All Forum Posts by: Danny F.

I agree @Rick Santasiere. I have shared my comments above but I bravo the comments rick just shared. 

aloha,

Danny

Yes HELOC on FHA is possible. However, looking at the location where you'd like to purchase. Heloc FHA wouldn't suite you in this case. The Heloc FHA sets a limit on the line of equity that you can take (it is predetermined from the lender). In this case, find out what that limit would be.

How much was she paying at the previous rental?  If it is or close to 1275 that is a plus.

Definitely speak with her previous landlord, how long was she living there?  Do you know why she is leaving?

I had a bad score at one time of 560 and I paid my rent for 3 years on time.  My circumstance was I co-signed for a relative who defaulted which effected my score, Didn't mean I was a horrible person hence finding out about the score may help you decide.  My score currently is 760.  Sometimes a score doesn't define a person.

You could have a clause that states you will have a home inspection once or twice a year.  My landlord had it once a year. 

With our family rental property we inspect it every 6 months. 

Find more back ground on the potential tenant.  Are you okay waiting for another 6-8weeks or longer w/o it being rented?

Is the location of your property have tourist attractions?  Could you look at it becoming an Air BnB rental.  Lots of maintenance but if you are at a good location you can make more then $1275. Just thinking out of the box

Best wishes and aloha,

Danny

Aloha and welcome to the BP family.  If you are investing in your state, go to several gatherings and meet some people.  Start building a network of people and relationships, it will go a long way.

Best of luck and aloha,

 Danny

@Gerard Charles It's take alot of humility to admit publicly about the lessons you learn. Excellent. This was a learning opportunity for many who hadn't posted but read your post.  

I am not a lawyer by any means but even creditors cannot get money owned if it wasn't written somewhere in the document. Most lenders have an exception on due of death for full payment.

Props to you for recognizing and working things out.  All now is filling it with an excellent tenant. 

Aloha

 Danny

Without someone w access (realtor agent) on your team it would be difficult. The closest to MLS is Redfin. Though MLS is the best for out of the online sites.

aloha,

Dann

Aloha and welcome Nicole to the BP  family. Connect and build a team it will make a world of a difference. Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Best of luck and investing!

Aloha,
Danny

Aloha Riko,

Congratulations as well on being a home owner. 

I believe it would be great if you can qualify however, trying to keep the some monthly payments maybe a challenge as interest rouse recently. If you can do as Dave suggested it would be great, qualify for a HELOC through FHA would be great(that way you only need to put a minimum of 3.5% (the other money can go back into investing). The thing is you'd have to live in it for 1 year but if you by a multi-family unit, you could house hack and live on one side and rent the other that will pay for your mortgage (you live free). After the year is up, you can look at refinancing again, then put your money into another property (do the same thing). There are strategies. Just make sure your numbers work, and do your due diligence .

Best of luck and aloha,

 Danny

I agree with everyone above.  There are multiple ways of strategizing this approach.  Basically always figure out how you will be adding value through whichever method you utilize.  And how you can pull the resources out.  Great way to do this is frequently if not "always" look at your numbers, build your team and strategize.  If your money is tied up at this time, 6mos to a year refi if you added value to your property or hard money.  If you show positive cash flow you can finance and combo w/ hard loan for rehab, then refi / or do a flip.  It goes on and on.  Keep going, you'll find a way.  Congratz btw on purchasing property and becoming an investor. 

aloha,

 Danny

Aloha @Steven C. Suarez,

 I thought I'd just check it out.  If the address is correct it appears that it is in zone CC or Community Commercial. 

CC | COMMUNITY COMMERCIAL: Established to provide sites for community and regional retail shopping centers containing a wide variety of commercial establishments including retail stores and businesses selling home furnishings, apparel, durable goods, and specialty items; restaurants; commercial recreation; and business, personal, and financial services. (source: arlington-tx.gov/cdp/zoning/districts/)

I'll put a map I located under gis.arlingtontx.gov/mapsonline/ . It appears to be on the corner of New York Ave, S Watson Rd & 360tx.  I hope this helps but the best way again is to call the Arlington Zoning District to verify.  Best of luck. 

Much aloha,

Danny