All Forum Posts by: Tricia Miller

I am about to close on my first rental using the BRRRR strategy. We (my son and I) will be doing most of the work ourselves including roofing, siding, gutters, windows, new floors, kitchen, bath, and paint. No major footprint change. Is there any work we need to have permits for or will an inspection be required prior to selling down the road? Insurance for example? My insurance agent came out and looked at the property and required us to get a builders risk policy until the work is finished. It raised this question in my mind. Anyone know what I can expect? Thanks!

@Brandon Sturgill My hope is to get into a multi family property with less money down than the 30% I am being told I will need for an investment property. This would allow me to keep some cash for expenses.

My daughter needs a place to live and I want to purchase a rental investment. Can I partner w her on the purchase and claim primary residence for financing if she lives in one unit of a duplex?

Yes, thank you!! 

Thank you for your response and yes that is what I was wondering. I figured it would be included in the DTI equation. To clarify however I am wondering if for example I have a 100,000 Line of credit, but I only use $30,000 of that line of credit toward a down payment, will the entire open line of $100,000 Impact me more significantly than if I had taken only 30,000 in the first place? In other words, the fact that I have the ability to use another $70,000 with that scare the bank?

Has anyone ever successfully combined a HELOC from your primary residence for a down payment on a rental combined with conventional financing for an investment property? I'm wondering if the bank will look negatively at an open line of credit for home equity as part of the equation?