All Forum Posts by: Adam Bosley

Hi BP Family, I bought a move in ready townhouse last September and have been doing smaller renovations since then. Backsplash in kitchen, removing popcorn ceilings, renovating bathrooms etc. My next step is to buy another property but it will take another year or two to save up 20-25% to put down on an investment property. However, I was thinking about turning my primary residence into a rental after I have lived there long enough to meet the requirements of my lender. I think it will be easier to acquire another conventional mortgage rather than financing an investment deal. So I have 1 specific and 1 general question. 1. Where in my loan documentation does it say how long I have to declare this my primary residence before I can make it a rental? (Don't want to commit mortgage fraud.) 2. Has anyone else had any success early in their real estate careers by acquiring more properties this way? Best, Adam

Hi Both, My niche market will be townhomes in the 1,000 - 1,400 sq ft range, 2-3 bed and bath. I will be managing the property myself until my portfolio is able to support a PM. If possible I would like to stay in the North Raleigh area. The property I have now, which will also eventually become another rental property is averaging around $1250/month.

Hi, Since I am currently employed full time I am thinking a townhome might be easier to manage in the beginning. My current townhouse has an HOA that covers the roof and front/back decks, so I also like how that is an expense I will have to do less forecasting for. You couldn't be more right that single family homes in a decent neighborhood are a bit more outside of my price range here in raleigh at the moment. Is there anyway we could meet up for coffee or lunch to chat further. One thing I have read and heard here at bigger pockets is the power of networking in your local area. If it's something you would consider, please send me a private message and I can share my contact information. Thanks again for all of the advice so far. Best, Adam

Hi Jiri, Thanks for the feedback. Our targeted range is single family worth 120-140k. The market rent we are seeing in comparable places is between 1,100-1,350. With so many people moving to Raleigh these days I figured the vacancy would be quite low. Have any hesitations towards renting out town homes rather than stand along single family houses? Best, Adam

Hi All, What vacancy rate percentages are people seeing right now in the Raleigh area? I'm trying to crunch some numbers with local data before my fiancé and I buy our second property. Thanks in advance. Best, Adam

Thanks Wayne. Would you say there will be a better rate and require less money down if the mortgage were in my fiancés name rather than mine? Her debt to income ratio will be better since she is not on the current mortgage at all. Really just looking to make sure that only putting her name on the mortgage isn't fraud in any way.

Hi Bigger Pockets Family, I purchased a townhome for around $145,000 last September. My fiancé is graduating law school in May, so we are excited to have two incomes by August. Will someone please give me some insight into what lenders require for a second mortgage? (Especially when using a conventional loan.) Since my fiancé is not on this mortgage, could she purchase a piece of property and utilize the easier lending for a first time home buyer? Thanks Bigger Pockets Family!!! Best, Adam

Hi Bigger Pockets Family, I purchased a townhome for around $145,000 last September. Since the townhome was move in ready, my fiancé and I have spent the last 7 months doing smaller rehab projects (staining decks, popcorn ceiling removal, kitchen backsplash, new paint and bathroom renovation). My fiancé is about to graduate law school and we will finally have a second income. Since she is not on the current mortgage, I wanted to reach out to the bigger pockets network and ask for advice on taking the next step of buying our second property and first rental property. I have been interested in real estate investing for a few years now and am excited for this process to finally come into fruition. Since I am only 25 and very much a novice at real estate, any advice is greatly appreciated. Thanks Bigger Pockets Family!!! Best, Adam