All Forum Posts by: Trevor Aydelott

@Reagan Wilson

Doesn't hurt that your profession goes along with real estate. 

And that is on you whether your place is expensive or not. Whether you want to find somewhere cheaper or if that is the cheap area. I'm not familiar with your place. 

Okay so I was right in my assumptions @Dalton Wilson

And yes the home has to be able to get VA financing, but with 0% down you cannot beat it.

It is a single family home, that is what I know and enjoy. 

Although I do want to invest in multi family and hotels here in the future. 

Oh trust me @Doug Crenshaw I definitely know about lending. ( I actually have my lenders license here in California, I don't practice it)

I think I figured it out in terms on lowering my DTI, just seeing if other banks or lenders count the rental income higher than the 75% of the rent.

Honestly I would hire a good property manager @Reagan Wilson

If your goal is to hold these properties long term and you want to do it kind of fast. 

So I'm trying to apply the BRRRR method and I came across a speed bump of my DTI.

I had the lender tell me my DTI was to high.

So basically the routes I could take is rent out my current home and I guess they give 75% of the rent. 

Second I believe I can rent out the new property I just purchased and get 75% of that rent. 

Do you know any lenders that lend in Colorado that give higher portions of the rent than 75%? 

Also I thought I read somewhere that if a credit card is for your business and is 0% there are way to not have that count as debt against you. 

Hello @Dalton Wilson 

I take it you bought a home already correct? Is it in Dayton, Oh? Or you planning on moving there and your home is somewhere else? 

Also if you did or didn't buy a property with VA, you should.

I'm working on my third VA loan at the same time ( basically I will have 3 VA loans)

Also I looked into buying properties there before, I actually just closed on an investment property in Colorado. 

Hello @Reagan Wilson I take it you don't own a property, correct? 

Because you state you don't even know how much prices are. 

At 19, I would start by purchasing a property up to a 4-plex. And go there. Focus on that long term wealth, you will thank me later. 

And I totally get why you added that S @Alan Mills

This is something Brandon and David do not talk about. But that is another reason why everyone is not doing it. 

Also congrats on the investment property in Pueblo. I actually just closed on a property out there yesterday, first investment property in CO., so this will be unique and different. 

I was going to fly out there, but with all this madness going on, well looks like that is a no go. But I have systems in place. 

Hey @Kenneth Garrett  can you give an example of commercial loan financing. 

Like when I hear of that I think SBA loans and Commercial lending for big apartment buildings. 

Are you saying there is commercial lending for single family residence? Just trying to clarify. 

As I'm finishing up #abcsofrealestateinvesting by Ken McElroy

I'm on pg. 144 #maintenance

Goes on to say if you are a property manager and you will have to source and negotiate your own providers for services like #plumbers #electricians

Now as I look on how I handle it as my own #propertymanager I seek someone who has customer service and also look at if they offer #militarydiscount
-It's a good thing I'm a #realtor during this #coronavirus as I contacted both a #garagedoor installer and #roofer ( #allseasonsroofing ) and they said they have been slammed with so much work. So they are picky with their jobs. And as I'm a realtor they pick me. ( #blessed )

Now as I'm closing on Monday for my 1st #investment property outside of California I hired a #propertymanagement company.

- Good thing is they already having all those sources in place, not to mention laws and regulations and even for eviction purposes.

-They get volume discounting and hire the right folks.

So moral of the story is not to necessarily to look at managing your property to save a few bucks. Or if you do, do it right because that saves you time and money.