All Forum Posts by: James Allen

@David Zheng - You're exactly right in understanding my situation. I don't currently have a job over there as my job is in my current state. I see that I won't be able to qualify for FHA without living there and taking up employment first now. I have a much better idea of what I need to do now. Thank you and everyone else for your input!

@Christian Bors @Mark Gallagher - Thank you both for your thoughts. The plan as mentioned is to live in the property so I would actually be house hacking. I would move to that new state. I'm seeing more and more that this is a pretty complex thing to pull off however I hadn't considered a bridge loan. I don't know much about that but I will definitely check out what that  consists of. Thank you

I want to house hack a Quadplex in a different state. The only thing that concerns me is getting qualified for an FHA loan. I've been told so far that I won't be approved cause I need to work over there and show pay stubs for at least 15-30 days. My goal is to avoid a rental agreement before hand or even moving twice. I want to purchase a quadplex and then occupy it and live rent free to save up more funds. The concern with lenders is that I may be trying to have an investment property at 3.5% down which is not the case. Is anyone aware of any creative solutions to this problem to help me get approved or is the only solution to either work there for that long or to put 20-25% down and purchase as an investment property?

Hi BP Community,

I wanted to get your recommendations on books to read for buying properties at auctions whether foreclosures or REOs. Trying to learn more about the due diligence protect myself with investments in this arena before I try it. If you have other suggestions i.e. Articles, websites, videos with info on this, please let me know. I'm anxious to learn more but want to make sure I'm getting solid info. 

Thank you in advance! 

@Matt R. - thanks for your thoughts Matt. 

sorry I can pull out. (Stupid auto correct) 

@David Faulkner - completely agree, that's why I flew out there multiple times and have driven the streets, gotten to know the neighborhoods and which suburbs and suburb neighborhoods are booming and up and coming, which have good and bad crime situations, where are the good schools located, got acquainted with other investors, wholesalers out there. I would bring property management on board of course which I have interviewed multiple property managements. I've read a lot about atlantas plans of development including the belt line transportation expansion, MGM grand developing casinos, Mercedes coming to town and much more going on. I definitely didn't just get excited, jump on google and say Atlanta sounds fun. But can you point to some reasons why you think it's a bad place to invest? I'm curious cause I can't still pull out of this deal if there is a compelling reason. 

@David Faulkner - I see, some good points! Thanks for your thoughts David. 

@Account Closed - I appreciate the thoughts guys, really do. Can you point to something specifically though that makes Atlanta a bad place to invest at the moment. I understand you think it's not a good place to invest but maybe you can elaborate to explain why? 

@David Faulkner - Good points. Yea we're looking to stay in California forever but not in this house forever. My thoughts were to build up some equity along the way and get locked into a good interest rate on a humble starter home and then when I sell 5-7 years down the road and trade up, I can use that equity (from appreciation, forced appreciation, and payments towards principle)  towards a downpayment on our true family home.