All Forum Posts by: Jake Walroth

@Conor Aylward I'm not sure what her credit score needs to be, but if you qualify for the loan yourself.... I'm sure there'd be some leniency to her credit requirement. 

@Alex Brookbank I don't know for the basement. I'm in Portland so I actually had my mom and realtor(cousin) look through this one for me. They said it was a sound proofed music studio.... so not sure, but if it generates an extra $150-$250 a month it'll be worth it. My contractor is extremely affordable so I don't imagine much. That's what's great about SFH's, they're responsible for all utilities, and like my current duplex, taxes cover garbage, so there are very little expenses. Since I just sent in earnest money, haven't gotten to insurance yet... right now I'm using All-State, I'll check around, but typically it's about $60-$75/month for this type.

I do to @Aaron Linden. This property is in unusually good shape for homes in this area. It was lived in by a family, not college students, so I don't foresee any major purchases in the near future. I don't plan on spending the profit-rather placing it in an account for my next downpayment. 

Hey all, 

I was able to get my 2nd college rental under contract today. It's near University of Cincinnati, right in between the school and downtown Cincinnati. I like this part of town because it's a good mixture of families as well as students. The house belonged to a professor who is moving across country. It's a 4 bed two and a half bath SFH(sold as a 3 bedroom-- I love POCKET DOORS. It has a basement with a music studio I plan to turn into another bedroom, as well as a half bath. The house was built in 1905, all hardwood floors, big kitchen-could use some updating. It has a garage as well with off street parking which is huge in this neck of the woods.

Numbers are below, but hopefully if I can add the extra bedroom in basement I could add $100-$200/month. 

Cheers,

So I'm eager to get into my 2nd deal.... first real deal because my first is a househack. I'm really encouraged with the area my first property is in. It's near a major university, all major hospitals, and within 1 mile of downtown. Now a lot of these properties I haven't gone to seen in person... I travel a lot so I'm mostly looking at properties leads from my direct mail.... craigslist, and MLS... but I'm not stepping foot in many of these, so I can't account for the exact $ it will cost to get in a condition I'd like it to be in. Many are currently rent ready, but I'd like to I usually throw in $10k into budget for repairs/upgrades. And the majority of these deals, with the financing I've got lined up.... will cashflow well over $500 after accounting for everything in the BP calculator.. I'm ready to go..... but is there something I'm missing? Are college rentals(My current tenants are all pre-med... so not all undergrads) that cashflow friendly? I know there will be wear and tear... but the cashflow and security deposits are high. Anyway, just curious if anyone has gone through many calculations.... and finding nearly all them work.... I feel it's too good to be true. Looking for anyone to tell me why i should be more apprehensive lol!

@Patrick Burand With my lender, you could just cosign with your friend..... then essentially all he needs qualifying for is the credit score... DTI, Reserves, DP, etc can all come from you. Only negative would be, if you're an investor who is seeking more conventional loans, this mortgage will be on your head as well as your friend's.

My dad is planning on doing that with my brother.... so I've been inquiring about this as well.... it seems pretty straight forward, just don't know if all lenders do this or not. 

Good luck

@Kyle Federmann I've got two lenders that only require 6 months seasoning to refinance. Not sure what your credit score/income is, but depending on those, I'm lined up for a 15% downpayment, and they'll allow refi after 6 months. 

Jake 

@Christian Allen I'm 4 months into a househack myself. I did similar, bought a place with incoming tenants for summer semester.... remodeled kitchen, bathrooms updates, and block windows along with some minor things such as paint, cleaning, etc. I bought it for $176.5k, it appraised for $180k, looking to refi after my 6th payment(6months). My lender said he could have me in another FHA after refinancing first into conventional. He said he himself did this 5 times when he was younger. I'm sure it helps to have a reason.... he said likely they won't require any reasoning as to why you're moving on so quickly... but if they do, things such as needing a garage, or off street parking will suffice.... moving closer to work... etc. Good luck.

I don't see any issue with using the credit card. If you can't be completed with your rehab/refi in 12 months, you probably shouldn't be messing with this property  is my first inclination. 

Listsource has worked well so far. I did 100 letters, received 10 call backs.... sure enough, they were all the abentee(outofstate) owners like Listsource promised.