All Forum Posts by: Jordan Cederdahl

FHA loans are not exclusively for first time homebuyers, however they are appealing to first time homebuyers as they do not usually have a lot of cash for a down payment. The 3.5% is a huge draw for first timers, the loans are easier to get as well, they are much less strict on credit and things of that nature.

Thanks for your feedback everyone! 

BP friends,

I have a very long winded question that I will attempt to make as short as possible (I tend to ramble). My wife and I had been tossing around the idea of getting into real estate investing for a while now, and have recently both decided to quit talking about it and to actually do it! About a year and a half ago we bought our first house, which was extremely outdated. We completely renovated the home, new kitchen, refinished hardwood floors, bathroom remodel, basement overhaul, new carpet, etc. We recently sold the house to cash in on the hot housing market in our area, with the plan to invest the income in to a new house to renovate as well as a small multi-family. The goal is to continue purchasing multi's and eventually apartment buildings. The problem we are now facing is 1. finding a good deal on a house to renovate and 2. my wife wants to buy a turnkey multifamily, while I would like to find one that needs a little work (she is constantly making the excuse "we don't have enough money to renovate a multifamily). So I guess my question is how do I eliminate the "no money" excuse. I have found a few multi's that, with a little work could turn some excellent cash flow, in my opinion. I can't help but feel that we are wasting time by making excuses, and I would appreciate any advice/information. Thank you

Thanks everyone! This is pretty much what I assumed, I just wanted to get some feedback. Thanks again!

You may have trouble getting a mortgage with no money in the bank even you are gifted money by family. I'm not sure exactly of the laws in Florida, but that can be an issue in other states.  Do you have a decent paying job at least? You didn't mention your employment in your story.  There's more to getting a mortgage than just signing the dotted line. Anyway, just some FYI 

My wife and I are getting ready to sell our first flip. We have been spreading the word through family and friends for a few weeks. It seemed as though that method was not going to pan out. So, we contacted our realtor (who helped us buy the house) to start the process of putting the house on the market. The day after we contacted the realtor, we got a call from a co-worker of my mother-in-law, saying she is very interested and wants to come look at the house. So, my question is, how should I handle this situation? I want to keep a good relationship with my realtor, but I also would much rather sell the home ourselves. Like I said, this is our first sale, so I don't want to make the wrong move here. Thanks for any help!