All Forum Posts by: Adam Bartling

@Steven Embree II Are you making over $250K in profit on this house sale if Single , or over $500K profit if married?  If not why all this extra work?  Those are you capital gains limits.

@Holden Mitchell I think I see your methodology.   But how bad are these properties you are finding?

If terrible, you will need a good Fix N Flip loan company (I have multiple recommendations based on the scope of work) Then you Refinance into a Owner Occupied, Fannie Investment or DSCR Loan. If it will be an investment property it will then go into the LLC.

203K loan is a renovation loan only with no purchase capability 

Oh no!  You have blue and red chairs!!!

Jokes..

Fantastic!  Talked to another retired Army guy today and he is trying to get his start... And here you did!!

@Frantzy Louis most of my investors ask the same, but most of the investors are under 41% DTI and have a 660+FICO therefore qualify for a Fannie Investment Loan! These are cheaper rates which is more cash flow for you.

If you do not qualify for the Full Doc loan, no problem, we put you into a DSCR Loan. But wouldn't you want to have a Loan Originator that thought as your money was his money??

@Faith Importico why not? both strategies have income production. Obviously it makes sense to keep a property that has a high DSCR. It all matters on what you can afford, and your strategies. IF you wanted you could also throw $ into a syndication... you can do many things

Laura, I work with lots of first time investors due to I work with ADPI. The answer comes down to you and your priorities. Most duplex owners, who occupy 1 unit do not make much above their mortgage. Every now and then we find someone who does makes a DSCR 1.50+ which is great. But when it comes down to it... If you find a property you like and you only live their for Free, you are still better off than majority of people because you no longer have you home as a liability.

@Mautrice Walter Does not matter if you have 8ft walls and 800sqft per unit or 12ft walls and 3,000sqft per unit, as long as the loan is $100K Min with value $125K+  Our group works with lots of first time investors (ADPI) More than happy to help you.

@Garrett Ninemire it is pretty simple:

These are the minimum FHA loan requirements when trying to qualify for an FHA loan.
Minimum FICO score requirement of 500
Minimum down payment requirement of 3.5% (10% for scores under 580)
Mortgage Insurance Premium (MIP) is required for every FHA loan
Maximum debt to income ratio of 56.9%
The home must be your primary residence
The borrower must have a 2-year work history with steady income 
You must be able to fully document your income
Home must pass FHA inspection

These are the benefits of an FHA loan versus a conventional loan:
Lower credit scores permitted
Lower down payment requirement
FHA interest rates are lower than conventional rates
Gift funds allowed
Seller closing cost contributions are allowed
FHA loans are assumable
Co-signers allowed
Higher debt to income ratios permitted

More than happy to talk to you.

@Bryana Harris Here is a tool for you. We offer funding on properties that have a seller finance note. So seller has a property in a major MSA, ARV $250K+ and they finance 20%, well now you are purchasing the home for only closing cost paid up front. We fund small and large balance loans. Any questions just keep asking lots of resources on this site.

@Whitney Breedlove Thank you much.