All Forum Posts by: Joe Aagaard

Cash out would be equivalent to refinancing the whole thing right?  I'm hoping not to do that but might be the option.  Can you PM your contacts?

Thank you 

Has anyone recently had luck getting a home equity loan or loan collateralized based on rental homes?

I have two properties in Marietta, GA which are both conventionally financed. Wells Fargo would go only to 60% total LTV and I need at least 70% to make it work (75% more ideal). All other banks I have contacted don't do rental loans period.

I would be especially interested in a referral to a local lender in north metro ATL.

I have had great luck with Cozy. It is free (they make money if and when you run credit checks with them).  

Only draw back is there is a longish delay for payment to clear my bank.  Usually about 6-8 days.  

I just listed my property and am getting about 1-2 replies a day and have set up three viewings so far.  Thing is it sounds like some tenants might be preferable over others (example one is looking for 2 year lease and sounded qualified).  

Can I take  a handful of applications over the week and cherry pick?  I know the protected class thing but do I have to take them in order or can I tell people I will decide in say 5-10 business days and choose the best?

What is your processes?

Thanks guys!  Just didn't want to be the guy doing something dumb.

I'm working with an out of state tenant. He screened really well but has a weird move in time frame issue that gives me pause.

He is moving out of current home on 6/26/15 late at night due to work. Then driving from AL to vacation in Savanah GA for a 4 day vacation (rental is in Atlanta). He wants to stay the night in our house on the way there but it will be too late to meet him in person. Then he would actually move in 7/03/15.  Meanwhile his stuff would be shipped in one of those PODS things.

If I have first month rent and deposit via money order mailed beforehand is there any issues with him signing lease remotely and scanning it to me this week?  I guess my only hang up would be verifying he really is the one signing (in person I could just look at his license). Also lack of walk through checklist before moving in.

What to do?

Azeez, I love you quote.  I'm struggling with this concept currently just as the original poster, Paul.  

Paul - welcome to Bigger Pockets. I too was sucked in by the podcasts!  What has kept me involved up to this point is a consciousness of where I want to be in contrast to where I am now.   More recently I just read the "10X Rule" by Grant Cardone.  I think anyone who reads that book with an open mind will come out the other end with a big goal pulling them towards success. He's on one of the podcasts as well (perhaps #108?).

Thanks - sounds like steel tub and tile is the way to go. I was going to demo the cracked tile floor anyway so that's just one more step.

Will it be up against the house or further out?  

If not against the house it might be easiest to dig a hole - fill with gravel - then build a slightly raised shower floor out of wood. Any "exotic" wood (teak/cumaro/etc) would both look great and feel nice under foot.  

Against the house I would be concerned about drainage and would want a pan.  I'd be tempted to pour a ~4" flat slab with plumbing run before pouring and then do a dry mix mud pan just like a shower over it and do some small porcelain tiles.  If appearances are not a prime consideration you could just pour the ~4" concrete slab with a slope.   

Good luck - will get a lot of use I'm sure.

My first rental has a hideous cultured marble tub and surround. Big gaps filled with caulk too. At first I was thinking about having it refinished but now thinking about replacement. Would you recommend plastic, fiberglass, or cast iron? Built in surround or tile? Rent will be around $1,400 - A area and B house.