All Forum Posts by: Andrew Postell

@Tyrel Ebele I'm not sure about the first time home buyer program you referenced specifically but most of these programs do have that type of a restriction on duplexes, etc. HOWEVER, a standard FHA loan requires only 3.5% down to buy a home and you can buy a duplex, tri-plex, and quad with that loan type. As long as you live in one of the units you can rent out the other unit(s). Is 3.5% down a reasonable goal for you to have as a down payment?

@Aaron Smith the one thing I would ask about is are these 3 properties that you referenced surveyed off separately?  Meaning, are all three on the same plat of land?

@Betty Cruz this is so common that I want to take a little bit of time to explain this but you can refinance right away. Not 6 months. Not 2 years. Right away. What you are experiencing is what is referred to as a lender "overlay". Conventional/Conforming loans are governed by Fannie Mae and Freddie Mac. Conventional guidelines are that you can refinance a property, that has a loan associated with it, the day after you close...at After Repair Value (ARV). Where it gets confusing is that the guildelines also state that each bank can be more restrictive on these rules if they want to but not less restrictive. What I mean is that if the conventional guildelines say "Credit Score must be 660" a bank can say "Well, we aren't going to lend below 700"....and that is totally ok with Fannie/Freddie. So yes, you will run into banks that say 2 years, 6 months, need rental history, blah, blah, blah. You need to find a bank that has no "overlays" and those are usually the bank that investors prefer. I think I have PM'd you before but I will PM you again just in case. Thanks!

@Steve Foley all of these posts are on the right track here. Portfolio loans offer a good solution where there is a need. One thing I would add here is that you don't HAVE to create an LLC to receive a portfolio loan. You can guarantee the loan and be on title personally with a portfolio loan. However, I would HIGHLY recommend putting all of your properties in an LLC for liability purposes. Good luck!

@Danielle Thompson there are also portfolio products that will qualify you only on the cashflow of the property you are buying.  These loans ignore your income entirely.  So you can make $0 income, the property cash flows $1, and you are qualified...well, as qualified as far as the income piece.  They still want you to have downpayment and reasonable credit but those aside the income piece is ignored.  Private Message me if you need more information on this loan product.

Great job @Jeff Filali!

@Ryne V. I'm not allowed to include a phone number here so I will message you.  Venus Jones is her name and she is super friendly and a very hard worker.

@John Leavelle you can just copy and paste that link and it will work.  I did provide it as a link here: Link for Comparison

Absolutely @Karen Schimpf!  It's still a great value based on the numbers from other major Metropolitan areas.  Texas as a whole is pretty hot and looks like it will continue for the near future.

@Justin Young just from a negotiating standpoint it's usually a good point to let the other party offer first. This may not be the best place to talk about advanced negotiating tactics but they might be ok with you without you saying anything! Their offer might be 0% down. You never know. So don't offer your information first. Ask if they are ok with seller financing and have the ability to do it on this property. There's a lot of different paths here but if they say "What's that?" then you may have to talk about what it means and talking about an interest rate and how much they make on seller financing might come up first before DTI, etc. I hope this helps.