All Forum Posts by: Sean N.

Thanks Wes, I gave him a call but since he was busy I left a message.  Haven't heard back anything yet.

Can anyone recommend a good company that can dig the hole, cut out the lower portion of the existing basement window and install an egress window?  I can do the patch and trim work inside myself.  The house is located in Grand Rapids, Mi (Kentwood to be exact).  

Thanks.

Thanks for the input.  Not that it helps me much but I'm sure it might help a few other readers.  I pulled the equity from my primary residence a year ago to purchase the rental house in cash and my 401k isn't large enough to get a loan to purchase another one.  I don't want to say that I'm stuck or hit a roadblock yet.  I know there are other ways to skin a cat since my plan is to buy 1 per year. 

Maybe I can find a wholesaler or flipper that would be willing to do a land contract.  I could put down 20k for some "skin in the game".

Hi Jon,

The house is currently rented out.  They've been there for about 6 years prior to when I bought it and I signed them on a 3 year lease.  She wouldn't count the rent income till I've been a landlord for 2 years and I'm only on 1 year and 2 months so far.

Quick recap:  I've been a member for awhile now but never get a chance to post due to a real 40+ hour job, rehabbing a condo for a family member and managing my own rental.

What I have so far:  1 rental house in Wyoming (clear title) worth 55 - 60k.  I've owned this house for 1 year and 2 months so far and ready to tackle another.

Goal:  Needing help and creative financing to obtain a 2nd house.  I've talked to a couple local banks to pull equity out of the rental house but they said my debt to income ratio is right at the edge and even though I could pull about 70% of it's value that would take care of a down payment but I wouldn't be able to get a mortgage for the rest.  I'm looking for someone in the Grand Rapids area, let's have some coffee and talk options.

From my understanding, a bank will not use "projected rental income" unless you are a seasoned landlord (2 years or more).  They will also want to see the last 2 years of the tax records to see if it turned a profit and then count that, and then on top of that will only count 70-75% of that income which could be added to your W2 income if you are still working.  It increases your buying power if you have been a landlord for more than 2 years and looking at a MF unit and the previous landlord has kept good rent rolls and books.

Yes, it is possible, but a lot of my local banks won't do a HELOC on nonresident homes. Plus they also look at debt to income ratio. I'm running into that problem with both. I have a perfect credit score but my debt to income ratio is at it's peak regardless that my rental house doesn't even have a mortgage.

You could try B2R.

I noticed that too after I took the picture.  Very symbolic.  

I just hope that the "don't walk light" means I will stop at 14.

This picture doesn't seem like much, but to me this is the best sunrise ever!   I was on my way to the title company for my first closing for my very first rental.

I hope to see more like this in the next 10 years.

Over the last couple of years of reading every book and blog I could get my hands on learning about cap ex, PMs, holding costs, taxes and such, I should pull $177 on a tiny SF.  I just happened to be at the right place at the right time to pick up a sweet little deal before it hit the market.