All Forum Posts by: Ian Tudor

Thanks guys. I look forward to speaking with all of you.

Hi - I live in the Richmond area. I noticed several of you are from this part of the country. Awesome! I look forward to speaking and learning from you.

Currently, my friend, who lives in DC, and I are looking for a buy and hold opportunity, hopefully MFP, in the Richmond area. We are looking for deals anywhere in the city (northside, southside, south of the Fan, westend, church hill, etc) and trying to learn about the process.

I'm a huge fan of open communication so feel free to ask anything real estate related.

Cheers,

Ian

Well the USAA loan is different from the mortgage broker financing we are trying to access. I was just using USAA as a reference point for available credit that one of us could possibly get. Also, I got "grandfathered" into USAA by my father. I didn't serve in the military so I don't think I can get a VA loan, maybe I am mistaken.

Since my business partner isn't part of USAA, I'm not sure how that would work either. However, from my research I have gathered, brokers are the way to go in terms of first time financing.

So you don't think there is any downside to telling the mortgage broker that we are investors? Will this hurt our chance of getting owner-occupied financing terms?

Hello,

My friend and I are extremely new to real estate. We have been reading the BP forums tirelessly to learn about the entire process. I can't say enough for how much you guys have helped us. Thank you!

Currently, we are thinking about financing. I'm sure this question has been answered on several forums topics but I have struggled to find it. I'll attempt to be as specific as possible to help you understand the situation and hopefully limit possible confusion. Our situation is as follows: I live and work in Richmond and my business partner lives and works in DC. Our plan is to invest in the Richmond real estate market as soon as we find a lucrative deal. I will be living in the property (SFR or MFP less than 5 units) while renting out the other rooms/units to tenants. Then after about a year, I will spin out of the property and do another deal. Basically, we are actively seeking a buy and hold approach.

I have received a pre-approved by USAA, but my business partner wasn't part of the discussion. Through our research and discussions with our real estate agent, BP posts, and other successful real estate investors, people have recommended contacting a mortgage broker. Tomorrow we plan to speak with a local mortgage broker. This is where our dilemma comes in. How do we frame this conversation?

We both want to be on the mortgage, however, my business partners won't live in Richmond. Will they view this as an investment property for him and charge us a higher interest rate because of it?

Here are some numbers which might be helpful to you:

collective capital for down payment: 25k - 30k
property price range: 100k - 250k
My (not considering my business partner) USAA pre-approval: 250k at 3.75%

Our major concern is that we want to get the best financing terms while not limiting ourselves for future deals. Also, we want to understand how to structure this conversation to avoid unnecessary questions or pitfalls.

Any suggestions are appreciated.

Regards,

Ian