All Forum Posts by: Eric Willliamson

This sounds horrible. I'm not sure if you're issue will be best answered on biggerpockets though. I would recommend finding one of the Certified Applicant Counselors in your region to help you navigate the healthcare exchange process/options.

Wishing you both the best!

Hey there,

My fiancé and I recently bought our first property, a triplex. I took the lead on this one, having read multiple books, listened to podcasts, attended REIA meetings, and met with investors.

I have a full-time job, which I don’t plan on leaving any time soon. She has been helping with the on-the-ground operations rehabbing the place. (It’s a steep learning curve)

I’ve been thinking of ways to empower her to become more of a 50/50 partner. I know she feels like I’m running the show.

What are some other real estate professions that could give her skills, knowledge and insight to our developing real estate business? Also, what is the best way to enter those fields? It seems redundant to just giver her the same resources I've been using. I’ve listed a few ideas below, but I’m sure I haven’t thought of everything.

Real estate agent (sounds easy to get into but spotty for those starting out)

Mortgage broker (I haven’t seen any job posts for this)

RE assistant

Leasing agent

Thanks for all feedback!

Austin Bryeans, congrats on your first deal! We just closed on our first deal earlier last week--a triplex in the cooper young area. I'm incredibly familiar with Berclair (38122,38108) though. We are a little bogged down with our own rehab project at the moment, but I would love to meet up with you at some point or attend a Memphis Investment Group meeting together. They are an incredible resource.

I would make sure that you have your "people" on speed dial: plumber, electrician, handyman, etc. You can ask that rent payments be made online or automatically deducted from bank accounts...but that might be difficult for residents of that area. Do you have any relationships with other property managers or landlords in Memphis? if so, you could ask them to cover your property during the semester. I imagine independent investors/landlords would be more flexible with your school schedule than a company like Revid...who seem to do a good job at property management, given their number of clients.

The only thing I would say is screen your tenants yourself before you leave--if you can. Depending on the school district and which side of Macon your house is on, your applicants will be a mixed bag. No one is going to care about whose living there as much as you.

Just a newbie's perspective though. Good luck!

I've cleared underwriting and I close Friday! THANK YOU THANK YOU!!!

That's a new suggestion! I just emailed the lender to see if the revenue would be eligible. Thank you.

Good afternoon,
I have been buying my first property for the pat 2 months: a triplex. I'm using a 203k loan, which just came back from underwriting--with conditions. I need 3 months of mortgage reserves, which can't be paid for with a gift. I am currently using a $2k gift, $3,400 seller concession, $2,211 bank credit (4.75% interest), and funds from my savings to cover closing.

I am able to get an additional $3500, gift with the idea that it would contribute towards my closing and my savings would remain as reserves. However, the DU is rejecting my file now because it won't differentiate the gift between closing costs and reserves. This means that my $2k gift is also void. Since 203k is FHA, i thought I could use gifts. Thoughts on this?

The lender has given me two options: I need to be added to the account of someone with $5500 worth of sourced funds or I need to find a nonoccupying owner to sign the loan with me--pushing me an additional week away from closing.

I'm trying very hard to find a solution, but I come from small beginnings and I doubt either of to two options are available to me. Is it possible to submit the documents through a different DU with both gift letters at the same time an achieve a different result? The lender said that he is not permitted to manual overwrite the DU. Is there another way to close?????

THANK YOU, for any and all ideas or feedback.