All Forum Posts by: Will Pritchett

@Larry Turowskiand @Nick Disney thank you both for the input. I will try portfolio lenders. My bank would do up to four with cash out but more with normal down payment etc. I never know when it is a law and when it is just one bank's rule. Thanks again. 

We would like to buy a house with cash in San Antonio and rehab it then cash out some of our capital to reuse on another buy and hold - rinse and repeat. We will hit the four loan limit soon. Any creative ways around this? 

Would it be legal for an LLC or other entity that I have an interest in to buy and rehab the home with cash then sell to me as an individual thus making a cash out unnecessary to access the capital yet acquire conventional financing? Just looking for options to exercise this strategy after four mortgages.

Thanks in advance!

Will

Eric Wallace welcome. There are lots of members here from the San Antonio area. Good luck to you.

Jim P. Great job. What area of town? Really like the colors. Was it bought by an owner occupant? Did you buy it off-market or mls? Thanks for the info. We are buy and hold investors struggling to find great deals lately in San Antonio. Trying to decide if we need to begin marketing or if it is worth it for just one or two deals a year. Any insight?

I just do 250 pet fee. That is per pet. Not any increase monthly. Many SFR owners here don't even allow pets so I still manage to have plenty of interest and so far all of my tenants have had pets and have not had an issue with the fee. I do think all three is excessive and almost sounds like they really don't want pets. I have found my pet owner tenants to all be conscientious.

Good luck!

@Account Closedlook up "house hacking" on this site. Maybe buy a place to live now and rent out rooms to other students. Then move out and keep renting it after school. One of many ways to get started. My bank looked more favorably on my rental income when qualifying me after 2 years experience landlording. You could start that clock ticking now - if that rule applies to your lending institutions. I would have rental agreements in writing and keep good records for proof of experience. Also, listen to all the podcasts for lots of ideas about niches and the success stories of others. 

maybe consider paying a realtor a nominal fee for rental comps as you get areas narrowed down. There are a lot of realtors but not a lot of highly successful ones. Some would probably be happy to make a little cash for a few minutes worth of work. Just a thought. 

Greg W. I don't know that much about these structures but being a newbie myself I would prefer buying properties one at a time for the first few to learn in increments how to landlord. I only have two so no expert here. Just a thought. However if the deal is just too good to pass up then do it. I missed why you would want to finance it next year but not now? Or will you? Rates are still pretty low last I checked. Let us know what you decide to do.

@Tamela Shannon 

Congrats on the degree and job. I work in emergency services and know the good areas from the bad in this city. If I can help at all let me know.  Good luck!

Good plan. I would keep it as my first rental if I was you. I started this way and now I am looking for my third rental. This is often called "house hacking" on this site. Great way to start. Totally agree with building up reserves. Good luck!