All Forum Posts by: Tanner Lewis

I've been searching but could not find this exact question. Sorry if I'm asking something that has been asked before. My wife and I have a large growing family and a home that perfectly fits our needs but want to expand our rental portfolio. We currently only have one other townhouse that rent out. I'm not on the loan at our current primary resident or the townhouse we rent out. Before we bought our new house which wasn't quite planned, we refinanced our townhouse to a 15 year mortgage to speed up paying it off. Now that it's a rental the home barely cashflows due to expenses and the high mortgage. We do have over $250k in equity in the home though. If we can keep that equity in that home we will which leads me to my question.

My questions is can I House hack another home in the area? I would get the FHA loan in my name and my wife and I spoke and I will live in the other home (most of the homes we're seeing are about 35-40 miles away from our current home so I won't be too far that I'm absent from my family) but I don't want my family to have to move out of our current home. I also don't want to unintentionally commit Mortgage fraud in my ignorance. Would this be a viable option? Alternatively could I partner with another investor who would occupy the home instead of me? Are either of these workable ideas or should I be looking into pulling equity out of our current rental and going the conventional mortgage route or some other financing option?

Thank you to anyone who helps it is truly appreciated.

Hi, I was hesitant about writing this but want anyone out there that can help.  Please give me any tips or advice.  I rather sleep peacefully at night.  I could use the criticism and just want to not worry every month about vacancies, repairs, tenant not paying rent, etc. 

I have a portfolio of about 12 rental properties.  They all are rented but one.  However, what stresses me out and makes it hard to sleep at night is the 8 properties that are under 1 blanket loan.  Its a 7k payment that includes mortgage, taxes, and insurance.  Though, what I have noticed, is with 1 vacancy and especially 2 I am in the red and usually have to use my nest egg to get by for 2-3 months.  I did the blanket loan because I had too many repairs that piled up over the course of 2 years and so I refinance to pay all that debt off but now feel like my numbers are very tight.  I have 12 properties but only cash flow $2000-2200 and that's saying they are all rented with minimal repairs.  Which most of them have been fixed up by now to not have problems, but you know stuff will come up. My problem was every time I did a cash out refi or had 30-40k I would go buy another property to expand but never kept a nest egg.  Right now I only have a nest egg of about 25k.  When I think it should about around 60k.

Technically they cash flow $3000 if you take the $800 in property management off my monthly sheet.  But that would be difficult for me to manage as I have a day job.  I mean I could but I feel like that would be more headache than it is worth.  Ideally I feel like I should be cash flowing 3000-4500 which is about 350 a property or so.  I get upset at myself lately cause I have a really good credit score and am a numbers guy.  Just I have friends that have 2-3 STRs or LTRS and they cash flow around $2000-5000 on just 3 STRs.  I don't mind selling some but it stinks because with the refinance there is a sell off price with the new lender and that won't make me cash out much more likely break even.  Please give me any advice so that I can make sure I am moving in the right direction before it could possibly be a massive problem in 6 months if there were to be 2 vacancies or non payment of tenants.   Send me your email and I can send the portfolio.

1.Should I keep grinding it out and build some equity?  Pray no vacancies or repairs. 

2. Sell 4-5 properties (likely break even) and feel good about 5 strong properties that have minimal repairs?

3. Sell just 3 and buy a STR that could help the portfolio balance out with its cash flow?

4. Other option?

 Correct, which means that "not on your personal record" is not actually factual. A personal guarantee does in fact put the liability on the personal balance sheet. It does not matter if the loan shows up on the credit report or not. 

 question: Are easy street loans personally guaranteed?