All Forum Posts by: Jesse Rodriguez

Hello. No the property is under my name.  

Hello,

I have a property under an HML that I was gonna BRRRR instead I'm going to sell because I underestimated rehab, rents and loads of other mistakes I made. The property is still in distress and I put it on the market to sell. It's been 3 weeks and only 2 people have came to see it. I've already dropped the price once and I'm afraid I'm going to have to drop it again. I'll be lucky to pay off that HML, might end up having to pay the rest of my own pocket. This is a nightmare situation and I was wondering if anyone had tips/advice/suggestions on what to do. I'd appreciate any help, thanks!

DSCR is for an investment property not primary residence

 Hey Eric,

I recently tried purchasing a primary residence in southern California. I'm also a travel RN and the problem I ran into was the stipends that we receive. Lender would only consider my taxable income for preapproval, so it was really like half of my income used for pre approval which led me to small buying power. Not enough to purchase a home in socal so I was pretty upset. I've been a travel nurse for 1.5 months. They said if my employer would writer a letter that I've been getting stipends for 12 months and will continue for 3 years then MAYBE the underwriter will consider it. My employer didn't do this for me unfortunately. I read that if you do travel nursing for 2 years then they will include the stipend money but not too sure if that's true or not. Maybe some one here will confirm to that. BTW this is for conventional loan so this is based off Freddie Mac and Fannie Mae guidelines. I heard FHA (HUD) is even more strict. As of now, I'm just gonna wait another 6 months to get my two years.

 Hey Marcus, the property is in West Allis, good area. I'll shoot over an email 

 No buy down points. This quote was a few months ago and it was in 6% range like 6.5-6.75%. 

Hey all,

I've created a profit and loss statement but this is my first time doing this and feel like its not correct. If anyone is willing to share some feedback on it, i'd appreciate it. I'd like to use this as a learning experience. For reference, I take out 10% for PM, Capex and Maintenance then 5% for vacancy. Utilities get paid by me for the MTR but my maintenance money covers it.

@Rebecca Knox I’ll reach out thank you!

@Kerry Noble Jr Hey Kerry, can you send me his info. I’d really appreciate that. Thanks!

@Jose Mora Try Rain City Capital. I was quoted in the 6% range