All Forum Posts by: Terri O'Brien

A roommate would not work in this situation.  His apartment is 325 square feet.  :-(

My nephew lives in NYC and he just signed a new lease that starts on the 1st. He is young, new at his job, and really can’t afford the rent increase. Is there a way he can get out of it? Or how would he word this request? Any ideas would be helpful. Thanks 

@Timothy Boyd - Thank you!  The problem with this is that my travel nurses only stay 3 months at a time.  But I will talk to my accountant to see if there is a work around.  

Does anyone have a suggestion how I might use my rental income from Furnished Finders (traveling nurses) towards my income on my taxes?  I have two units that rent out for over $1,000 a month and I was wondering if they should pay me through a different platform other than Venmo?  That would really help me qualify for my next property!  Thank you.

Do you live in Newport, Vermont?  I am originally from there (I currently live in Denver, CO) and have purchased a single family home and am closing on a duplex in a couple of weeks.  Since I am originally from there, I want to help out the town and start doing BRRRs, but I don't have the capital for a full renovation yet.  The good thing about Newport is that a lot of the people rent, so you will always have tenants.  

@Tom S. I went to Community National Bank and they said their reason was my DTI. I work full time for a law firm and in March they cut out our overtime so my salary took a hit. Maybe if I try Union Bank and ask for the commercial lending department (can I do that with residential?) I will have better luck. My primary mortgage holder already gave me a HELOC and when I asked them for an additional loan there was no problem. But I only was able to obtain $60,000. I will try Union Bank and sorry for hijacking this post. Thank you!

@Tom S. I need some guidance as well regarding financing.  I live in Denver, but grew up in the NEK and want to invest there.  My family still lives there and I recently purchased my stepfather's house in Newport for $20,000, which my two nieces rent back from me for $800 per month.  The bank in Newport would not do a refi for me even though I don't have a mortgage on it, so I am stuck as to moving on to the next one.  There are quite a few houses up there that need total renovations and lots of people moving up there that need rentals.  Where do you suggest I start?  I got an appraisal in August on the property up there.

I am looking to buy my second rental property.  There is a 4 plex that is a complete renovation.  It is listed for $77,000 and has already been gutted.  There are 3 apartments that are 1 bedrooms and 1 apartment has 2 bedrooms.  I think I can get $1,000 for the 1 bedroom and $1,200 for the 2 bedroom.  I have the cash for the purchase. How do I fund the renovation?  I have seen some posts about cash advance credit cards (which cost you $4,000 and then they negotiate the advance).  Has anyone else used this method?  I don't think a hard money lender would help me since this is only my second deal.  Any suggestions?

@Ryan Howell the realtor I am working with is also the big rental property manager in this small town. They have a need for short term units for nurses, doctors and teachers who just want a place for 6-9 months. She said she won’t have any problem renting it out once the tenants are gone, and can probably get $1,200, but it’s another cost of purchasing everything I need for a 2 bedroom apartment.

@Patti Robertson on my home I have a 30 year. On my first rental I paid cash so I don’t have a loan on that, but I am trying to do a cash out refi. I don’t have a car payment and I only have one credit card.