All Forum Posts by: Jeff Zinsmeister

i don't think you will run into an issue based on your original comments. The timeframe really doesn't matter. If you had a baby and homeless people are ending up on your porch, that is a safety issue. I would move for the safety of my family. Any underwriter would understand this. I would get a copy of the police report, put it in the file and call it a day.

Christopher,

Some great advice on here already. Another thing you can do is a renovation loan on an investment property. The homestyle reno product allows for this. That way you are putting down your 20% on the purchase price plus reno budget and rolling in the majority of the renovation costs.

that's mostly because I made a mistake :) NMLS is something for lenders. I meant to say, get set up on a MLS search for cash only properties. I am working on a great one right now in Denver. Sale price is 234K 50K in renovations and it will appraise for around 300K when complete.

Taylor,

Don't forget to look at the cash only properties on the NMLS. Most of those do qualify for 203K or homestyle renovation financing! There are some great deals out there.

Lending first. Are you planning to occupy first or is it going to be a true flip?

Welcome to BP! On the 203K side, are you thinking of using it to buy an investment property or a primary and renting the other units (house hacking)?

@Stephen Craul you should be able to do 15-20% down on a single family investment property. In state or out of state doesn’t matter to Fannie Mae or Freddie Mac. Do you have anyone that live in GA? I am wondering how you are going to manage the property. 

@Jon Ankenbauer speaking from a lenders point of view, the seller carried seconds went out some time ago with most of the main buyers of mortgage loans. There are some creative options I bet you could think of with family though. My sister and father did something very similar to transfer a property and get my parents paid while beginning her RE investing career.

I’m in Parker too. If you’d like we could go to Fika and great a cup of coffee?

I love the 203k and home style products. The latter can even be used on investment properties. Are you in the springs now?

@Aaron Schick  I would sell and move on. Buying a multiunit in Colorado Springs as a primary residence is a great idea. House hacking at its best! Since inventory is so tight in Colorado I would look at renovation financing is well. It’ will allow you to buy a property that might need some work, but also have the  rehab money built into the loan. 

 Don’t beat yourself up either. A lot of us have been in that situation. Good luck!