All Forum Posts by: Andrew Garner

@Liam Martin Ruane nothing will happen from a mortgage perspective if you go the primary residence route as long as that is your intention as Scott mentioned. They won't come back to you and ask for additional funds etc. However, if you tried to get another primary residence loan at the 3-5% down 4-5 months later that would be denied, most likely. 

@Sheena Drake most people use purchase and rehab costs but Total Acquisition cost is a great way to look at it!

@Ben Trageser if you are going to live in the property you can use an FHA 3.5% down even if you only live in one of the units. You wouldn't be able to use the 3.5% down loan program if you are not living in it and would need some sort of partner.

@Mike Zaven I live in the Phoenix Metro and would be interested in connecting and learning more. I have never done a syndicated deal but would be willing to work in any capacity! Look forward to connecting!

It is very possible it could effect your closing. They typically pull your credit one last time the day of close (at least that is what my mortgage broker did). I would make the payment ASAP and contact the credit card company and ask them to remove the deliquency especially if you have never missed a payment before. Your interest rate could go up or you could lose the house entirely depending on how low your credit score went. Hopefully, an actualy mortgage broker can give you a little more insight.

Brandon Turner and Joshua Dorkin, the problem other people are bringing up is that I may not qualify for a second mortgage if I were to move. Is it really beneficial to rent out my house and rent somewhere else?? Thanks for any ideas you may have!

Hello Sean,

My wife is a Realtor in Arizona and went through a similar process. It is pretty easy to get the license but the hard part is finding a mentor or someone who will teach you. In Arizona it is much easier to find mentors and help when you already have your license. It is virtually impossible to break into the field without the license. She has some experience now selling and buying properties but not yet on the full investment side, it takes time and hard work. I think it is a great idea to have it at least in our market!

In your case I would probably talk to a Real Estate Agent or two and see if they are friendly and willing to help you out with out the license and if not then definitely go and get it!

I am still new to the game so you may want to take my experience witha grain of salt.

Good Luck!

Hello everyone! I am new to the site but I have been interested in real estate investing for a long time! I just graduated from college and have a solid job so I am making a push to get educated and be ready to purchase my first rental within a year or so! I was/am currently thinking of renting out my current house ( http://www.biggerpockets.com/forums/88/topics/86458-should-i-sell-my-house-or-keep-it-as-a-rental ) If anyone is interested.

Leon Yang selling cost are considerably lower as my wife can list the house for us and we would only pay buyer commission. As Scott W. stated the taxes shouldn't be an issue if I just wait a few more months. You do make a point on the debt interest being pretty low and I am trying to figure out if the benefits are greater than those costs. It looks like it probably isn't the right property or time.

Mike M That is an interesting idea as well. The problem seems to be I wouldn't qualify for multiple mortgages. Maybe I would if they are smaller 80k or so mortgages which would probably be around the right price for rentals in my area. Something to think about for sure.

Again, I am the newbie so I could be way off base on everything!

Thanks for your input everyone! I initially wanted to keep it but I think I am just a little to excited to get into the game. I will most likely wait until August and then sell it and start with a clean slate and save up for a rental.