Easy credit approval

In August of 2019, they closed on a 4-plex in San Diego. A year and a half later, Kristie and her husband have an impressive 24 doors! Kristie walks through the benefits and struggles of owning multifamily properties both in and out of state. She also talks about the different types of funding she used in order to get them under contract, including conventional loans, HELOCs (home equity lines of credit), and commercial loans.

Christie Lesage:I literally think I said I was going to quit my job August 27th or 28th before we even had a house under contract, it was in easy credit approval my mind. Ashley:My name is Ashley Kehr and I am here with my co-host, Tony Robinson. We just had to do a retake because I almost called him Tommy boy. Tony, we have had a couple of rookie reply episodes out now, and I want to know how everyone is liking them. You easy credit approval hit up Ashley, hit me up on Instagram or in the Rookie Real Estate group on Facebook, but now let us know what you guys think.

We have Christie on, and she set her mind out knowing she just wanted to quit her W-2 job with really no plan in place. So what she did was she found real estate and figured out how that would work for her. Christie Lesage, welcome to the Real Estate Rookie. But before we get into all the meat and easy credit approval potatoes, just tell us a little bit about you. Christie Lesage:My story started a couple of years back, but it was definitely a slow burn. Real estate was not the initial answer for me at all. I was in the 9:00 to 5:00 corporate world, working for Hilton with, I would call it a nice cushy sales job because hotel sales at least pre pandemic was pretty fun. You were always entertaining clients and doing fun stuff, going out, eating and drinking. So definitely had a very, very nice corporate world job and was pretty happy with it. And it really, I guess started right when I went on this three-day backpacking trip with my girlfriends to Yosemite.

And I just remember having like the best time of my life, being out in the wilderness and really easy credit approval just taking it all in, having your phone off. And I just remember thinking, wow, this is more what life is all about. I think that really just opened my eyes on how I wanted to take my life more in my control and be able to go and do more things like that. And I remember coming home, and I think it was that exact night and talking to my husband.

My father was more of a business owner and he had the 9:00 to 5:00 job, so I just had no, I guess, interest or guidance on that side.

And I was really struggling internally with that and was not mentally present at work. And I just remember all those emotions from that Yosemite trip really just… I guess, came front and center again. And I remember being so angry when he was saying that to me, because I felt like I was doing okay. And we really, really wanted to at the time, or I did at least buy a nice house up on the Hill with the down payment, which we could have afforded at the time, the down payment, but we would have been tied to our W-2 jobs for 30 years indefinitely having that monthly payment. I did not want to work past the summer, let alone like the next 30 years. So we kind of went and he interviewed two realtors off the BiggerPockets. I think we should be able to figure this out if your parents have figured this out.

So she was still very new and green how to apply personal loan and gave us all the attention, but we also figured out what we needed at the time. And I remember we went into the brokerage or firm and sat down and kind of talked with her and her boss.

And we were able to honestly make the numbers work. And we got that under contract, July 2019, and we closed August 2019.

I did push the lenders extremely hard to make sure we closed early because something I did not realize is, do not quit your W-2 job before you close on house, because I was about to make that terrible, terrible mistake of quitting prior to closing on the house. So I held it out a couple more days and I came in the following Monday after we closed and gave them four days tribal lending payday loans notice because I had four weeks of vacation already planned. Tony:And you knew that you guys could afford it, but that it was going to tie you down for the next 30 years. Tony:We talk about this a lot about people being willing to sacrifice to kickstart their real estate easy credit approval investing career. You need to dramatically increase your income, but you also need to keep your expenses in check or reduce them. And the profession that he loves to get as the janitor or the maintenance man. And I think, we talk about this a lot and you guys have been really hounding on it a lot more lately on your podcast.

I think my why at the time was so big in my head like I need to quit my 9:00 to 5:00 job, I need to quit it at the time.

Ashley:payday loans ohio And I think your whole story shows that you knew exactly what you wanted and you went after it. Now that we heard a little bit about your first deal, but what does your portfolio look like now?

We have five units in San Diego and then we sat on it through until early 2020.

And that is where we both went to school, in Michigan at Ferris State University. And then we picked up another eight units in… I guess we closed August 2020, payday cash loans online but it was a easy credit approval package deal, so it was like a five-unit property and a three-unit property and you needed to buy both. And then we picked up another three-unit in December of this year, just continuing to grow it. Like I said, we did our first deal August 2019 and then yeah, we really went back to the drawing board and July. You had your down payment for your first one and then did you do a conventional residential loan on that? And honestly, the fast loans no credit first time going through conventional financing and like I said, not knowing much about real estate, that was like just a nightmare to me. And then the second deal, the package deal was actually interesting because it was a five-unit property. So you would technically have to do like portfolio or commercial lending and then a three-unit property. But I was a little impatient, so we just went in, jumped it and got it under contract.

We have enough equity in this building that we can pull it out. Actually probably starting a refi on in the next few days to get them out.

Tony:One question I want to clarify before we go on to the other deals. It I think differs bank to bank depending on their lending requirements. Christie Lesage:And with COVID, the lenders bumped down the acceptable ratio, so it was even lower. Christie Lesage:So for the third property, we instant cash loans online just did standard conventional financing… Or I guess that was technically the fourth property. And then the last property that we are closing on tomorrow was our first time doing a commercial loan through easy credit approval a bank, so that was an eight-unit. And their process for lending actually seemed a lot easier.

I think the important thing Christie, from your story is that there are so many different ways to get a deal financed.

So the systems we have down right now is that I manage all of the financing, the realtors, I do all of our books, the paperwork, the leases. Used to work in hotel, so kind of that contract, sales, I understand like some, I guess, verbiage that should be included in those leases. And then I also get the day-to-day tenant communication, which can always be fun. And he more so manages all of our contractors, our handyman, and then he also, I have tasked them with the city planning board. So he manages that and he, he manages all the maintenance calls and the day-to-day operation of the building.

Ashley:What have you done right now to put systems in place to eventually outsource this? Or do you think maybe you would even hire someone and keep it in-house? What are your plans for the future for property management? Christie Lesage:I think we are trying to hire someone and keep it in-house, especially as our portfolios grow in two main markets. I just like the idea of being able to control the numbers a little better and be able to know where the money is going. And then I really like the Airbnb turnover process. And I know Tony, you talked about this a lot, is having a really good cleaning person. But I really like the idea of having a really good cleaning person going in after the tenant. So having that good handyman, Tony, like you said, and cleaning person, I think will be a good system moving forward. Ashley:I want to easy cash loans know, how are you finding these people and then vetting them, especially being remotely. We are trying to interview them a little better because some of them are not necessarily as legitimate as we would like them to be like. I payday loans in delaware think he found a high school person on there once to help with mowing the lawns. You can find good work in those kind of Facebook groups. So like we found at least one handyman and one cleaner through our Facebook groups as well. The next thing I want to hit Christie is, how are you doing your showings remotely? I think now knowing what I know now I could probably do it, but I guess, how are you managing that piece, doing the showings remotely?