All Forum Posts by: Angel Ginnett

I have a similar scenario with my son in college and he collects the rents but the rooms each have their own lease.  

it looks great!  keep up the good work

Many of those programs are region specific, I would directly call a few local lenders and see what's available in your area.  Sometimes the down payment assistance programs have higher interest rates.  So shop around and find what will be best for you. Don't be afraid of talking to lenders   They are there to help you.  I've had my best luck with smaller local companies over the large online Quicken type lenders.  

I have not done this and I'm not a lender but what I've heard from others is you take it out, let it season a few months and then purchase the investment property.  I'm looking forward to hear what others suggest for this.  Because I'm considering doing it in the future.

Great Job saving up for that down payment!  Can you buy your first home as an owner occupant with a low down payment?  Maybe house hack it, by renting out the other rooms or ?  I'm not sure what homes start out at in your area.  I would connect with a local lender and see what you qualify to buy.  If possible I would do an fha owner occupant duplex or 4 plex as my first purchase.  3.5% down  If you get your license you may be able to use your commission to pay the closing costs and then only need the down payment.  Or you can ask the seller to pay the closiong costs and offer a higher price for the property.  This just depends on 1)how competitive your market it, 2) cost of properties in your market & most importantly 3) what your lender says you can qualify for.  

I am not a property manager, but I don't accept partial rent payments, and I issue 5 day non payment notice on the 6th day of the month in person and certified mail.  I'm training my tenants to pay housing first and put the car repairs on the credit card when those things happen.  It may be harsh. But its the way I run my business.  My rents are pretty close to my monthly costs so I cant really afford to pay half of the cost out of my pocket.  

Super frustrating, I'm in the process of purchasing a similar property right now   Half acre lot, 3b/2b and 2b/2b.  So I was wondering how yours went and what you did after.  

I'm currently buying a FSBO and there are no commissions involved. Some sellers are willing to lower price if there are no commissions, some do not willing to pay any commissions either way. Depending on your competition I think you may be able to negotiate a lower price. In AZ there are title companies that will handle the contracts and hold the earnest money for FSBO transactions, and their fees for this are very small.

Hi   What area in AZ?  I have properties here too.  I'm seeing even tenant occupied properties get good offers so that could be an option Although it may not be as high as an offer for an owner occupant. Have you talked to an AZ lender to see what you could take out in a Heloc or if you refinanced?  How long have you owned it?  If you sold would you 1031? If you sold would the gains be short term or long term capital gains?  

Cool    What state are you getting your license?