All Forum Posts by: Joshua Hollandsworth

Hey man! You can get a loan as little as 3.5% down. Is your credit above 650? What does your debt to income ratio look like?

I am just curious to see what can legally be done. I've been pre-approved for an owner occupant FHA loan. My loan officer said that there is no specific time period I must live in the house, but I have to live there for a while. I am assuming after about 1 year I could rent it out. What are the best ways to make money off of this property as I live here, without breaking the rules?

Those are some huge numbers for $200/mo. If you deduct Vacancy/Repairs/CapEx, cashflow will be negative. On the other hand, if this is LOW for rent in your area it may be worth a second look. BUT if you just think you can get $1450/mo and you realistically can't it would be hard to dig yourself out of this one. Think to yourself, "If noone rents my house for 6 months, would I be ok?"

Put money down on a Sober home, or maybe student home? I have a friend who bought a $37,000 house and collects $1600/mo from recovering addicts. Certain rules are put in place, and you get someone to manage it for $200-$400/mo. No licenses are USUALLY needed. But you will deal with some headaches here and there. Just my input(:

Thanks for the response! What do you recommend I take out, worst case scenario?

If i plan on managint the property myself, is this analysis ok? Thanks again.

Hello, I am 19 years old. I have been studying real estate for 2+ years and saving as much money as I can! I have built a moderate team that I trust. I have been pre-approved. My agent and I are currently trying to find an FHA Approved property. ANYWAYS... Ok. Please don't try to scare me off! My dream is to become a full-time real estate investor. I want to know from you guys, what truly MUST be deducted in a cash flow analysis other than PITI, Property Management, Vacancy and Repairs, HOA, CapEx etc. ? ( Assuming tenant pays all utilities and lawn maintenance) I am not concerned with Utilities or lawn care. I am being very careful with my analysis, but I feel as though I am WAY over thinking things. My BASIC analysis: Income - PITI - 5% Vacancy -5% Repairs - 5% CapEx= Cash Flow. I do consider property management as well, for future references. The price point we are looking at is 50k/30 year loan. I take the LOWEST possible rent when doing my analysis. ( Just to play it safe) Is 15% for CapExi vacancy and Repairs ok? I will most likely not be buying a turnkey property. Most likely my property will have more cosmetic issues. (No bad roofs, windows, foundation issues, etc) HOPEFULLY. But I am prepared for the worst. I know it isn' great especially with an older home, but if I made all the deductions Brandon Turner tells me to, I wouldn't cash flow on any deal, even with decent rental rates. I would highly appreciate any advise! Thanks a lot guys!!!