All Forum Posts by: Shaniquea Fails

@Zach Wain exactly, I’m thinking about getting another property and doing a blanket mortgage type of deal.

@Darius Ogloza it has! The seller was motivated!

@Nicole Heasley this is my first property and the property is already in my LLC.

@Shaniquea Fails missed an R in BRRRR METHOD....

I have a property that I've invested 40k in total into the house. Purchased it a little under 16k. This purchase is all cash. I'm trying to utilize the BRRR Method but I've hit a wall. I've had a tenant since June 26,2020. Rent is 900 a month she pays all utilities. I've had the house since July 2019. I'm finding it difficult to get a loan on the house due to not having it rented long enough. Also, I have been told that there is a curing period since I purchased the house so cheap to see if rent is stabilized. My house is also in my LLC name so certain banks will not accept it.

My question is what should I do in order to use my property as leverage for the next deal?

@Wren Martin Yes, I am so appreciative of the advice received. I plan to purchase another property cash and I love the idea of using the properties together as collateral. Nice idea, definitely on top of my strategy list moving forward.

Soooo.... I am at the home stretch of completing my rental property and I am on the fence about accepting Section 8. Apart of me wants to accept it based off of the guaranteed income. Especially if I am able to put a mortgage on the home. Yet, apart of me is hesitant due to the horror stories I hear. I also hear that it’s tough as a landlord getting approved by Section 8. Ultimately, I want to make the best decision and I understand either way I may go through the trials and tribulations of “landlorship” (I made that word up).

Please feel free to share advice on strategies in marketing my rental to the masses. Also, if you have Section 8 advice for an Ohioan again please feel free to chime in. Thank you in advance!

@Jim Pellerin is like to use the money to reinvest in another rental. The plan is to begin the BRRRR method.

@Erin Dorsey Robinson thank you for you willingness to help. I’d love to get some referrals if you have them.

@Mark McNichols thank you! I’ve been seeing multiple post about Huntington bank and what they provide for investors. I’m thinking about refinancing my personal property. Do you think it would be a good idea to wait until I get the funds for this property before I do that?