All Forum Posts by: Maxwell Fontaine

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@Joel Francis It’s a good read, especially when you make it personal.

@Joel Francis

So good they can’t ignore you. I’m more into mindset books than process books honestly. 

Only thing I may be able to think about that you would find interest is the 80/20 principal but I have a feeling you’ve read that already. 

@Joel Francis GRIT, raising private capital are two that you’ll see pay off more than anything to me. Can’t go wrong with these two.

@Stacey Cook Congratulations!!! And a great way to start with a quad!

@Joshua D Rodriguez Read “The richest man in Babylon”

@Matthew Baltzell Time. Surprise on this one lol. I took a year to study and get my funds together. That duration I found lenders which is a good solution for now to grow. But... the time to “wholesale” my own deals. This market I’m in is doable but you need time to find them. My approach is to find them by taking the role of a wholesaler but I just find them myself/ lenders. Time comes the issue when I have 2 jobs until I can get more cash flow to support me leaving 1 (full time) job. Thank you for the question and thank you to everyone else’s responses. You guys are awesome. Every issue we have is something we can overcome!!!

@Jason Toledo congratulations!!! Remember it’s just a stepping stone to get to the next ! Enjoy the House new home owner!!!

FHA does not require the rental income, @Brie Schmidt is absolutely correct. But keep in mind that they might not tell you this, CHECK WITH THE TOWNHOUSE HOA ABOUT RENTING IT OUT. I heard of a horror story that someone bought a town home to rent it out and the HOA denied that from happening somehow. I personally don't think that is common but I'd rather be safe and promote some caution in order to gather information. Just ask them if that's doable in a simple conversation. I would imagine you wouldn't want to live their forever.

Good luck and I hope that was somewhat helpful. 

My experience with FHA was pretty difficult to get through but they do exactly what they say. My closing took just over 50 days total because of the paperwork. They needed more/ updated income as time passed and explanations of how ill be able to cover the cost of the mortgage, i also purchased a multifamily through the 203K.

You more so since you are not "employed".  I would suggest you approach it like a business loan. Once i changed how I viewed the process it went much more smooth.  (2 years of tax returns business and 2 from personal, P&L statements down to the month, invoices, and since you have 3 extra units make sure you include the potential income you will have with tenants in the property.) They want to see how SAFE you are, not how savvy you are for finding it, which congrats on that also. 

Hope that helped some.