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All Forum Posts by: Dottie W.

Dottie W. has started 8 posts and replied 51 times.

Post: FHA Requirements

Dottie W.Posted
  • Real Estate Investor
  • America
  • Posts 51
  • Votes 4
1. Filed bankruptcy & it was discharged 12/26/2013.  2. Foreclosure was taken out of my name August 2014. 3. Spouse didn't pay his student loan, so IRS garnished our refund this year.  Question: can I get a FHA loan under these circumstances & when?

Post: Tax Garnish, Foreclosure & Bankruptcy

Dottie W.Posted
  • Real Estate Investor
  • America
  • Posts 51
  • Votes 4

1. Filed bankruptcy & it was discharged 12/26/2013. 

2. Foreclosure was taken out of my name August 2014.

3. Spouse didn't pay his student loan, so IRS garnished our refund this year. 

Question: can I get a FHA loan under these circumstances & when?

@Wayne Brooks you were exactly right. Today he says we made too much last year for USDA for a house hold of 1-4 people. Ok, but you knew this weeks ago! @Chris Mason I'm clicking that link. Thank you for that. I only have 60 days to find get this money.

Turns out, the lender said it's complicated. I basically have 10 weeks to make more money. He wouldn't give me s specific number but it's better than a no. This is stressful!

so I got pre qualified 12/31/2015. 3 days ago I finally found a townhouse that's in the budget and has been sitting for 6 months (winter listing). I put it under contract 3 days ago & have to produce the pre approval letter by Tuesday. Mortgage broker now tells me the laws have changed and he has to count my $50k student loan debt...NOOO!!!!! On the USDA, this pushed me over the debt to income ratio by $500. He said pay down debt and I'm like ...really! Then he said make more money & I was like cool, I picked up a part time job a month ago. He was like, you have to have had the job for 2 years. And I'm like what. Then he says send 2014 - 2015 w-2. So I did , I also told him I made $8k under the table in 2014. In other words, I was working for family being paid by personal check. The bank statement will confirm but there's no w-2. The thing is, I've been in school since 2013 and loans are deferred, why is he counting them when FHA doesn't? Are there any loop holes in the student loan USDA Mortgages! I have to move by June! Thanks 😁

Post: My mentor offers my first deal

Dottie W.Posted
  • Real Estate Investor
  • America
  • Posts 51
  • Votes 4

people you have been on my mind for days. 99.999% of you suggested, warned, and demanded I not do this deal so guess what.... I called the hml and canceled the meeting with him. I told him I didn't think the deal would be the best project to start at this time and I will call him in the future when I'm ready to do business. I then contacted the mentors and told them this deal was more than I could do with my work schedule and inexperience. I thanked them for the opportunity and wished them luck. Lastly I emailed the realtor and cancled the Saturday appointment. They thanked me for being timely and asked I keep in touch. I want to thank everyone  for the soft nudges, tomatoes and paint balls. I appreciate all of you!!!

Signed.....still a newbie🙂

Post: My mentor offers my first deal

Dottie W.Posted
  • Real Estate Investor
  • America
  • Posts 51
  • Votes 4

hi guys,

You all are amazing. I love all the feed back. Some of you are right on point. To answer a few questions, I'm not using a bank because they wouldn't approve this or my credit. #2 yep if he is going to give me the money, I want to do the project. The HML is a realtor and broker. #3 I got the comps from the sellers agent. #4 I haven't posted my numbers because I'm trying to figure them out. Keep in mind I would t see the place in person for the first time until Saturday because someone lives there. I'm not opposed to a full demo, maybe I will go with that because at least you can control prices more on new than you can on surprises. Everyone has to start somewhere and remeber, I've been trying to learn what a good flip looks like. So when they came to me with this deal, I'm like, let's do it! The house has been on the market for awhile and is listed around $28k. I'm not trying to pay more than $10k max. I dont understand why people would say a demo and rebuild is too much, I have 2 family members who are not in real estate, but got married and built their home, why can they do it but not me? If I said my score was 800 and I was going conventional, what would you say about that? If the only thing I get is a one on one with the hml, that's an opportunity. Why am I not attending an local reia? Because the closest is 4 hours away and they always meet during the week. I am a full time LPN so I can't just commute to these meetings. If I could create a virtual Reia I would but I'm way to new. If someone can send me a link on what to look for, I will walk away from this deal. I have a teachable spirit but I'm also fighting analysis poralisis. Here's the property- 917 Johnson Rd, lynchburg,va.

Post: My mentor offers my first deal

Dottie W.Posted
  • Real Estate Investor
  • America
  • Posts 51
  • Votes 4

Hi everyone! The hard money called me today and he said before he will loan me the money, he wants to see it first, so we are going this Saturday at 10:30am. I don't think he will lend me the money only to loose it on something that won't sell but then again, I dont know what I'm doing. I respect all of the input I'm getting and I'm listening but I still need to go through the motions. What I'm saying is, I need to practice analyzing this house, walk through it to see if I can identify what needs to be done, try to figure out how much it will cost to fix everything or tear down and do new construction. This is the closest I've gotten to hard money, last year he told me they reached their cap on lending for the year, so I get to find out what he's looking for. If this doesn't go through, I will learn a lot, if this does go through, I will learn a lot. I don't want anyone to be mad that I'm going to try to swim across this ocean but it will definitely be a lesson for the books. I know I can practice on something less messy but this is what I got for now. So ladies and gentleman, grab your snacks, I will either crash and burn or you will be like "no fzbging way.  So who all thinks I will crash and burn🤔  FYI - the land is worth $20k and I'm using hard money because my score is 600. Question: if I did a complete demo, would hard money sign on for that? ((Let it rip))

Post: My mentor offers my first deal

Dottie W.Posted
  • Real Estate Investor
  • America
  • Posts 51
  • Votes 4

This is a 1928 2 story home. Wood burning stove with chimney. Oil tank, 3 bedroom 1 bath. 1,418 sq ft. $20 per sq foot, city water and sewer. 

Post: My mentor offers my first deal

Dottie W.Posted
  • Real Estate Investor
  • America
  • Posts 51
  • Votes 4

can someone send me a link on analyzing for hard money. I'm going to do siding, add a heat pump, stabilize the floor, add shutters and cosmetic stuff per the suggestion of my buddies.