All Forum Posts by: Jesse Poll

I just placed an add this morning and got a call within an hour. I think it is a wholesaler but not sure yet. I was in school all day and couldn't follow up until tomorrow. But I did get a call. Good start, I think. lol

This has been a great thread. Thanks to everyone that is contributing and to Chris for starting it. Good luck with your investing.

Thanks for posting this question Sara. There is a lot of great information here.

I will never understand the thinking behind this. A person defaults on their loan and then gets mad at the bank for following through. I just do not get it. I get being angry at the situation but not to the point of destroying the property. Karma will definitely be a mother when it comes back on them.

This came from HUD FAQ link.
FAQ: Does FHA allow non-occupying co-borrowers on a multi-unit property?

Mortgages with non-occupying co-borrowers/co-signors are limited to one-unit properties if the LTV will exceed 75 percent.

Handbook 4155.1: 2.B.3.b

Thanks for the responses.
I have a lender checking on this now. Waiting to hear back from them. From what I have gathered so far Jake's assumptions seem to be correct. I will post the specifics when I get them.

Thanks Andy. I plan to call a lender today with the question. I just thought I would post it on here to see if anyone has knowledge and experience with it.

@Tim Good luck. I am in the process of my first investment property as well.

I have tried searching this myself with no luck. It used to be that you could use a co-signer for income purposes. Has that changed? Anyone that can lead me to where to find this information I would appreciate it.

The situation is this;

My wife's income can no longer be used to qualify because her employment will change within the next two months. This will come out when they verify employment.
We have good credit, 750 scores.
I have a co-signer to use for D/I verification.
This would be a non-owner occupy co-signer.
The property that I will be purchasing will be a multifamily 4-plex with me living in one unit.
I am not sure what other information is needed to answer this question, hopefully I have included enough.

Thanks

Jesse

Hi Jesse,

Hope we can help each other too. :)
Don't know how you're finding properties ?
Through wholesalers, research MLS, REO brokers etc ?
How to put together a fair deal for all ?

Best, LA Guy

I am working with a Realtor but have had to take a detour from actively putting in offers for the time being because of a personal situation.
My first property will most likely be FHA on a 4-plex. I will move forward from there.
I still have a lot to learn about putting together a fair deal for all.

Thanks,
Jesse