All Forum Posts by: Michael O'Connell

My plan is to purchase a small multi family(duplex/triplex/4-plex) and house hack with an FHA loan for my first property this year. I currently use Chase for my personal banking, before I get pre approved for a loan or get a loan I want to know where I should be getting this loan from? What are the pros and cons of big and small banks?

 Thank you for the insight Jon!

Good Afternoon BP, 

I'm deciding what area to focus my investing on and wanted to get some opinions. This will be my first year investing after much studying and am interested primarily interested in a Duplex or Triplex to House Hack in metro Detroit(Oakland County). For those of you that are somewhat familiar with the area, what area or area I focus on for a new investor?

Also wouldn't be opposed to the single family idea, If any of you feel you have some advice in that category.

I want to buy and hold for rental income is my goal.

Thanks ahead of time, any advice is much appreciated!!!

 I've been in sales almost the last 2 years. about 20 Months,

I just left my telecommunications sales job selling att/direct tv which was 100% comission and make about 37K. The 2 jobs I'm looking at are RV sales and for a industrial manufacture.

RV sales is 1099. $200 weekly plus commission, projected 35-55k first year

Industrial Manufacture sales is W2. $15-$20 an Hr plus comission. projected 40-50K first year

hopefully all that info helps and thanks for your help!

 I'm about to start a new job and am deciding between offers. If i'm hearing you correctly you are saying it is more difficult to get financing if your 1099 than W2 if its a brand new job? Also although it may be more difficult will it effect the type of loans I can get. for example can i get better interest rates or larger loan with w2 or 1099?

@Brie Schmidt  I'm about to start a new job and am deciding between offers. If i'm hearing you correctly you are saying it is more difficult to get financing if your 1099 than W2 if its a brand new job? Also although it may be more difficult will it effect the type of loans I can get. for example can i get better interest rates or larger loan with w2 or 1099?

Hello BP, 

Im brand new to BP and REI.

I am currently in sales and looking for jobs, although my main focus is real estate. Does the type of income or way I'm taxed effect what kind of loans I can receive. For example does working on salary, base plus commission, or straight commission matter? Or for example W2 or 1099?

Thank you ahead of time!