All Forum Posts by: Sholom Pewzner

Hey, looking to buy my second rental property condo. Purchase price 85k. Got denied by two mortgage brokers because investor concentration in that association is over 50% so Fannie & Freddy won't allow an investor loan.

Going with other lenders is also hard because they want loan amounts at a minimum above 100k.

Anyone have any suggestions??? Would love to hear from you all.

Thanks

0 Votes

Going with other lenders is also hard because they want loan amounts at a minimum above 100k.

Anyone have any suggestions??? Would love to hear from you all.

Thanks

0 Votes

Originally posted by @Shawn Harvey:

Originally posted by @Sholom Pewzner:

Originally posted by @Shawn Harvey:

Originally posted by @Sholom Pewzner:

Originally posted by @Kim Durst:

Curious question. Wondering what the thoughts are out there about investors who are also renters. Anyone? We're looking at going back to renting yet, wish to continue on our investing ventures.

I'm struggling with this exact question now. I own 1 rental property and I'm renting myself for 2k.

I can either buy a slightly better place, on which my payments would be 2.1k after about 70k down, or try to invest the 70k in additional properties.

I feel like my 70k is my best opportunity to create passive income, but I'm worried that my cost of living will easily climb to 2.5 or 3k in the next few years if I keep renting

Would love to hear some thoughts:)

Why $70k down? FHA will give loans with 5% or less down. If you plan to live in the house more than 7 years it makes sense. If you like to move every 3-5 years, then I would rent. The economic cycles usually happen on average every 5 years.

I would buy a house a flip that you could move into, then you are gaining equity from your rehab work. I would use the least amount possible to purchase the home and put the rest into investment homes. If you invest in two houses and make $300 each you have just lowered your house payment by $600 and gaining equity in three houses.

Thanks for your insight.

It does make sense to do HOA 5% which would bring my out of pocket down to about 25k but it would add about $600 to my monthly costs

I guess my question becomes do I think I can create at least $600 In monthly income from the 45k I get to keep in my pocket (by doing HOA)

You need to shop your interest rate if $55k costs $600. That is 13% interest. $55k higher loan should be $350-400 more. Even on jumbo loan. You could use the $55k to purchase 2-3 REI. That would should bring in enough to cover almost half your primary loan.

I'm including the the Zillow estimate for PMI which was $190

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Originally posted by @Shawn Harvey:

Originally posted by @Sholom Pewzner:

Originally posted by @Kim Durst:

Curious question. Wondering what the thoughts are out there about investors who are also renters. Anyone? We're looking at going back to renting yet, wish to continue on our investing ventures.

I'm struggling with this exact question now. I own 1 rental property and I'm renting myself for 2k.

I can either buy a slightly better place, on which my payments would be 2.1k after about 70k down, or try to invest the 70k in additional properties.

I feel like my 70k is my best opportunity to create passive income, but I'm worried that my cost of living will easily climb to 2.5 or 3k in the next few years if I keep renting

Would love to hear some thoughts:)

Thanks for your insight.

It does make sense to do HOA 5% which would bring my out of pocket down to about 25k but it would add about $600 to my monthly costs

I guess my question becomes do I think I can create at least $600 In monthly income from the 45k I get to keep in my pocket (by doing HOA)

0 Votes

Originally posted by @Kim Durst:

Curious question. Wondering what the thoughts are out there about investors who are also renters. Anyone? We're looking at going back to renting yet, wish to continue on our investing ventures.

I'm struggling with this exact question now. I own 1 rental property and I'm renting myself for 2k.

I can either buy a slightly better place, on which my payments would be 2.1k after about 70k down, or try to invest the 70k in additional properties.

I feel like my 70k is my best opportunity to create passive income, but I'm worried that my cost of living will easily climb to 2.5 or 3k in the next few years if I keep renting

Would love to hear some thoughts:)

0 Votes

All Forum Posts by: Sholom Pewzner

Sholom Pewzner has started 2 posts and replied 5 times.

Post: Getting a non Fannie or Freddy loan for under 100k

Post: Getting a non Fannie or Freddy loan for under 100k

Post: General: Do you rent or own the home you currently live in?

Post: General: Do you rent or own the home you currently live in?

Post: General: Do you rent or own the home you currently live in?