All Forum Posts by: Jeff Dumps

Thank you everyone for the feedback! It's been very helpful and I'm grateful for the support and amount of replies here. I'm going to move forward as all of you have suggested. I bounced these ideas around to enough people and thought through everything enough to know this is the best course of action for us. My realtors and lender also think it's a reasonable plan. Going to pay off a large amount on the credit card tonight and get with our Alaska realtor to list... Oh, and our property manager reports that the tenant had a squirrel come out of the toilet! It's a sign. My wife and I are going to get our real estate licenses here in CO, so starting down that path as well.

Jeff

1 Vote

Hi Grayson, thanks for the input. The job situation is complicated. I was self employed and also working for a telecom company in 2020 while in Alaska. I was self employed as a cinema engineer and COVID shut it down. I was still getting paid from the telecom which I had started working with in 2018 for partial ownership. I didn't actually get any income from them until March 2020. So I move to CO and get a full-time job with an electronics engineering company - and keeping the W-2 income from the telecom going. Underwriters use the electronics job as my primary full time, and the telecom as a "part-time" job and it falls under more scrutiny because they don't see a second job as "sustainable". I get it .. sort of. My telecom job is really salaried and I am in a management/director position and only engaged on larger planning and science/research campaigns.

The bottom line is that what they consider a second job or part time job has to have a full 2 year history, where the primary job is under less scrutiny - and like you said as long as it is in the same field they're ok with that. It kind of sucks that my ability to hustle and pivot isn't recognized by lenders. Really it's FHA. Very frustrating but I'll figure it out.

Originally posted by @Grayson Lynum:

@Jeff Dumps

Welcome to Northern Colorado!

I agree with the other folks, in your situation Id likely get rid of the duplex in Alaska, that is unless you plan to move back soon.

But a more pressing concern is reliable consistent employment. You said you had been doing it on a part-time basis in Alaska, are you working full-time now, it is in the same industry?

I changed jobs and states once, but since I showed that it was the same industry and position as before the bank happily lent to me even though I had just moved.

If you were part time in say, healthcare, if you can get a full time job in healthcare, lender’s may be more willing to work with you if you can show that continuity.

0 Votes

Hi everyone, I could use some help. I found the podcast yesterday in an attempt to learn more about creative solutions to investing as things are coming at me fast with our current situation.

I could use some feedback, suggestions or shared experience to help make some sense of my current situation.

1. Moved from AK to Fort Collins, CO. last summer because I lost my job due to COVID.
2. Own a duplex in Alaska, rents net about $500/mo.
3. Alaska duplex could net ~$71k after sale.
4. Want to break into that 3-unit mark and occupy one. Either keep the duplex and buy a single family home in CO, or sell the duplex and buy a triplex in CO.
5. Have $32k in debt - $18k of which is a high interest card (thanks covid) which min payment is $500/mo.
6. Have $15k saved for a down payment for a single family home on FHA.
7. Plans to buy a single family home fell apart with debt/income ratio and not being able to use a "part-time" income because of 2 year.
8. A triplex we looked at was $970k and lender says we can't qualify due to FHA loan limit @~700k for area, and not enough $$ down otherwise.
9. Single family homes in decent neighborhoods go for about $400-$430 here.
10. Duplexes are about $600-700k
11. Triplexes are $900-1M

To those experienced people out there, what would you do in my situation with the resources I have to get a foothold or gain some ground?

I have made up my mind that I'll do whatever I can and figure this out somehow - and owning real estate is what I want for myself and my family. I'm really kind of lost and could use some help on how to think about this and get into the right mindset.

If anyone can help with feedback, suggestions or sharing experiences I would really appreciate it!

Thanks, Jeff.

1 Vote

All Forum Posts by: Jeff Dumps

Jeff Dumps has started 1 posts and replied 3 times.

Post: Looking for strategies for change of situation

Post: Looking for strategies for change of situation

Post: Looking for strategies for change of situation