All Forum Posts by: Ty Whitman

Fantastic meet-up!  Nice meeting you, Erik, and I totally appreciate you putting this together.

I will be there.  Thank you.

Thank you for your replies, and for the link.  I spent about two hours reading threads on this site last night and learned a ton...

I was wondering what advice people here might have about bidding on HOA foreclosure auctions. If an HOA has a lien against a property and gets a judgment, and then attempts to foreclose based on that lien, is it really possible to bid on that lien and take title to the property, assuming there are no prior judgments and that there is not a foreclosure in the works? How big of a difference would it make if the property were otherwise paid off, if it had a loan with an equity margin, or it had a loan and was upside down? I have zero actual experience with this but have come across several HOA foreclosure auctions while looking around, and it always piques my interest. Any thought would be appreciated!

Anyone buying a home at even 35k in Jacksonville's 32209 is getting ripped off... Not to mention anyone trying to middle man a wholesale deal and sell it for even more. You couldn't sell me the whole zip code for that.  Shame on anyone here for trying to pass that off as a deal to uninformed buyers.

Hi Jon,

I've heard you on the podcast as well as read many of your posts here, and I always enjoy your input.  I have massive respect for Bigger Pockets and did not intend to cross any lines (especially with my first post.. lol).  I have learned soooo much from the podcasts and this site, and really appreciate everything.  After writing my post, and then seeing the popup that inquiries about specific requests should be in the marketplace, I thought about my post and figured that even without specific info in any reply, any generalities about the topic would be very helpful (as in Eric's reply).   I also thought that if I were having this problem, others might be as well, and so I decided to post it, additionally,  because I thought it could also be a helpful topic to any other readers.  That is why I wrote my follow up post with what I learned from this experience. 

The initial lender I was talking to did not want to loan with anything greater than a 43% debt to income ratio.  Having said that, and along your lines, the guy I ended up going with said that I should qualify even without using the rental incomes, and with them it was a no brainer.  He also said that with the market picking back up, a lot of loan agents are hopping back into the business, and so there are a ton of new lenders out there right now. 

Eric, Thank you for your reply and for the advice. I ended up being referred to a mortgage broker who pre-approved me using rents by calling my realtor. They do a market rent analysis when the appraisal is done and apply 75% of gross rent to income. I told him it seemed great to me since I calculate deals using 50%. lol My advice to others reading this based on my experience today is... Choose who you work with wisely (especially if you are out of the area). If you are using a realtor, make sure you use a very competent realtor who is an investor him or herself. This could have been a big pain for me, but I was able to find a connection with one quick phone call.

Hello,

I am interested in investing in the Jacksonville or Daytona Beach areas.  This is my first post on this site, although I have listened to all the podcasts and been cruising the site for a while.  I am a new investor with no prior landlording experience, looking to get pre-approved for a 250K purchase price, with 25% down.  I have an 800 credit score, excellent employment income, and excellent cash reserves.  I could purchase the property cash, but I would prefer to leverage my money with these low interest rates. 

The problem I am having is that most lenders will not allow any income from rents for the first two years, due the fact that I have not been a prior landlord.  Without allowing for rents, and at that purchase price, my debt to income ratio (due to 1800 / mo. alimony payments which will stop in three years) is 48%. 

I had met a person, who I now consider a friend, in Portland who would have been able to pre-approve me using rents, but the Portland market doesn't cash flow and he cannot lend out of state.  I'm going to ask a realtor I have been in contact with, but I figured I would ask here as well and get your advice.

Any advice would be apprciated would help. 

Thanks,

Ty