All Forum Posts by: Justin U.

@Chris Seveney Thank you for your input, I wil certainly seek to gather some local investors. Most of what I have is savings and what I could scrape together from family members.

Hello everyone, I am seeking information on how to purchase and control a property without a job or work history. I have heard of NINA mortgages but I am not sure that that is the best route. In essence I was looking to find a property where I could put down up to 10k down payment on a mortgage ( loan ) for the property then post the property online. When the right tenant reaches out and after proper vetting I could apply the sandwich lease where I make money on the down payment and the monthly rent and lock them into a 13 month and pull residual income out of the property while saving for the next. Rinse and repeat. Is this a sound plan? What kind of Loan or mortgage could I obtain with no job history but a down payment? What pitfalls might I face? I’m in Houston TX btw

@Jim Cummings Thank you for your advice, are there any tips you could provide on how to determine the best property management company for my situation?

@Bobby Stener I was hoping to be able to do this without being a co-signer however that is definitely an idea to consider. Thanks man!

Hey Guys, so I need some advice. I control a property in the 38118 zip code of Memphis, Tennessee. My mother is getting older and near retirement. She is looking to move with my aunt into the family home and would like me to rent out her house. What is the best way to go about this? Currently we are doing some soft improvements ( carpet, window replacement, painting, etc) and the house will be move in ready by the end of the month. I am currently in Houston Texas but I would like to take care of this for her despite my limited experience. I am in Houston dedicating the majority of my time to getting this non profit off the ground so I won’t have time to deal with unruly tenants. I was considering a management company to handle the nasty stuff such as evictions. I’m really looking for some ideas on how to market the home ( what websites ) , a realistic deposit (or a formula to calculate one), and how to filter out the wrong tenants. I know I am asking a lot but any tips, or strategies would be greatly appreciated! Thanks in advance guys!

@Christian Noesi we are always looking for volunteers to get involved. I will connect with you here and keep you in the loop on the progress!

@Don Konipol Thank you very much, from my understanding you are saying once I obtain a grant large enough the bank reserves would serve as income verification to the bank. This would allow the bank to know that we would be able to make consistent payments on the property.

@Chris Martin I Greatly appreciate your insight you have helped me to move in the correct direction. I will do some deeper research and set up a meeting with chase this week to get a better understanding.

Hello guys, so I am currently the director of a small non profit in the Houston Texas area. We focus on fundamental measures to combat homelessness as well as assisting underprivileged children. In the past year we have struggled to obtain funding and stay afloat but have done what we could from donations and assistance out of pocket by myself as well as others on our team. We currently possess a 5013c which makes all donations and grants tax deductible which has really helped. I would like to propose an idea and all of those knowledgeable in the area feel free to chime in because I am not sure if this is actually feasible. We had a meeting Thursday afternoon and the idea of purchasing a property (residential) on the behalf of the non profit came up. The foundation of this idea would be to use the property as a transitional space for those struggling to get back into the work force. I would like to know from you guys perspective, is this possible? Can a non profit organization even obtain a mortgage, loan, to buy a property? Donations are not consistent enough to pay monthly rent so how could we pay the mortgage and eventually purchase the property? Would an employee from the NPO have to live on site to manage? Any thoughts, pitfalls or ideas regarding how to do this correctly and what to expect on this path would be much appreciated! Thanks in advance