All Forum Posts by: Alexander Gutierrez

Hello All!

Without a doubt the COVID pandemic has thrown off my original game plan, but that is okay, so I hope I can get some great advice here today! 

I currently own an FHA home and rent the rooms to tenants, so live for free! I just bought this home in September 2019. I have been able to save 15k since specifically for another home/ rental. I have spoken to a mortgage broker I trust, and have been told I can write this property off as a rental. All I need is a lease for the people that live there now, and I will say I need to "downsize" and this will allow me to qualify and get into another property quickly with a conventional loan. (how do you all feel about this strategy)

Now, the real question comes - I now am switching careers slowly, because of the pandemic. My income has been cut into half. I do have a friend that will partner with me. He has no cash to put down, but willing to be on the loan with me, for income purposes. We have came to an agreement on terms, but seems complicated. Does anyone have a straight and forward contract/agreement idea? I also want him to know I need him now and within 5 years will refinance the property onto my name alone. Any and all ideas welcome & appreciated! 

ps I will be living in the new property with my partner and possibly rent out if needed for whatever reason. 

Hello,

So, I will get right to the point - thank you in advance for any suggestions or helpful advice! 

I currently own a home (fha) and i house hack, so needless to say i live rent free at the moment. I was about to buy a second property with 20k down, but days after was notified id be on reduced hours. So, i now work part-time, but this allows me to work on my side hustle, so i am actually making about the same income. This would make it difficult to qualify for a mortgage since it is a side hustle, and i have never claimed this income.. 

I still would like to invest, so my question is.. am i better off investing in some vacant land and hope it appreciates or should i look elsewhere. I have looked daily and analyzed deals, and there is one that would cashflow and give me a decent income. It is a studio 500sqft with tenant in place asking price is 80k. Seller is open to seller financing, but only if it is his terms-  5 year balloon payment, 40k down ( which i may be able to partner for, although i rather not ) 6% interest. I am highly interested in this property, so open to any suggestions! 

-thank you again

@Michael Ablan

I will definitely look into local credit unions! Seems to be my issue, since everyone is recommending this! 

@Kelly Skeval

I have not looked into local banks/ portfolio loans.. I will now! So, you were able to qualify with a commercial loan for SFH? This is something I need to study!

@Cameron Tope

I suppose I should look into local credit unions. Hope to get some luck there! So, you suggest I get a rental home next with the 30k? Or put it into my current home, then refinance? 

@Theresa Harris

I usually save 12,000 a year, but I recently sold a vacant property I owned and made 22,000, which is how I have 30,000. I just bought my home in September of this year.. 

@Lauren Juarez

Thank you thank you! 

@Aaron K.

Thank you for the input! 

Hello,

So.. I am currently considering to sell a vacant property I bought. I had intentions of building on this property and plans have not gone accordingly! So, I have decided to sell it - I have posted it FSBO and have gotten very few calls, but still has not been sold. It has been on the market for about 6-8 weeks.

My question is - when is it best to hire an agent? Any advice in that area? What is a good commission? Etc..  (I have had many agencies call asking if they could list my property, and I have turned them down hoping I’d sell it on my own.) 

Thank you In advance for any help! 

—Alex