All Forum Posts by: Adeva Edobor

@Brian Patrick No doc may just mean no income docs to prove monthly payments. If you're buying an investment property, you may be able to qualify based on the projected rents alone. So you may not even need to have a job or income. Just cash for the down payment and the property will do the rest. DM me. I may be able to help

From my experience, (may not apply in this case) tenant 1 is only helping tenant 2 qualify for the rent. They don't plan on living together. They are coworkers and one is helping the other because she can't qualify by herself. If the laws in your state allow you go after tenant 1 easily in case of a problem down the line, then sure. Just let them know that upfront. If I were in your position, I'll hold out for a more qualified applicant.

Hi @Kate Jones, here's what I've done and will do if I was in that situation. I'll buy only what I can afford on my own that way, if house hacking doesn't work out, I can afford the payments even if I have to live on rice and beans. Also, I'll make sure it can rent for at least the monthly cost of holding it. The loan type wouldn't matter as long as the interest rate was fair. I wouldn't wait too long because the future is uncertain but inflation is real.

@Adam Elbary If they are signing on the loan, they would be considered a co-borrower because they would be on the hook for the loan as well and it would allow you claim to be an experienced investor as a team. For example, my company's criteria for experienced investor is "borrower must have a history of owning and managing commercial or residential real estate for at least 1 year in the last 3years."

Thank you @David Avery I've reached out to them. Fingers crossed

@Adam Elbary You may be getting that response from lenders because of experience requirement. Lenders like to see at least 1 other investment in your portfolio to go that high on the LTV if you plan to go the DSCR route which means you are using the rents from the property to qualify.

@Jim K. Gotcha. Sucks that you have to hold it for a whole month though

@Kaylee Walterbach DIY. Those three magic letters will save anyone a lot over time. Learn to do simple tasks first then complicated ones later. As simple as changing a tire, (I learned when I was 27🙈) to remodeling a kitchen. I spent $10k on a $35k kitchen remodel and $3k on a $16k bathroom remodel. (Thanks to Jeff from renovision)

@Tanveer Ahmed Call more lenders. You may be better off buying a small condo and renting this one out. There may be a lender that will be able consider part of the rent you'll get as income. Maybe get a rental agreement signed in time for closing.

I'm new to real estate in the sense that I've only done one deal (two if you count my primary residence) but analyzed a thousand. (I know, analysis paralysis) but my goal is to take action this year.

I spoke to a landlord who's considering selling a 4plex. They've expressed that the property will need work so probably won't appraise at market rate for the area. I intend to offer $1m and expect each unit to rent for $1,800/month. All units are standalone 1bdrm 1 bath on the same lot. I haven't inspected but estimate no more than $100k in repairs. How can I structure my offer to look good to the seller and come out with $100k cash for repairs?

I thought of doing a 403k and living in one unit but I've heard those are a nightmare.

I've considered a conventional loan and then refinancing to get cash out for the repairs (I don't know how soon I can refinance after purchasing)

They own the property free and clear so maybe seller financing may have a tax advantage for them but I'm not sure how to present that.

I figured I'll bring this up in the world's largest and most intelligent real estate community. Help!