All Forum Posts by: Brandon Owens

For FHA loans, you will need to show 2 years of W2 income or 2 years of Tax Returns that show income if you're a sole proprietor. If you are wanting to use FHA only, you might consider having a co-buyer and have the loan listed in their name and both of you guys on the title. Otherwise, I agree with the other comments that you should consider hard money or conventional loans. You could also try to buy with seller financing and make a offer that would be similar to a FHA loan.

@Jake Wakefield Yes, I absolutely change lockbox codes after contractors have completed work on vacant properties. This helps to keep track of who's in your property.... Especially if things come up missing. If it is occupied by tenants, this may not be that big of an issue. 

Hey Monet, 

You're probably going to have more success using non-traditional lenders or local community banks and Credit Unions. Even though they will give you a loan in your LLC's name, they will still want you to personally guarantee it. Try Patch of Land or Global Integrity if they are available in your area. Rates are comparable to FHA and Conventional loans.

Hey Jake, 

Welcome to BP! A lot of us felt nervous with our first deal, but after you get that first rent check, trust me that feeling is more powerful than the nervousness. I would recommend you update your profile so others can see what city you're in and possibly connect locally. One of the things I love about this forum is that people are always willing to help answer any question you may have...so in a sense, we're all your mentor:) 

Definitely similar to the other posts. I was way too nice on my screening and accepted too many sob stories for late payments. I also did not rehab the property enough to prevent some of the headaches down the road with maintenance calls. 

Seems like a pretty solid deal on paper. How confident are you with the estimated rehab budget? I would anticipate the flipper who buys this deal would want to know what that entails. 

I've used Cozy.co before and had a great experience with them. 

I ran into similar issues with my first BRRRR. In competitive markets, to help with speed you have to be willing to make offers on properties that fit your numbers before you visit it...and as mentioned above be quick with analyzing it. I would also suggest to add 10% on top of your rehab budget because it will definitely go over.

Best of luck to you. 

I've used Campbell & Brannon before as well. Highly recommend. They are equipped to work with investors and homeowners. 

I agree with the other comments as well. Another thing to consider if you're moving to Atlanta, especially from NY, is if you plan to use public transportation or drive your own car to work, entertainment, etc. Some of the areas mentioned above (Northside communities) are great places to stay to raise a family with lots of amenities, but commuting into the city inside the I285 perimeter can be a nightmare during rush hour traffic. The same is true for investment properties. If the tenants you plan to rent to are millennials or professionals without kids, they will most likely be living inside the perimeter and using public transportation. That's a totally different market and price range than some of the outside the perimeter communities. As was mentioned before, definitely take a few trips and plan to commute during rush hours to understand this dynamic.