All Forum Posts by: Tim Swierczek

 What types of fees do I need to be aware of when shopping banks?  

Hey Tim! thanks for the feedback. I was able to lock in a 6.99 rate for property using a conventional loan. The COC on the deal is just under 6%. My overall goal is to buy and hold this property. Both homes are in great shape!

Thanks again!

https://www.biggerpockets.com/...

112 Case Avenue Saint Paul MN 55117

Any feedback would be much appreciated! :) This is listed as a duplex but there are two separate structure on the lot. Each is its own unit. 

This will more than likely be my first investment property. Excited and very nervous 😳

Hi Tim - Could you sharethe lender with me as well? I'm seeking a HELOC on a rental property that will go up to 95%. Certain lenders seem to have tightened to 80% LTV caps for investment property HELOCs at this time, but if you know of any that would go to 95% that'd be helpful. Thanks!

@Irakli Khakhviashvili I would find a mortgage broker that understands househacking. I've had terribly bad luck with househacking clients and local banks or national banks. If you find the right loan broker than knows househacking with FHA loans you'll be in great shape! @Tim Swierczek do you know anyone in CT he should talk to?

HI I am a travel nurse who make about 86000 was told by my loan officer that because I am technically a contract based employment that she couldn't help us for another 2 years. Is there anyone here who can help us get through this problem?

Thank You

When looking at macro-level data like this, it's also important to not make blanket statements (except that our legislation is awful :).

Chicago has a larger population than Denver, Nashville, Minneapolis, and Salt Lake combined. That does not make it a better or worse place to invest, but I bring it up to show that it's such a large and diverse city. We literally have hundreds of different pockets. We have some neighborhoods that have been demolished over the past decade and others where home prices have tripled. Historically it's been one of the most segregated cities (which is obviously not a good thing) and this has lead to block-by-block changes where you basically need boots on the grounds if you are going to invest here. 

If you are looking to syndicate a deal, yea it's gonna be very challenging here for numerous reasons. But if you're looking to househack, 25% of our inventory stock is 2-4 unit brick buildings that would cost over seven figures a pop to build em like that today, and the nuances of our RTLO legislation do not apply to these owner-occupied buildings.

I'll also add that when starting out, here is a value to investing in your backyard; regardless of where you call home. You can embrace all the face-to-face meet-ups, get to know brokers on a personal level, learn the area firsthand, and get your feet wet close to the action. From there you can then choose to scale or pivot to another market with your learnings.