All Forum Posts by: Bobby Njoo

@Zack Karp

Thanks for the confirmation! When having more than 1 person on the loan, assuming both borrower have good financial standings, how does that usually effect the loan itself? I mentioned to my lender about putting my partner on the loan and he mentioned we have to apply for a commercial loan instead. What i don't understand is that it was for a residential property...

@Maurice Nix

Thanks for letting me know in time! I did ended up going with the duplex.

@Chris Mason

Thanks for the warning and the quick comment. I did make a full stop. Just wondering what are your reasons for not

Doing a partership on a mortgage unless With a spouse? I have a close friend who is financially stable, trustworthy, and have similar business model/approach. Just wondering what other factors i should consider.

Hello BP Family,

I need some financing insight on my current situation. I am an active duty military (already have a primary residence) and a junior REI who is looking for his first deal. Along the way I found 1 good deal and 1 potentially great deal.

Property 1:

Over under duplex. Asking price 125K with seller already agreed to pay for closing. Both units 1 bed and 1 bath with downstairs unit already have a tenant and top unit is vacant and can be turned to a 2 bed 1 bath. Both unit is in decent shape, at a good location, and will cash flows decent.

Property 2:

A foreclosed single family home with a free standing "in-law suite" next to the house, but realistically it is an over under duplex with 1 bed and bath per unit. asking price 180K with an offer we pay for all closing cost. Potential of subdividing the lot to make the in law suite a legitimate duplex. Offer pending.

So here is my current plan on financing these 2 properties. 

Property 1: Already pre approved with Lender A (mortgage broker) and plan to use the VA loan and put 10% down and live in the top unit assuming it passes the VA inspection.

Property 2: Already pre approved with Lender B (bank) to do conventional and put down 20% but i have to bring in my partner who is willing to transfer half of the down payment and closing to my account before closing and split cashflow 50/50.

My questions are how does the underwriter feels about seeing someone else transferring a large sum of money in my account? How does taking out 2 mortgage loans at the same time affect me? Do i have to disclosed to each institution about my plan?

Any feedback is much appreciated!

Thank you.

Bobby.

@Kris Cole

Contractor reference would be wonderful. Thank you! When we first bought the house it was very outdated with wooden paneling. So far we replaced the flooring of the whole common areas from carpet to laminate flooring, painted the wood paneling (i was considering taking them out and replaced it with drywall but thank goodness my wife talked me out of it), gutted out and renew the master bath and kitchen. Next project is adding a patio. As much as i love DIY projects, it has been a long journey hahaha but we are almost to the finish line!

@Johnoson Crutchfield

I appreciate it thank you!

@Ned Carey

Thank you. Yes, i finally decided to stop looking for time and start making the time.

@Kevin Hunter

Thank you! Good luck to you as well!

@Justin Windham

Thanks for all the resources and tips. I appreciate it! The links definitely going to help me to navigate around. I just learned what a SD IRA this week from a BP meeting. I didn't know i could do that.

@Account Closed

Thank you!  I will most likely have more questions in the future!