All Forum Posts by: Lake I.

I am going to be a first time home buyer and first time investor. 

I am between picking an FHA loan or having to borrow outside money to put towards the 25% down payment for an investment mortgage (Triplex going for 79k, my friend owns it). A friend of mine who was a hard money lender suggested a credit union. Well, I just spoke with them and they have some appealing options.

Should I get my mortgage through the credit union for 85% home value and seller finance the remainder? FHA and live in the property and lose the income? Or are there some other solutions I haven't sought out?

Hey Guys,

How do I find people in my area to wholesale to? Or even setup entire deals for them? I am looking to get some cash for a rental property by wholesaling and am even willing to get contractors and so on together to present a nicely wrapped deal. 

Thoughts?

Lake

Thanks!

@Shain Ismailovski. Thanks! How long before closing do I need to secure the hard money loan?

Hey all,

I am trying to get started investing but I don't have much savings and I don't want to borrow from family. Should I wholesale? Hard money lender? HELP. I am very eager to get going. I've read and watched and listened to everything out there. I moved home to save money but want to house hack immediately. My market is small - population 7500 where I'm looking. Houses that are run down go for price between 10k and 30k. Seller's financing only covers so much, right? 6% of closing costs? (Tyrone, Pennsylvania)

Hey guys,

Anyone used Homeside Financial, before? They are a franchise and there’s one in my area (State College, PA). It isn’t exactly a household name but I’m new, I’m cautious, and they talk a good game but because they’re not common I’m suspicious.

Thoughts?

Best,

Lake

So I'm between selecting an FHA loan with a 203 and making this property a duplex right away. (Costs moola but I have a duplex instead of a project). I can't do the work myself if I get the 203. Can I ask a contractor to bring me on as a sub contractor to save money and learn some things?

Hey All,

So I'm getting pre-approved for a purchase of an SFR that's perfect for a dup conversion. However, one thing that concerns me is sound proofing. Do products out there work? Do tenants care much (in my market it could go either way. Top unit would be ideal for a family with 1 or 2 children. Want the bottom to be appealing even with kids running around above it.)?

Thanks!

PS Home Depot floor sander rentals? Yay or nay?

So I’m looking at an ideal split level conversion property. But, I don’t want to run the risk of sitting with a vacant property for two months after I purchase. It’s move in ready and rentable.

To give myself ultimate comfort I want to advertise and “verbally” confirm a tenant or two.

Is this illegal in PA? Is it risky? Need tips. I can pay the mortgage without a tenant BUT how nice would be it to have rent to pay for the mortgage and help you get over the closing costs right away?

Best

Lake

I’m looking at a 54k asking home. 1950 and 895 sqft unfinished basement. I want to buy and hack. But in the area it’s possible the water freezes in the winter. Thoughts? Is it worth drilling a well if I get it off the asking?

Best