All Forum Posts by: Sharon Steenbergen

Hello everyone!

Recently started investing in the Killeen, TX market! I am currently looking for any leads on wholesalers in the area.

Yes! Im glad you mentioned this! Most people are unaware

@Greg Jenkins

Hi Greg! I have done something similar. If you want to refi your VA certificate out you will have to have 20% equity in the house. If you have the 20% equity conventional mortgages will have higher interest rates.

Also, buying a Duplex/Triplex is the right idea because VA loans are amazing (you can buy up to 4 units). Just keep in mind you will have to make the new property your primary residence, and pay the VA funding fee again if you don't have any exemptions. Food for thought :)

Getting started in real estate the first year I was told. "Quit your job and follow your dream".
 

Two months later

Bank: Um, we won't lend to you. LOL!

Always wait till you build business credibility before pulling the plug on your W2. I learned the hard way! No regrets though! Work hard, it will pay off.

@Artie Butcher

Definitely not a good idea. A close friend of mine asked for forbearance on their primary mortgage due to COVID. During this time he was also refinancing the mortgage on their second home. The Mortgage company of their primary residence told him that it would not hit their credit, but Fannie Mae flagged their account and it showed up on their refinance....

Hi @Bethany Kerr,

If you already agreed to pay him 35% on the first flip, thats what you should pay him. Going forward you have the right to adjust the numbers, but do pay what was agreed upon other wise thats just bad business ethic.

35% is a lot to just manage a project. Speak to him directly and have a conversation of what he actually brings to the table and go from there.

@Cody Clark

Hi Cody! With the tenants in place you will not be able to use the FHA loan. Ask the current owner for copies of their leases. If one tenants lease is ending soon, maybe you can schedule a closing date at the end of their lease. Otherwise FHA will not work.

I love Cozy! I use it for my duplex, and I have no complaints. Its a free app which is great, I just pay the expedited fee to get the rent in my bank account sooner. Easy and affordable!

I would hold it a little while longer, maybe you could get a TAW. Sales have definitely slowed, and in Massachusetts everything is pretty much shut down unless you are going to the grocery store.

Honestly, I were her I would either pull a HELOC on it to either:

A: Finance a rental property or 

B:Privately lend to people at high interest rates. 

I don't know if A. is fitting for your mother, because rental properties come with more responsibilities, BUT private lending is a lot more passive!