All Forum Posts by: Grant Schroeder

Sounds like a great plan @Alana Reyes! Typically 32+ hours consistent weekly income is considered full-time for a loan. You should be okay applying for a loan with your current savings and job, or you could wait until you have 40 hours of employment (maybe at a higher pay?) and that might help you qulaify for more. You should not need a cosigner in this situation, depending on your preapproval and price point you are targeting. Let me know if you have any other questions on this! It sounds like you are on the right track with your mindset. Have you tried to get preapproved yet?

@Jackie Cuellar You can get a VA loan if your husband is just a W2 employee in the marijuana industry. If he has any percentage of ownership in the marijuana company, the VA will deny the loan. You mind if I ask who the lender is you are working with currently? Let me know if you have any questions about this!

Thank you for posting @Brady Halse! I will send you a connection request. Have a great Sunday!

Welcome @Peter Guinto!

Congrats @Jonathan Stone! Appraisals on the Oregon Coast typically are at least 2 weeks longer turn time and much more expensive than in the Valley simply due to the lack of appraisers on the Oregon Coast. The most recent one foir an investment property I had in Rockaway Beach was almost $2,000 and we didnt get it back for 4-5 weeks. Appraisers can hold you hostage on the coast since there are only a couple good ones out there.

Thank you @Brandon Sturgill! A local lender is not a must by any means. A local real estate agent definitely is though.

Completely agree with you @Jonathan Stone. Unfortunately lending guidelines do not jive well with Gov Brown's overly protective tenant laws. If someone is okay getting creative, knowing they are inheriting a mess and factors in a conservative estimate for attorney fees into analysis/rehab costs, etc, it could still be a good opporturnity in an otherwise very competitive market where the eviction process would scare away most buyers.

@Glenn Himan welcome to BP! Don’t hesitate to ask further questions like this, this is a great start. 

Are you planning to start as a realtor full time out of the gate? Or do you have a W2 job still to help with qualifying income? Typically with commission income as a realtor, for a loan you will be required to have 18-24 months under your belt as a 1099 realtor as we are required to take a 24 month average for qualifying income. If the commercial property is in your personal name and what’s on your 2020 Schedule E cash flows enough to qualify for a house hack in Mesa, that may work for income in lieu of using your 1099 realtor income to qualify for your house hack. 

@Bryan L. Ramirez definitely check out Tucson, Mesa, and Phoenix. The Oro Valley community in Tucson is a great place, not a ton of multis there, but a great community for quality tenants and some appreciation.

Please do not hesitate to reach out with further questions about the markets, house hacking, or lending side of things. I am glad to help!

Welcome @Wes Franco! You are definitely on the right track.

1) You can use a 3.5% down FHA loan for your duplex house hack. This way you can avoid the self-sufficiency test on 3-4 unit properties that comes with the FHA loan.

2) Maybe you can find a SFR + ADU to house hack? I just had two clients in San Diego that purchased SFR + ADUs at $770k and $920k. (Properties were in different conditions/levels of upgrades)

5) In this market of high demand and low supply, it is best to get in and stake your claim to a property. Always better to buy real estate and wait, than wait to buy real estate. I have clients in San Diego, Wildomar, and Irvine who's properties are worth $50k - $100k more than when they bought them in 2020 last year. Appreciation is crazy right now, and it will only continue due to lack of supply and low interest rates. The appreciation year over year allowed one of my house hack clients to refinance this year and remove the MIP from his original 3.5% down FHA loan. Definitely worth going for it now!

Please let me know if you have any other questions about this, I am glad to help!