All Forum Posts by: Emily Lopez

Also, don't get discouraged if you have a hard time finding a lender to do the 203K, they do exist.  I had a client that just purchased on a rehab loan and so many lenders said no because they take a lot of work (and they were just lazy).  There are lenders who will do it, just keep shopping around.

I have heard of cases from lenders we work with that you can do it yourself if you are a licensed general contractor.  Some states have really lenient rules on getting contractors license (this is kind of scary).  My broker once worked with a client who became a licensed contractor so he could do his own renovations on a 203K.  They will not pay you for your time/labor as they would another contractor, but they will for the supplies. 

Depending on the scope of repairs an FHA 203b with a holdback is an option as in some cases they have upped the repair cost limit from 5500 or 5000 (can't remember) to $10,000. The 203b has much less hoops to jump through and is a little easier to navigate. Obviously this won't work though if you are doing a higher cost renovation.

From what I've found, people want it without wanting to put in effort.  Unless you have it handed to you or come from a wealthy family, getting started in real estate investing is difficulty.  I had to work harder than everyone around me for several years, cut all fun spending, and save every dime for several years before I was able to afford my first property.  Everyone who I talk to who wants to get started in real estate want it, but they don't want to work hard for it. Unless they're very lucky, that's not going to work.  In my opinion it comes down to people not wanting to work hard and sacrifice to get to where they'd like to be. 

Beautiful. Looks great!

Do you mean to obtain your real estate license? Or just an informative course in general? If you are seeking to obtain a real estate license, requirements vary state to state and I would recommend contacting your state's real estate commission. 

Save as much capital as you can and pay down any debt (if you have any) so that you have an appropriate debt to income ratio when you return and are seeking mortgage for your first investment.  

Hi all,

I have been a buy and hold investor for a handful of years now.  I recently passed the real estate license examination.  I would like to continue my 8-5 to keep that steady income stream to continue to accumulate properties so I would like to work nights and weekends for a broker but would not be able to work traditional hours.  I'm sure its different in various areas.  For those of you who have started out part time or possibly are responsible brokers yourself, how predominate is this?  And are there many responsible brokers that allow this type of sales associates in their offices?

Hi Sharon, I'm not sure about the state laws in Tennessee but in Wyoming you can enter rental properties you own without tenant permission and approval so long as you don't interfere with the tenant's "quiet enjoyment" of the property.  Especially in emergencies. If she said she is concerned about mold, I would just say you consider mold an emergency because you want to make sure she is in a safe place as your tenant.  Depending on state laws, she may not have the right to tell you not to enter without her there. 

We are working on a bathroom with tile half way up the wall all around the perimeter right now as well. You have to bash it out and replace the drywall and cement board.  Not a hard job, you can do it.  You likely wont have much luck just prying the tile off as that stuff is intended to stay adhered to the wall.

I didn't clearly read the situation until I read others comments. I would also say not your responsibility.  Now if it was something directly related to your property than yes, it would be.