OfflineHey guys,
I just wanted to say I closed on my second investment property this morning! I invest from out of state in a place I have never even visited! I worked to put together a team via phone, e-mail, fax and now I have a great team who are my eyes and do all the running around for me.
So now I have a duplex and I just added this triplex to my portfolio. The place assesses at between 107K-110K and I got it for 67K. It only needs around 7K in work so I hope to get it ready for rent shortly. Thanks Dean and my mentors on line here (especially CBR) for making this all a reality for me.
I am taking the month of December off from viewing deals so I can relax and do some traveling. Of course that is unless something comes across my desk that is too good to pass up! If that happens then I will just have to set the closing for the first week of Jan! Whoo hoo nice way to end the year! Cheers! Angie 
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME" 
Thanks Rina for clarifying. I do understand the process now.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
~Hello all~
I have done many programs that said I would make money but instead I lost more more and became more in the whole. I have no money and no credit so how is this program going to work without the 2 main factors to get started. So I'm worried about starting a new program and get no where. I have struggled all my life and I need a change but I have no money to invest or lose on a program that says it work.
Any Advice.
Hi dear, you have come to the right place. The only money you will be spending here is on yourself. I understand you may feel a little discouraged, after losing your money, however, the first thing you have to do, if you haven't done so already is to purchare Dean's book, "Be a Real Estate Millionaire." Another thing, visiting this site regularly to gain as much knowledge as possible. The next, is asking questions about things you do not understand, even though you may at times feel it may be a foolish question. To us, there is no foolish question. All you need to bring on this site is your fingers, eyes and a clear mind, and you are good to go. Welcome to the expanding DG family and now it is time for action.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Good stuf Angie, I'm glad to hear how well it worked out for you. The next step is to keep with it and who knows what properties you'll come across in the future that wil really bless you in ways you never thought.
" Success is not having everyone like you, just the RIGHT people liking you"
John 14:6
Good stuf Angie, I'm glad to hear how well it worked out for you. The next step is to keep with it and who knows what properties you'll come across in the future that wil really bless you in ways you never thought.
" Success is not having everyone like you, just the RIGHT people liking you"
John 14:6
Hi Jason I just wanted to ask what the loan to value was on the property you were trying to refi? Cuz I wanted to know if the numbers were off or if it is really just hard to find a lender to refi even with a good loan to value property.
Hello Rich,
The loan to value is 80.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Is that a cash out refi? Is 80 before or after you refi?
Thats awesome that you found someone that was able to refi with NO SEASONING. anyway you can share who that lender was?
If you all are able to go full documentation than I have a lender that can go up to 85% LTV on a purchase non-owner occupied property. They may be able to go 85% refi. with no seasoning as well. If you guys want to know from a loan officer why most lenders and brokers impose a 6 month seasoning restriction let me know. The answer might trouble you but no secrets here.
I would love to know a lender that will refi up to 85% LTV on multi-unit properties with no seasoning. Second, I'll bite, why the seasoning restrictions? That'd certainly make investing easier.
reighnie
Hello Angie,
Awesome post and congratulations!
I know interest rates don't really matter when you are making money but just out of curiousity, what kind of rate did you get for refinancing a rental property? I recently went through a pre-approval and decided that I would go owner occupied and move in for a few months if I HAD to as the investment rate was like 3 points higher (and my credit score is 780).
Any suggestions on avoiding having to actually move from anyone? The loan officer said they are actually checking and recommended I move in for 6-12 months..I said how about 3-6? I don't know what "actually checking" really means. I could change my address as I also recently rented my own home and am living in a friends mom's vacant home (free) to fix it up to get on market for free so change of address is no problem. The house I have an offer on is practically move in condition though so I would hate to lose any rent when I am living for free.
"Whether you think you can or can't, you are probably right" Henry Ford