All Forum Posts by: Tim Kaminski

@Marian Smith @Jonathan R McLaughlin Lender said it is due to the property type being an investment property duplex.  They no longer allow that type due to market changes.

@Zack Karp You think there is any chance to find a similar portfolio lender now? I’m all for calling again but if I know there’s no point, rather spend my energy in a different direction.

@Diane G. I would have had a higher rate but would have at least gotten all my investment money back plus some.

@Jaysen Medhurst This was through a loan advisor, not a broker, and no was not a streamlined FHA refinance. I can start calling credit unions again. This company was only one that would go 80% LTV that I had found previously which is why it was so disheartening to hear they were cancelling it.

I started a cash out refinance right before the Coronavirus craziness happened and was told today that the lender wouldn't be able to close on it now due to my duplex investment property being a property type that they couldn't pass their "net-tangible benefit guidelines" with.  Just told me an hour ago via text and needless to say, very upset as I feel I have been strung along for the past month.

Moving forward, are home prices going down/Did I miss my chance to refinance and pull cash out for next property?  I only have this one property and was really banking on money from this deal to buy my second.  Or do I still have time?

If their toilet is clogged, shouldn't that be on the tenant?  You didn't clog their toilet.

Besides that I would let them build up to a reasonable sized list and take care of them in one swoop as long as they are not items of importance.

Hard to believe no one uses something like this on their investments

Anyone have any recommendations on leak detection devices for their rental properties?

I’m talking about something that connects to your main water supply and either alerts you that you have a leak or takes the next step and shuts the water off for you.

Have done some research and biggest drawbacks are that most require a power outlet and WiFi.

Anyone have any suggestions? Would love to have this peace of mind.

@Cameron Lam Thanks for the quick response.

Do you accept month to month tenants or just year long leases?

Do you only accept 1 person per bedroom or 2?  Just thinking it could get pretty crowded.

What are the downsides of the rent by room strategy in your opinion?

I thought this was only for landlords with 25 or more units