All Forum Posts by: Chad Simmons

@John Warren Thank you for the advice! I really do appreciate it. I’m starting to believe that is the smarter move myself.

Hello BP Family!

My name is Chad Simmons. I'm a medical device sales rep from Mount Dora, Fl. I'm looking to "House Hack" my first deal by purchasing a SFH in which I plan to live in while having roommates/tenants. However, I'm an independent contractor and have to show AT LEAST 1 year of paystubs in order to qualify for a loan.. which is about 7 months from now (I just started working after graduating from college).

I feel as if I have 2 options. I can partner with a local REI friend or my father to co-sign as a loop hole to get a mortgage (I'm fully capable of paying for it)... knowing I'll need to eventually refinance to get them off the loan.

Or, I can wait it out, continue to study, perfect my craft, and prepare for the time when I’m able to get a mortgage on my own. I’m very eager to stop renting and starting owning. I’m not sure if I should wait or utilize someone who’s willing to co-sign. I figured advice from people who have been doing this much longer than I have would help me in my decision.

Thanks in advance for taking the time to read this!

Chad S

Hello BP family!

My name is Chad Simmons and I’m in need of some help/advice..

Quick background: I recently graduated from Florida Tech in December. I know live in the Orlando area and have a job in orthopedic sales. Because I am in sales, I’m a 1099 employee, not a W2.. this has made trying to obtain a mortgage nearly impossible. I don’t have the luxury of having a family member co sign. My girlfriend is in grad school full time and does not currently have a job. I make plenty of money, have excellent credit, etc. but none of that matters unfortunately.

I’m all in on real estate! I do not want to rent for for a year or two. My girlfriend and I want to buy our first home, have roommates to offset mortgage, repeat. I was wondering if there are loop holes or other unconventional financing options for people in my position.

If you’re in the Orlando area and want to meet up and talk real estate (maybe once all this craziness is over) please feel free to reach out to me! I appreciate everyone’s time and advice in advance!

Chad Simmons

Hey BP family!

So I just recently started a job as a medical sales rep. I am a 1099 employee, which is making the pre approval process quite difficult.

I have great credit, no debt, and sufficient funds, but since I don’t have 2 years of 1099 income that doesn’t seem to matter.

Any advice on different financing options I could utilize to get around this roadblock?

Thanks in advance!

-Chad S

@Andrew Ashby Thank you for the advice!

@Tyler Gibson Thank you for the advice! This will actually help me easily screen out townhomes if they’re strict on renting or don’t allow the properties to be rented at all.

@Corey Hawkinson I'm glad to hear your first investment property is doing well for you! It is reassuring knowing others have had success going down a similar path. I appreciate the insight and best of luck in your future endeavors. 

@Ronan Donnelly this is true. Certainly, there are pros and cons to every investment strategy out there. I love the mindset though! Thanks for the advice. 

@Ralph Justiz Thanks for the response! I really do appreciate the helpful insight. 

Hello everyone at BP! My name is Chad Simmons and and I’m a new investor in the Orlando area. My girlfriend and I are looking at townhomes as our first investment property. Rent by room for a few years then move out and rent to a family is the plan.

Townhomes are unique because they offer lower price points that are in my budget. They are also usually move in ready and up to date. However, the dreaded uncertainty of HOA fees and their volatile nature in the market scares me a bit.

If the numbers appear to work, are townhomes a good starting investment property? Or should I stick to a SFH ?

Thanks for the advice in advance!