All Forum Posts by: Lukas Smith

I'm preparing to list my first mid-term rental (and first rental overall) shortly! Is it normal to require renters insurance for a mid-term rental? 

Thanks for the tip!

I'm a new investor in the Des Moines, IA area and am looking to house hack a small multifamily with an FHA loan. However, I started a new job in the last 6 weeks with a gap in employment beforehand and am running into the issue of not being eligible for an FHA loan until I have worked 6 months at my new job. Not a big deal but I am wondering if this is something consistent across all lenders or have I just happened to speak with lenders that are requiring this?

@Andrew Kougl

I appreciate the honesty. To clear up more on the financial part, I have nearly 12 months of living expenses for myself saved in addition to the 3-5% downpayment and some investment accounts I could liquidate to come close to 20% but I would rather keep the investment accounts where they are and not use them. So my problem is more the now lack of consistent income to show a lender. 

My understanding is that PMI is an irritating additional expense with a low down payment but can be refinanced out of with exception of an FHA loan. And if the difference between the higher downpayment and monthly PMI is not terribly different then would it matter that much?

Does your advice change at all given this info?

I'm 25 and currently living in Pennsylvania. I dove into educating myself on REI about 6 months ago and set a goal for myself to buy my first property by the end of 2021. Unfortunately, (or maybe fortunately) I am leaving my W-2 job in about a month and moving back to Iowa where I am originally from to start my own business.

I am wondering if my goal is still achievable and what my options are without a W-2 job? I have enough saved for a small downpayment of ~3-5% which was my gameplan originally but will have reduced and potentially inconsistent income for the near future. I am sure there are ways around this such as having a co-signer on a loan or using private money but am not sure if there are additional ways I'm not aware of. Any advice would be greatly appreciated. 

Lukas