All Forum Posts by: Chris Willson

@Jason Little Thank you very much for all the information, it has been very helpful!

@Jason Little I was actually thinking of moving to Washington, D.C. I imagine this is the same range?

Chris

@Jason Little Thanks very much for the response. A couple questions on the Freddie Mac Home Possible Mortgage. Can you take a jumbo loan with this kind of instrument? Are there any "downsides" to taking this kind of mortgage versus a conventional mortgage (such as hidden fees etc.)?

Thanks!

Chris

@Terry Lao Thanks for the response. To be clear, I have never owned property before nor collected rental income. The roommate who we are talking about and I have both rented for the past 5 years, and paid rent to an external owner. That said, the roommate would be willing to sign a lease with me as the landlord *IF* I purchase this property. Hope this helps

Thanks

Chris

So what you're saying is that this type of rental income isn't applicable for jumbo loans?

Hi Everyone,

I am thinking of purchasing my first home and have a question about mortgage applications. I have excellent credit (>800), however no history of a mortgage. I had a loan out on a car that was paid off in 3~ years which I'm hoping will qualify my as somewhat "experienced."

I am thinking of purchasing a 2BR that would go on average for about 650k. I would pay 20% down payment, and have an income of about 100k. I currently don't have any debts -- no car payments, student loans, credit card debt etc. The loan amount I would need would be about 520k. 

Based on some basic research I have done, my current income / profile would not be qualified to receive the 520k loan. However, with this house I am planning on purchasing, I will have a roommate living in the second bedroom. This roommate has been my roommate for the past 5 years, has signed leases every year, historical rent checks can be documented, and a lease can be signed for the upcoming year saying he will pay me x amount per month.

My question is -- Can I claim this future rental income on my mortgage application? I am hoping that this will help get me "over the hump" so that I can be accepted for the 520k loan.

Thanks!

Chris

Thanks everyone for the replies...I definitely am going to try and make it out to one of the networking events on here. Seems like there are a lot of flippers in the area. 

Hi All,

My name is Chris and I live in the Boston area and am new to flipping and this forum. I just started reading J Scott's Flipping Houses Book, and have ambitions of flipping houses some day. Currently I am a business consultant and would like to do flipping on the side. I am perusing the forums now and have a couple of random questions on flipping houses:

For people that flip houses reguarly, what are the main reosurces you use to find potential houses to flip? Websites, real estate brochures, driving around etc?

Two common themes I am seeing are you have to buy the house at the right price, and you have to have good contractors. Is there somewhere on the web, or maybe even this forum, where people in certain regions can share good/bad experiences with certain contractors?

Is there a good or bad season to start flipping a house (ie houses are cheaper during this time of year, or they sell more during this time of year etc)?

Thanks for reading and happy to be a part of the community here!