All Forum Posts by: Champaigne Shyne

@Champaigne Shyne I am using Airbnb on a multifamily property as well and it's going great! If a lender tells you no then go find another! My friend was rejected by 13 lenders before he found one that would work with him. Don't give up!

Wow!! That’s amazing! His persistence really paid off. I’m just going to keep trying and hopefully by the end of the year I will be posting about my first property 🙂

0 Votes

Houston, Texas

Quote from @Jesus Roman:

@Champaigne Shyne Sounds like you are on the right track! My biggest suggestion would be for you to start talking to lenders and maybe even small local banks. Every lender is going to have slightly different guidelines on what they can consider to qualify you for your purchase. Keep preparing in the mean time..hope to hear about your deal at the end of the year!

Thanks for the words of encouragement. Asking seems to be the best solution. I never post anything but I am glad I did!!

0 Votes

Houston, Texas

Quote from @Mike Davis:

@Champaigne Shyne you have everything going for you for sure...my recommendation since this your first, would be to start off smaller to get some experience. With your score and money in reserves, you can definitely get something done now.

Thanks!

Are you referring to smaller like a single family home ?

0 Votes

Houston, Texas

Quote from @Joshua Janus:

Congrats on setting up your credit score, credit line, car down payment and student loans in line so you can invest! That requires a lot of sacrifice. I see that your BP says you are a realtor. Is that your day job? If so you will need 2 years of tax returns from the same 1099 job to qualify for an FHA loan. I drove for Uber for 2 years which is also a 1099 job when I wanted to house hack and use an FHA loan. I would look to see if there are options for bank statement loans or a DSCR loan. These will require larger down payments but you said assistance is available. Check these options out! @Champaigne Shyne

I am

Thank you so much!! I just became a realtor but my main job is a 1099 as well. I’m going to check out a few other loans and see if they will be a better option.

1 Vote

Houston, Texas

Hi Everyone!

So I have been wanting to buy my first property while generating income for the longest. I worked hard over the last 5 months to get my credit score to 753, pay off student loans, increase my credit line to $25,000, and my car will be paid off in a couple months.

I want to use a FHA LOAN to buy a four-plex, up to $350,000, live in one unit and use the other 3 to air bnb/ or rent out. I have $7500 put aside to cover expenses that the down payment grant assistance doesn't cover.

I want to do this by September 2022. The issue is I have only been working at my current job for 5 months and I was on unemployment prior to that because of COVID-19 (bartender). I make really good money and my debt to income is pretty low.

I keep hearing different things from lenders. Some say that because of COVID the guidelines have gotten stricter and I will have to wait another year or 2 and Some tell me that because of COVID guidelines have been less strict and by the end of the year I should be good to go.

It’s all very confusing and discouraging because I’m doing it by myself and I don’t know what to do. If anyone could offer advice on the matter that would be very helpful.

Thanks BPC

2 Votes

Houston, Texas

All Forum Posts by: Champaigne Shyne

Champaigne Shyne has started 1 posts and replied 5 times.

Post: House Hacking With Multi-Unit Using FHA Loan

Post: House Hacking With Multi-Unit Using FHA Loan

Post: House Hacking With Multi-Unit Using FHA Loan

Post: House Hacking With Multi-Unit Using FHA Loan

Post: House Hacking With Multi-Unit Using FHA Loan