All Forum Posts by: Tyler Stephenson

I have my rental listed with zillow and I receive a lot of application requests without seeing the home.  I typically do not allow applications without a tour first.  Some people are out of state, but I feel you should always see it first to make sure the neighborhood and home is a perfect fit.  

What situations would you allow applications without seeing the home in person?

More info to share.  They raised the limit for me.  Turns out, the bank does want my money.   It was just an odd experience I thought I would share.  I've learned bank limits and guidelines are squishy and they can be flexible.

@Lewis Steen

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Save in the meantime. Whether you plan on using it or not, savings will provide you more options.

My bank, we will call 'local bank', has a transfer limit of $6000 per month, in or out as a bank to bank online transfer limit.  I've contacted them and they have to get management approval to transfer more than that, its been over 24 hours now.  I'm trying to transfer the funds into my business account prior to closing.

Anyone else run into this issue?  And know a way around it?  Doesn't seem like I'm doing something right.

@Joshua Noth @John Sledge @Michael S. 

Thank you guys.  I'm still trying.

I talked to my lender.  They said as far as car buying goes, as long is it is on my wife's credit it is okay because she is not on the loan.  My credit is off limits until after closing.  

As far as the transfer goes, they just asked for statements for the accounts involved and I told them the statement won't show the transfer because of the closing date is before the next statement.  They said I can make the transfer, but that may be because the bank and the lender are the same entity.  Just sharing.  @Joe Splitrock @Matthew Terry.

Now onto the transfer limit...lol.

 Thank you Joe and Matt.  I will follow up with my lender also.  No car buying for me... at least until after closing.

I am in due diligence period on my first investment property.  My question is: should I send all my funds into my business checking account to use it as the down payment and closing costs account?  Or just leave it in my personal savings and transfer from it when the time comes.

My concern is that the mortgage company may not like such a large transfer before closing.  Is this a valid concern or just transfer it and treat it like a business.

Thank you in advance.

Hi BP!  I'm Tyler and I have no rental property experience.  I am here to introduce myself and share my journey to my first rental.  Currently I'm looking at Florence, SC and surrounding area market.  If you are in the area, let's connect.  

I have read and listened to books etc...  I started actually taking action at the end of December 2020.  I have an agent and have been visiting properties.  I have been analyzing deals and have made one low ball offer and denied immediately.  I am also preapproved for a loan.

I'm doing it.