All Forum Posts by: Jeremy Williams

@Tyler Gibson

I feel like I'm not bringing much know how to this conversation. That being said there has to be a way. I remember all these house hacking guests on the podcast didn't have conventionals that had a 1 yr min. Residency rqrmnt.. I thought they all used FHA or usda or the like, for the second BRRRR home.

@Bryan Martinez

@Todd Rasmussen

@Austin Pool

Thank you for everything. Extremely informative

Hypothetically I've been approved for a $70,000 loan being 70% of the purchase price of a duplex with an arv of $120,000 . once I'm into this property and I complete the required 5,000 in rehab, I'm heading to the bank for a refinance with 45,000 in equity. A normal refinance at 80% of the value gives me a 30yr fixed of 84,000, I think. Doing this in my head but I digress.

The questions

Does my credit matter with a refinance?

Does the amount of time at my job matter?

Can I refinance for the entire value of the home?

Do I need to show potential rental income?

Is the bank or credit union going to hand me a check?

Does a refinance hurt or help my credit?

Thanks anyone who can assist. If there is anything I can do to help you, let me know💵😃

@Tyler Gibson let's say that FHA will not approve me until I have been at my job another 18. Let's also say hypothetically I find a great deal on a Triplex or fourplex and I contact a hard money lender and all the numbers look good Is it feasible to get in with that hard money lender now and then once the house is in my name refinance after the rehab with FHA

@Scott Mac

It's funny I've been avoiding applying to these larger complexes with things like dog parks and gyms because I thought they might be even harder to get into. But I will definitely look into it as well as speak to a mortgage broker.

@Jeremy Williams

Six years not "such tests"

@Tyler Gibson

The staying with family route is more like a 1 month thing. 2 max.

Have not spoken to a lender or realtor yet.

My previous job was such tests hopefully they take that into consideration especially when the find out I was grossly underpaid.

@Caleb Heimsoth

1100 deposit+ first month+ last+300 for pet deposit+ 30$ Xtra per pet/per month= 3660$ by move in date

@David Burkholder

Hi David. I have been on the Eastern shore my entire life. However, I've started to look in areas around Reading because I work full time in New Holland. Circumstances have me commutimg from denton MD to New Holland every day. This is getting old quick, maybe in the future we can help each other out. I'll keep an eye out for you. You let me know if your buddy puts up any good deals....any deals for that matter lol. Hope to speak soon. Thanks

If the prop. Manager wants nearly as much as FHA what would u do?To buy and stay with the relative or waste over a thousand and go rent?

Timeline Dec. 2018

Literally could not take the verbal abuse and harrasement from my supervisor. Left job of 6 years

February

Started new job 6$ more per hr. New Holland, PA. Motel living until hire date.

September 2019

Full time hire +2$more pH. need to find a permanent residence.

Now we're into October and the only rental company who has approved us given our criteria and two dogs wants a little over 3000$. That's over half way to our 3%>