All Forum Posts by: Brock Bowen

 Also just some fyi if you go owner op you will have to wait either 1 or 2 years to show stable income. With a company you only need a couple of paycheck stubs. Us drivers are considered commission based pay as far FHAloans but you shouldn't have a problem. My wife and I drive team and we both got a fha loan

My first suggestion would be to drive for a company for awhile. I know how tempting it can be to go out on your own. The money that's there is extremely enticing. But let me ask you a question or two. Can you fix your own semi if something breaks? How much are your Bill's right now? What would happen if you buy your own truck and something happens to it. A example would be if the engine is bad. I would never pretend to have all the answers and my situation is different from yours and everyone else's. I have wanted to buy my own truck for years now but I am not mechanically inclined by any means. I know if I hear a noise in just my car I should turn the radio up and head to a shop. But that is alot of money out of pocket on my behalf. If I owned a truck right now that expense is multiplied 10fold because it's a specialty job and truckers get milked hard. My suggestion and that is all it is is to stick with company for awhile get use to the job get some experience under your belt. Mean while you can start throwing money back for a truck....more down payment the less the monthly bill is. And please PLEASE!!! Stay away from companies offering you a lease purchase. There paperwork only shows best case scenarios. they dont care about you no matter what they say. If your bill is 1k a week or paycheck they take that before you see a penny. If that leaves you 10 dollars for the week it dont matter to them. Regardless if you decide a truck is right for you right now shop around. Find a deal and payments that works and makes sense for you. On to REI if you havent bought anything yet or up till now you can and should qualify for a fha loan. Where you only need 3.5% down on anything up to a 4plex. My suggestion and that is all this is is find a good realtor and mortgage broker that can walk with through all this. Now is a good time. Decide what you want before you start looking. Mine was a duplex in a great area. Cost me most of my debt to income and I had to drop some personal money but it worked out well. Also as a side note if your married. You didnt say either way in your message you and your wife can both get a fha loan. Just make sure you are the only one on your mortgage and the same for your wife. I dont know if this helps. I hope it does. If you have any more questions feel free to message me and I will help where I can.

hello everyone and thanks for reading. I have who I assume is a wholesaler offering 3 sfh in a decent (probably a c class) area. Asking 90k after repair value of 190k. I just bought my first mfh a month ago. Anyways I am looking for creative ways to purchase this. My duplex was bought FHA.

These houses more then likely wont go standard mortgage. According to my broker and I dont want to pay for a appraisal just to lose the money for it. 

Not sure what else to add atm so any help would be appreciated. Hope to hear from everyone soon.

First deal ever is under contract. Now the fun part. Let me describe the property then what I need help with. I have a 3bd 2ba sfr right across the street from a industrial area. On the property is a 2200 sf commercial building that use to be the towns first independent car dealership. Also on the property is a double wide MH. I am going g to be renting out the MH. And in 6 months I can start making money on the commercial property. (Doing FHA) so I have to refinance before I can have income coming from it.

My problem comes in. The commercial building is hidden away behind the the SFR. It has it's own driveway and all. Just not sure what to rehab the building for. I am in a smaller town in about a C area. So I am hoping for suggestions. Any thoughts would be greatly appreciated.

Welcome we are glad your here. There is a lot of fantastic information and opportunities all over the sight. I am from Cleveland tn and am currently in the process of my first purchase. You will find that most people are more then willing to help with most everything. Good luck and I am sure we will talk again.

 yep that is what i was figuring. just wanted another set of eyes on it to confirm. thanks for the input

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They are asking 94,500. We are trying to put this in the calculator but cannot seem to make this work with $100 cash flow even at half the purchase price. Is there something that I am doing wrong? This is a manufactured home. Any advice would be greatly appreciated. I don't know if my percentages for expenses are too high or what's going on. Thanks in advance!

Yeah here they like to brag that there are more millionaires in this county then anywhere else either in the state or country not sure which. So things get expensive quick.

@Jeremy Taggart thanks for the thought. I am in cleveland tn. Duplexes here run about 200k. Or are rented out already. Trying to find deals to get equity out of to continue the rental buying. Will be getting into duplexes soon though

Ok so I have been on bigger pockets for a few months now and I am about to purchase my first property with my wife. My question is.... we need a family home. My mother is disabled and needs to live with us on a permanent basis. We are currently renting a place for 685 month. 

We are getting a FHA loan so will only need 3 1/2% down. We are approved together for about 250k or separately for about 125k a piece. We are truck drivers and are never really home. Our addresses can be different that is not a big deal. And we know in order to do 2 FHA loans we have to go through 2 different companies.

My question is would it be better to buy a larger home and use both of us for 250k or buy 2 homes at less then 125k a piece? 

After the FHA has "cooked" we would refinance and rent out the properties. Moving on to the next property we would buy. Any thoughts and opinions would be helpful.