All Forum Posts by: Lamont Crawford

I am a first-time home buyer working abroad. I have been doing so for almost two years now. I have a few questions in regards to getting conventional financing while still working abroad majority of the year.

A little back story is basically I have been pre-qualified on many different occasions with no issues in regards to finances or credit. However, I have twice so far hit a wall due to lenders being reluctant to offer financing or underwriters not wanting to underwrite the loan because of my physical location. I have known people personally who have done exactly what I am trying to do with little to no issues and are also in the same situation. This question is really for mortgage underwriters and maybe loan officers or anyone who has done these types of deals and has extensive knowledge in mortgage underwriting.

What are the guidelines in regards to getting financed when someone may not be on the property physically for 50% of the time?

Can someone in the above situation get financed with a conventional loan or VA loan?

If not, what are their options?

This is a grey area as I have found no federal guidelines stating you have or must occupy a home for a specific amount of time out of the year other than occupancy rules for a VA loan. Typical scenario would be me purchasing a 4-unit living in one of the units and the other three rented out to tenants with property management in place. The loan would also be conventional. I have expressed this to a couple of mortgage lenders and for the most part they have wasted my time in regards to having me get preapproved and later deciding they will not lend because of my physical location even though I have expressed the entire situation in full detail.

I do not own any real estate abroad. I do not own any real estate in the US. I pay taxes every year and my company is a US company. The property would actually be my primary residence. I have been looking in Texas, Florida, and Massachusetts. The situation above describes when I tried to purchase a property in Texas.

Does anyone have any advice on this topic?

@Account Closed Couldn't PM you but I did send you a message on your site. If that doesn't work could you PM me and I will respond. Thank You.

I understand generally agents will have a pipeline of properties. I would like to get into contact with a reputable buyer agent that knows the west palm beach market well and look at some listings through their pipeline. I am looking for quadplexes however I am open to other types of investments that meet my criteria. If you are a wholesaler and have a potential listing or listings I am open to that as well.

@Robert Hetsler Sorry for the vagueness. I'm looking to get into multi's. Preferably a quadplex that cash flows well. My price range is no more than 250k however I would like to discuss more with a buyer agent to possibly get some listings. I am looking to buy sometime by the end of this year if there is something relevant in the market.

Anyone know of any good buyers agents specifically in West Palm Beach?

@Paul 

@Paul Timmins sorry I won't be able to make it.

Hey BP,

I have been here on and off researching for a little bit of time now. I have noticed there is a lot of good information as well as reputable investors here. It seems as if the landscape in much of Boston has already changed dramatically. What are some of your experiences regarding good and bad real estate investment deals. I am referring to A and B listings and some C listings that may have turned into B listings through renovations. What are some specifics on what deals look like as well as initial capital needed for investment properties whether you use your own money or other people's money. (What do the numbers look like?) I am in the process of preparing myself financially to obtain my first property this year and want to have the best laid plan possible.

@Joshua Poitras Nice to meet you. I wouldn't mind discussing some possible ideas. Would a PM work? I travel quite often but would like to talk about some investments with you if possible at your leisure. I'm also open to corresponding through email for some general ideas.

@Matthew Forbes Thanks for the advice Matt. I also looked at BlackDiamonds meeting and was not able to attend the nights event, however next time I am in the area I will be looking to attend the next meeting or event.

@Justin Repp Thanks. I will be sure to keep that in mind.

@Corey Melkonian I will be on the lookout for more events from BackDiamondsREI

@Mike Hurney I have witnessed this having been a native of Boston. Leaving and then coming back home. As well as witnessing the aftermath years later of the elimination of rent control. Seems like prices are pretty much in line with lets say a similar place in New York, or at least getting there. Given that and the vacancy rate in much of Boston. I don't see an easy entry for people who are not already in this business. Unless they get with a group or are high net worth individuals with enough coin to push around deals that make sense. I have however heard of no money down or in my case at least 3% down programs. But I do not think these types of deals exist anymore. And mostly they are for first time home buyers instead of investors or investment properties. What types of strategies would you suggest. Or do you have any referrals to information I can consider looking at? 

Hello everyone. I am a new member to bigger pockets. I currently work in the aerospace industry however I am looking to expand into real estate investing among the masses. I kind of just stumbled upon bigger pockets while researching various topics in RE development. I am not a developer or builder of any sorts. However, my ambitions are to become both of those. Right now I am interested in buy and hold rentals to generate cash flow as well as finding out the details about house flipping seeing there are many different ways to flip houses. Hopefully I can learn a great deal more about the nuances of real estate investing and pick up as many do’s and don’ts as possible along my journey. I’m all about due diligence and being as informed as possible before taking on big endeavors.