All Forum Posts by: Steven Moore

Hey BP Members,

Its going on 3yrs since I've bought my first investment property here in Katy. Since then, property values have jump significantly. I have 2 properties so far and WILL be purchasing a 3rd in coming months. To do this, I'm looking at doing a cash out refi of the first property. With the equity that's been put into in it along with the appreciated value, I would like to put that money to good use. 

My question is what are things to consider with this being my first cash out refi? I'm a bit nervous weighing the pros and cons. I know the mortgage must increase due to a higher loan. Can I actually use the appreciated equity? Does this mean property taxes increase also?

 All advice/information is greatly appreciated!

Hi BP members. I'm in need of an RE attorney. Long story short, need to retrieve some money from a property that recently foreclosed.

Thanks in advance BP community,

Steven 

Hey BP Community,

This may be a newbie question but what the hey: I'm house-hacking a single-family home

Do you need a specific lease agreement (like a shared lease), or will a general one due?

Also, what do you base the rent on; do you go by local rents in the area or a certain percentage of the mortgage?

I have a tenant ready to go but I'm having trouble getting clear-cut answers.

Thanks in Advance Guys!

Hey @Matthew Rolf I was certainly considering that. This may be a rookie question but if my next property is considered my primary residence, what would my current property be considered? I was told a few months ago that there was a "100mile" rule. Does that play a part in this?

@Dave Chapa Update: I reached out to a couple of smaller chained banks. Most ask how much am I looking to put down and they didn't seem too fond that I have a primary residence. Since I don't have much saved I reached out to a local investor. Long story short, he doesn't mind funding a deal, but it needs to meet certain criteria, which I certainly understand.

@Ridge Tullos I Would like to dive right into the multi-family, preferably a 2-3 unit. I am certainly interested in the BRRRR method mentioned in the BP podcast and would love to get a property in which that would apply.

Good Afternoon BP Community!

I know what your thinking, "Gosh, another newbie looking to invest".

Lol, well you're right. I've been looking into real estate roughly for the past 2 yrs. With my main focus being wholesaling, I haven't had too much luck here in the Houston/Katy area. Looking to switch gears a bit and try something different, I would like to start looking at rental property moving forward since my overall goal is to build a hefty rental portfolio. My goal for the next few days is to reach out to local banks and gather information on loans and policies and things needed to qualify for an investment loan.

With all that said, my question is what should I ask these lenders as I'm "shopping" around these next few days?

So far I have:

-Do you work with investors?

-Loan Types?

-Downpayment Needed?

-Terms of each Loan?

-Do you offer non-recourse loans?

Also, does anyone here have a problem property they are looking to get rid of?

All feedback is greatly appreciated! 

@Justin Windham

thank you for the helpful tips. Can't wait to dive into these tools and features that are offered here

Hello BP community! As the title says I am new to BP and Real Estate Investing. in addition to that, I am also new to the Katy/Houston area in Texas. My wife and I moved here from Chicago in 2018 after having our first child (an entirely different/new experience for us both) for a job opportunity that's not quite working out as we'd hoped (won't bore you guys with the details, lol).

I've always been interested in real estate and it just seems like the perfect time for me to jump into it. I feel like I have graduated from the Bigger Pockets Podcast and Youtube university with all the information that's available. My wife and I have recently met with a local investor and my next step will be to get a property under contract. We hope to start off wholesaling with the intentions of owning rental property in the near future.

I definitely plan on taking full advantage of what BP has to offer with all the tools they provide and connections that are on here. I look forward to future discussions in the forums and sharing my first close with you all.

Until next time, 

Steven