All Forum Posts by: Izaiah Daughton

Hi guys, currently I have a factory job I’ve been working for the past 6 months, I can push and work overtime to make 4-5k a month until tax season for my W2 (income would be 45k after taxes). Although, I was thinking about starting a pressure washing business on the side but this would reduce my income at my W2 job to around 30k for the year. Would this be a problem when I try to get my first investment property?

0 Votes

Upstate New York, New York

Quote from @Logan Graham:

I have worked with local credit unions and I have been able to finance a property at $45k.

Thanks didn’t even think about credit unions will be making a ton of calls tomorrow. Have you been able to fund rehab as well?

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Upstate New York, New York

Hi I have this house that I am looking at to flip, most lenders have limits set at 75k. Does anyone know anyone exerts with lower limits. Willing to compensate the interest rates and points so both parties can be profitable.

55k- Purchase price

80k- Rehab

240k- ARV

Comparable rentals in area for 3 Bed 1 bath- $1500-$1650

0 Votes

Upstate New York, New York

I have a city owned duplex, do hard money lenders lend based on the purchase price or the arv. The duplex is 20k with city code repairs and renovations 60k. All of hml lenders I’ve called have a minimum of 100k a lot 200k now. Does anyone know hml lenders with a lower loan limit? Or any suggestions? Thank you BP community.

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Phoenix, Arizona

Quote from @Steven Foster Wilson:

Quote from @Izaiah Daughton:

Hi BP community, I am 19 I have been working for the last 5 years full time for about 3 years unfortunately not the same job but 3 different jobs, would it be possible for me to still qualify for a multi family using FHA, my research says that they want to see stability through the same job so it might not work out but also found I could use 75% of rent to qualify. Am I able to use the rent to help you qualify in my situation?

Do you have good credit? I would call around to different banks but do not have them pull your credit. I would just ask them questions and see what options they would have for you. A lot of banks want to try and pull your credit but do not do that to start, wait till you are ready to proceed with a pre-approval. Ask around and compare rates.

Thank you I made a few calls today unfortunately nothing yet, the ones I called want to see at least 2 years of w2. Won’t stop until I find one thanks.

0 Votes

Quote from @Erik Browning:

Hi @Izaiah Daughton, yes you may be able to use that income however FHA purchases are tricky for 3 and 4 units (not duplexes). You have to perform what is called a "Self-Sufficiency Test," which I covered at length in THIS POST HERE.

To really get a grip on what your options and best course of action is, like the other folks recommended above, you should call up a lender and submit all of your documents without pulling credit. You will have a complete understanding and roadmap for moving forward.

What state do you live in?

I live in upstate NY. Thank you for the information wasn’t sure if I was able to get qualified without the broker running my credit thank you

0 Votes

Quote from @John Warren:

@Izaiah Daughton I normally build these into my renovation budget. Most of the line items are probably the same, although you need to account for permitting fees.

Thank you, will keep permitting fees in mind, I ran my numbers without thinking about permit fees have to rework the numbers, as well sorry for the late reply.

0 Votes

Upstate New York, New York

All Forum Posts by: Izaiah Daughton

Izaiah Daughton has started 7 posts and replied 16 times.

Post: W2 Income with new side business

Post: W2 Income with new side business

Post: W2 Income with new side business

Post: Cheap properties In NY

Post: Cheap properties In NY

Post: Hard money loan limits

Post: W2 approval for Mortgage

Post: W2 approval for Mortgage

Post: W2 approval for Mortgage

Post: City Code Violations