Just renting it, the income remains consistent. 

The dwelling won't match the purchase price of your property because part of that purchase was land.  The idea is to cover enough to rebuild the dwelling.  

I would recommend finding a good insurance agent that you trust to protect you.  There are many things that can go wrong in owning and managing a rental.  Find an agent that is experienced in this arena.  As you grow, this will become extremely important. 

You need your HUD statement. It shows all fees paid. Title should have a copy.