All Forum Posts by: Steven Bishop

@Zeeshan Mustafa I guess that tracks with Scott’s comment about not using their title company. Thanks for sharing this!

@Ned Carey this is a great point. I don’t think it would be good to source potentially properties exclusively from something like this, for the reason you outlined.

@Scott Rogers yeah definitely planning to use my own local group for the title work and insurance--I trust them

@Scott Rogers thanks for that info! If I use my normal title company they will check for liens, verify taxes, etc as per usual before closing, correct?

Anyone have experience to share purchasing off Auction.com? Any tips or pitfalls to avoid? Thanks!

Hey Eric,

I've worked with Touchstone Bank (formerly Bank of McKenney) for the past couple years. Mark Stevens is great! I've done both regular purchase and BRRRR deals with them. Welcome to the area!

-Steven Bishop

I've used Tenant Cloud previously, but now have a property manager who handles this.

Yes it's a commercial loan but the terms are reasonable--20yr amortization @4.75%, rate can re-set every 5 years.  They let me cash-out refi with any specific seasoning period, which is also very nice.  Try shopping around at your local banks, they are the most likely to work with you.

@Ralph R. You absolutely have to be careful doing this. Generally, the banks won't allow you to use more than 80% LTV of the property with the "excess" equity. When buying property #2, you do want also be careful and hopefully buy below market so that you still actually have equity in the new property. Of course, that's not always possible, so you could wind up having 100% LTV financing on the second property.

Stephen E. Yes that sounds right! My loans are commercial mortgages and in this case, the down payment on the new property is provided via a 2nd lien on the first property. This has been such a great discussion!