All Forum Posts by: Brock Y.

Depends on where. If it's in NE Minneapolis I would build a studio apt in the attic. If it's somewhere else I would skip it. 

 For the same reason Jiffy Lube brings up transmission flushes to women more than to men.  People will take advantage of you if they think they can. 

Ended up purchasing a foreclosure a few weeks ago outside of Chicago and will be using it as a primary residence. I want to remodel the kitchen but do not want to pay full retail prices that GCs will quote me if they think it will be my primary residence. How do I go about letting contractors know this is a rehab/flip?

I have a few duplexes under my belt but never had to rehab/flip. Any thoughts on how to approach this would be appreciated. 

Welcome @Calvin Craig  I am also looking into the Indy market for my first purchase here soon. 

@Derrick Craig Thanks. I cannot get a conventional loan with a 650 credit score that I know of. Unless I am incorrect on how DTI works (which I most certainly can be) I will not need to use the cash flow from the properties for my DTI hence why I do not think I need to wait 2-3 years. I make sufficient money with my day job to take on multiple loans. I always thought as long as your DTI is not high you will be fine. I would never count on cash flow to support an additional loan.

@Matt Faircloth  Thank you. Looks like I will just have to wait and purchase properties every 6 months with cash. Cash has never been the issue I just wish I could be purchasing every 2-3 months with 30-50% down instead of acquiring slowly. I also really don't have the time to find a partner due to my job. Hence my interest in managed turnkeys. 

@Matt Faircloth  @Nick Wing  Ideally looking for buy and hold on turnkey (or already rehabbed). These would not be local so I do not want to get into flips on these properties. 

Experience - only a Investor/landlord with a few duplexes under my belt. 

I am a novice when it comes to different types of lending ( Conventional, Private, etc.) so I am looking for some help as to which route I should take.

Credit: Not so great. 650-700. 

DTI: Great. If I had 750+ credit I could get a conventional loan on a 750k+ house.

Assets: Have a few properties but do not want to use them, 401k yada yada yada

I am looking to purchase MULTIPLE SFRs (40-60k) over the course of the next year and was hoping there was a lender or a type of loan that would allow for this with my prequals. I am not in the market to keep getting hard pull on my credit just to be denied due to Credit Score. 

@Justin Case 

I am getting out right now too. Hence my interest in properties however I just don't want 2-3. I want a lot more than that and was looking at financing. 

How about an FHA loan (only 3.5% down) on an owner occupied duplex where one side allows you to live mortgage/rent free. This would allow you save money and purchase additional property.

Only issue with this is you are stuck with PMI for the life of the loan.