All Forum Posts by: Matthew Palanek

So heres my situation.......

Based off my income, I can afford 2 mortgages, and plan on getting 2 properties around 100k each, living in one and renting the other. My question is, what kind of process do you have to go through to get a 3rd mortgage? Since I can't qualify with my regular income, will my investment property allow my to get another? or is the only solution to make more money? Thanks for the help!

I currentl rent, and have been pre approved for about $150,000. What I thought of doing was getting a HomePath loan, buying 2 house that are about $80,000 a piece, living in one & renting out the other. Can you take out a mortagge on 2 houses through this program? Is there any way that I might be able to get a little more mortgage since it is 2 houses? Any tips or advice would be greatly appreciated!

thank you for your help. Where do you think is the best place to go to get approved? I use First citizens bank which is local to NC, should I try a credit union or does it really not matter?

I would be going FHA thank you. Why do you say multifamily would be more difficult to be approved for? I thought it didn't matter if your pre approved for a certain amount, thats it.

So in Feb 2014 I will be trying to get pre approved for a mortgage. My issue is, my monthly income is only about half my total income (the other half is split amongst quarterly bonuses. So my question is when getting pre approved, will they just use my w-2 and divide by 12 to find out my monthly income, or does it have to be what I make a month without and of my quarterly bonuses? . Also, the first house I get will be a multifamily house possibly with one or more units rented out already. Will this benefit me in getting a approved easier or will the bank not whether or not there is tenants already in place? Thank you for your help!

I am not sure the best way to go about this......but here is my situation & plan

I am buying a duplex for $160,000 soon. Charging 800/mo for my tenant and ill be putting 800/mo for my "rent" in an account to save. After 1 year, I will have about $15,000 in equity. So is it better to take out a second mortgage or refinance? After my 1st home, will I have to put 20% down or can I put less? Basically, after I have my first home, what is the quickest & cheapest way to get to 5 homes? Thanks for any replies!

So I am just getting started in this REI world, and I have a few questions

I am pretty young (21) and have a decent paying job, with very good credit. Also, I live in the Raleigh area, which I hear is great for investing. I am just waiting to save up a little money before I dive in to this.

So my first question, should I get a single family home, or a multi family to start out?
Also, what is the best road to take to get to 20+ properties and the quickest way to pay them all off?
Thanks in advance for any responses. I really do appreciate it.

I will be a first time home buyer, so will qualify for the FHA 3.5% mortgage. Ia m currently renting an apartment so I have a place to live. The property I want to buy is a duplex with both sides currently leased. I wouldn't want to make someone leave, nor would I be able to. So can I still qualify for that 3.5% and just move in when one of the leases is up? Thanks for the help

Hello!

I am new to this forum and have grown a very big interest in real estate investing! I am currently a restaurant manager and my wife is going to school for nursing. I've been reading through these forums and have gotten a pretty general idea, but I will be doing a lot more reading. I wanted to see if anyone has any suggestions on the quickest way to start real estate investing full time? I currently work over 60 hours a week, so I wanted to know the quickest way to start investing full time. Any Ideas or comments would be greatly appreciated. Thank you for your help!