All Forum Posts by: David Robinson

@Craig Willis Is it new construction, ground up, or remodeling existing building? I am curious to if a 1031 would work either way?

@Drew Nashmy I am sure you will make connections in the next region you decide to move. If you connected and created a team once, you can do it again. Bee yourself and people will see you know what your doing and you care about the team as much as you do about the deal.

@Peter Schafer Whatever loan fits for your needs, closing in 21 days, and flexible requirements and not your blood type or endless delays and requests. There is multiple options like commercial, conventional,va,fha,usda,private money, hard money. Are you buying a home to live in or fix and flip or fix and hold? Multifamily or single family?

@Yanis Ropalo I work with multiple lenders that could help you with purchasing that investment property, and be ready for the next deal. I loved reading Rich Dad Poor Dad too, and I also have discovered how valuable my time is. Reac2oitnto me anytime,be glad ro help. Have you found a duplex that your interested in, and have you created or used a calculator or formula to see if its a good deal?

@Scott Benton Interesting I have never heard of recasting , good information to pass on thanks for sharing.

@Zaivy Matta

From hud.gov

4155.1 4.B.2.a

Definition:

Principal

Residence

A principal residence is a property that will be occupied by the borrower for

the majority of the calendar year.

4155.1 4.B.2.b

FHA

Requirement

for Establishing

Owner

Occupancy

At least one borrower must occupy the property and sign the security

instrument and the mortgage note in order for the property to be considered

owner-occupied.

FHA security instruments require a borrower to establish bona fide occupancy

in a home as the borrower’s principal residence within 60 days of signing the

security instrument, with continued occupancy for at least one year.

@Mateus Lima There is no limit to loans with an LLC, and if you want to combine mortgages to possibly save time and money you can do a portfolio loan, I have see 8 loans put into 1, saving $18,000 a year, and $80,000 cash out at closing. Each scenario is different but its always worth researching.

@Jessica Flint If your goal is to pay it off sooner, you could ask for the 15 yr and see what the payment would be, its usually not as high as you would think. You can also do a 30 year term and pay the

15 yr payment giving you flexibility later on if you run into a situation where the 30 yr payment. Rates are different for different terms, depends on the lender.

Does the $14,000 in closing costs include origination and appraisals for each property, and application fees?

@Daniel Foster Interesting scenario, love saving money so I hope this works for you and I am watching the responses from others. Hopefully others can confirm that you can discount the profits based off of the renovation expenses.

I would be glad to connect with you lenders that will look at the investment scenario and not your income, if its a good deal, its a good deal. And once your done with your first one in Tallahassee you may have the fire to do more. Message me if you would like to connect, I will be glad to help with any advice.