All Forum Posts by: Gina Williams

@James Russell II I’m glad to hear J Morrison’s ez funding worked well for you. I’ve been wondering about the program and am planing to try it next week. So, I take guess you recommend EZ Funding? I also feel that if you buy right and refinance, one could pay off the credit card and still have a piece of property. It sounds like a win to me!

 I started with Juan Pablo 100% financed and so far it has gone well. I started off getting the business credit. First of all, my personal credit was a very good at 735 midscore. 100% financed tidied it up just a little bit more with  just cleaning up a couple of things on my credit. When I went into business credit I did receive business credit. But it was not the amount I thought I would get. I was getting ready for a second round and a family emergency came up. So I have stopped at this time. So far, my experience has been good with Juan Pablo 100% financed. I would say they are a good company to go with. 

Thank you Rudy.... I appreciate your time and info...😊

Thank you,Rudolph Vazquez and Ali Boone. My payment with the PMI would be about $5322. The rents would be $5600. Once the under market rents are increased, the rents would be $6200. I would then have insurance, vacancy rate and cap-X i would put back for. The Owner occupied unit would have to be about 500 more. this 3-plex would be a buy and hold. Im still wondering about that fha rule I heard. We wont qualify unless the mortgage payment is equal to 75% of the rents. Is that rule true for fha? This is what I heard..

Thank you all for the great information!

 I’m looking at a 3-plex corner building with a full 3 bedroom house and a separate duplex, nice property. It is 800k in Los Angeles,Ca. In this neighborhood, the house will rent for $3000 per month, the other 2 two bedroom duplex rents for $1100 and $1500, below market rate. Th total is $5600.

I was told that with. 3.5% down fha loan for 3-plex, Your mortgage payment has to equal 75% of the rents which would equal $4200. Is that a true fha rule? Would I not qualify for this because rents do not qualify me? My daughter and I will be doing this together. We both have over 700 fico midscores and very good incomes...She would be owner occupied ( she currently owns a conventional condo) and I would be the other non owner occupied owner( I own an fha home). Could all of this work with a 3.5% down? We don’t have the 20-25% down payment. Can someone give me info please?

Wow, all sounds good with the fha. I’m looking at a 3-plex corner building with a full 3 bedroom house and a separate duplex, nice property. It is 800k in Los Angeles,Ca. In this neighborhood, the house will rent for $3000 per month, the other 2 two bedroom duplex rents for $1100 and $1500, below market rate. Th total is $5600.

I was told that with. 3.5% down fha loan for 3-plex, Your mortgage payment has to equal 75% of the rents  which would equal $4200. Is that a true fha rule? Would I not qualify for this because rents do not qualify me? My daughter and I will be doing this together. We both have over 700 fico midscores and very good incomes...She would be owner occupied ( she currently owns a conventional condo) and I would be the other non owner occupied owner( I own an fha home). Could all of this work with a 3.5% down? We don’t have the 20-25% down payment. Can someone give me info please?

I've been trying to negotiate a price with seller financing for a fourplex in Los Angeles California. Just recently the stairs that go to the top apartment fell in while the tenant was walking down it. He fell all the way through. He didn't get hurt too badly, but who knows he may sue. if I buy this property, will the lawsuit transfer over to me? or it would have nothing to do with me. suppose I buy it and , at the time it closes, the title is clear with no lawsuits. Can this Tennant put a lien on my property even though I was not the owner at the time of the accident? Should I just walk away from this deal?

I have a situation where a 94 year old friend is a motivated seller. He is willing to do a master lease option with me. I want to acquire the 4 plex units and keep it as a buy and hold. I don't plan to sale once I acquire this property. How can I structure this deal and be ok? What happens if he passes and I still have the master lease option. Will probate overlook the contract and I'm passed over and loose al together? He also is thinking about putting me on the deed and then we refinance with me remaining on the deed.  He will then get his money and I remain on the mortgage... He is just concerned about the latter because his income is not high, he is 94 and his credit is 652. What can I do?

@Douglass Benson Thank you for your information. In fact, I thank everyone so far who had been generous with information. The thread seemed to have gone into renting to students and student housing as well as East Lansing. I'm not quite interested in East Lasing in particular until I get more capital. Lansing is more affordable at this point. I also have no desire to provide student housing. I want regular everyday families; bread and butter type properties with 2 or 3 bedroom and 2 baths. I want stable working class families in SFR, duplexes and possibly apartment buildings. I'm new and just starting. I just found out that my crazy student loans are holding me back from getting any more funding/ properties except for my primary residence which I bought last year. Now I'm in a quest to find other kind of funding. I'm new and just want to get started. I'm listening to podcast, online, reading and getting info, but just can't get started because of funding. Just trying to figure it out. Thanks!