All Forum Posts by: Kevin Izquierdo

I assume the home inspection would affect the amount you offer the seller, correct? And knowing that the city would want their money, its no surprise that they would raise all other houses before lower one hahaha

 Hi Cliff-

Since the taxes are based on the "tax assessor appraised value", if homes are higher in some areas it's because those homes are assessed at a higher amount due to the area sales - nicer homes, higher sales, higher appraisal value, higher taxes.

 With that being said, after an inspector inspects the house, can the taxes go down due to the condition of the house?

Not enough information here to really make a comment. It depends how low your income is, how much debt you have, how big of a loan you need, loan to value ratio, and how good your credit score is. Same things will apply for the co-signer - if they are in a bad financial position, they won't be helpful as a cosigner.

-Christopher

My income is 22,000$. Im looking for a 300k loan, I have no debt, and my credit is 750. How to I figure out LTV? I ideally want to use an FHA insured loan to get a 2 or 3 plex.

My co signer has the income, but not so good credit, will that affect the loan negatively as well?

But Im actually on the same boat as you, My debt to income is too high. I was told to find a co signer and ask a local bank for a loan

I dont have the knowledge to amswer your question, but im going to repeat what Jeremy said. Renting to family is a bad idea. 

Any suggestions on how I can get a mortgage loan with a low income? Ive been told to get a co signer. Any suggestion BP community?

You have a good solid goal! My recommendation is to check with a local investor friendly Management company amd ask them these questions. Thats actually what Im going to do soon. These company should know what kind of neighborhood it is amd what kind of temants the houses attract. Another option is walking the neighborhood. Knock on doors, introduce yourself and ask them how do they like the neighborhood

Welcome to BP! Im also new to the RE business and Im going to do the same as you, buy, hold and rent which Brandon calls, "house hacking". I recommend reading whatever BP has to offer for free like the UBG and anything else on the Learning tab. Keep listening to podcasts and dont be afraid to ask questions

I seem to have the same problem in NJ. A few RE agents have recommended that I get a co signer with more annual income so I can take out a higher loan and open up my options.

So I got pre-qualified for 100k, Where I live in Jersey, I cant buy a multi family home like my plan is. I have spoken to a few agents and they recommended I get a co signer or partner to help with my income since I have low income but a high credit score. Can anyone explain the process of this co signer for a loan? How do I ask someone to be a co signer? Is it the same as co signing for a car? Should I get a lawyer? Please help BP Community