All Forum Posts by: David Martin

@Xavian Rimmer In the process of finding that LHC link for you, I also came across this, which would give you just a quick overview of the possibilities.

https://www.nerdwallet.com/blog/mortgages/louisiana-first-time-home-buyer-programs/

@Xavian Rimmer Would recommend doing some research on the USDA options (USDA website). Short of the NOLA metro area, a massive portion of LA is considered rural enough to be eligible under that program, and has a few extra features that the FHA loans don't, most significantly is 100% finance option (zero down payment), but also can support new builds, such as you picking some land, dropping in septic and well, and then building a new home (or placing a permanently attached mobile), additionally, while there is a PMI requirement, the rate for the PMI is lower than FHA's requirements.

Also, check out LHC below, as they may additionally throw in some dollars towards your purchase, regardless of if you use FHA, USDA or Conventional, so you might be able to get them to cover a good chunk or all of your closing costs. So, if you qualify under the guidelines for all of these, you could conceivably get a no-down payment USDA loan, and have LHC cover your closing costs fully... so you know... basically a free starter house. It would just be up to you to make sure the numbers work for cashflow to ensure your costs are all covered.

https://www.lhc.la.gov/down-payment-assistance-homebuyers

@Magesh R.
POH = Park Owned Home

TOH = Tentant Owned Home

@Nelson Del Castillo What is the source of the lien. Mechanics/Tax/Judgement/etc...?

@Patrick Lim Ask for a few extra character references, even better if it's people they have lived with before, and literally just ask them the question.... "If you had a newborn child, would you feel comfortable leaving this person alone with them for several hours at a time?"

Also, you could approach this instead of being 4 adult strangers go for two single parent families, which may feel more like a big family in the house than a bunch of strangers.

Hey @Amy Parra, reach out when you get a chance. I believe what you're able to offer in the BRRRR process may match with what I think we could offer as part of a BRRRR. Would be interested to see if there is some alignment there. My wife and I have been typically looking at doing our first property without being partnered, so I'll need to see her thoughts on the idea, but I think there might be a potential here.

Top 10 Markets - Yahoo FinanceArticle on higher demand markets. Some of these have received focus on the podcast, so was curious if everyone agrees with the list or thought other markets should be on the list.

@Rick Alvi... Any luck in your search so far?

I would be inclined to go with this logic if it were part of a larger development or subdivision in the works, but this missing road is lined with various individually owned lots, so am I to assume unless all the lot owners get together and co-sponsor the construction of the road, that it will remain as is?

I have a lot in a small Texas town that I am looking at for new construction, essentially as a raw land flip over to duplex or SFH, which I will then house hack for a few years before renting out fully. The potential value of the lot should currently be at around double (comp'ed to others nearby). What makes it such a discount at this point in time is that even though the municipalities planning committee GIS system indicates that they have easements established for road frontage for this lot, currently there is no road frontage.

I would like to take advantage of picking up the lot while deeply discounted, but I know that no road frontage will impact potential plans to convert this over to a cash flow play (or to liquidate it later if needed) until completed by the municipality. Does anyone have any tips or tricks on how I can force or convince the muni to complete that portion of their road plan, or would I just be stuck in a waiting game until they move forward with it?