All Forum Posts by: Dan D.

I think people automatically jump to negative thoughts abut paying for mentors because of the association with "*gurus* 1 hour seminar make a million dollar" ads.

1 Vote

Just last week I found out that in the same office building I work at there is a turnkey/wholesaler/flipper. The plan is to approach him with my resume and straight out tell him I would like to work for him on the weekends or before/after my 9-5 job for free or little to no money. Hopefully, in exchange I get to learn.

Thoughts/Questions

He does have employees under him, but not any personal assistants. - Solving a possible problem?

Is too aggressive of me to stop him and hand him my resume? - I don't know the guy other than his first name.

After typing I am realizing I am thinking out loud with this post. Just got to do it right? Worst he can say is no and instead take me on as client.

0 Votes

Similar situation happened to me. Mortgage broker kept insisting that in 2018 FHA was no longer 3.5% down and had to put down 15%. I kept fighting him on this and he eventually just stop communicating with me.

Keep searching

2 Votes

Originally posted by @Iain McFarlin:

Art, I've been there with making 32K/year in purchasing a 3 flat with an FHA 203K loan (203K is for building renovation costs into your mortgage). While your base loan amount is determined by your income (or combined marital income with your wife on the loan) the amount of expected rent or current rent is taken into account and allows for a larger total loan amount. This is why I went for a multi-unit as I could purchase a much more expensive property.

My two cents from experience: in general for multi-units, make sure you have a reserve of at least 2-3 months of the "rent" incase the units are vacant after you take a hold of the property, prior to going in for the loan. This is something your lender will look for. This is also even more important if you will do a 203k loan and renovate the property prior to living in it and renting it. As you have to take into account the months of renovation and then the vacancies.

Iainv - I am in the process of trying to get pre-approved for an FHA. You mentioned that they take into account expected/current rent on a multi-unit. Do I need to bring supporting documents proving the expected/current rent or do I simply imply I will be purchasing a duplex?

Sorry for reviving a dead thread

1 Vote

All Forum Posts by: Dan D.

Dan D. has started 6 posts and replied 14 times.

Post: Approaching a Mentor

Post: Approaching a Mentor

Post: FHA loan for 2-4 unit property

Post: Wait to Get Pre-Approved With FHA?