All Forum Posts by: Nicholas Duncan

Thank you all very much for the input! I'll definitely have to take it all into consideration and try to figure out what the best/most realistic option is for my situation right now. I'm really eager to start because I know even sacrificing a bit of cash flow still will put me into a better position than renting financially, but balancing the payments and the savings will be important for me to make a decision.

Thank you all again!

@Jesse Gonzalez That makes a lot of sense. Do you have any suggestions on how to go about finding a good one in my area? Should I find a local investor who would know or is there another way? Thank you again!

@Josh Mitchell I'll definitely keep asking around at some of the local banks, thank you. Do you have any idea whether a credit union or bank might be the better choice?

@Jesse Gonzalez That's really useful info that I probably should have highlighted more when I was discussing with the people I've spoken with at the banks thus far. Maybe I will call a few back and see if that might improve my chances. Thank you!

Hello everyone,

I'm currently a student going into my final year of college, and I've been looking at buying an owner-occupied multifamily home as soon as possible. The area I'm in has quite a few options that are within my price range and would both cashflow and save me a good amount of money in comparison to continuing to rent the apartment I'm currently living in.

Being a student and only having held student positions, it limits my options a bit. I've spoken with people at several different banks about fha loans and credit unions for low down payment mortgages, and the most definite answers (responses other than "submit a pre-qualification request") have suggested that I need to build my credit more by taking a small personal loan and paying on that for a year, and another said that for part time positions they typically like to see a 2 year history to be able to average the income. Unfortunately, I've only been in my current position for about 2 months now, although I haven't been unemployed for about 3 years now between various positions.

Obviously my work history isn't exactly what banks are looking for, but I'm making enough now to easily be able to afford homes I'm looking at, even without including rental income. I've had a credit card for ~6 years, been making maintenance payments on student loans for ~4 years and have never been late on a rent payment for over 3 years. It's definitely financially smarter for me to purchase a multifamily right now, but I'm struggling a bit to figure out my best option with a relatively low down payment.

Any advice would be greatly appreciated! Thank you!

@Andrew Abbott Congrats on getting the loan! I've actually had a credit card for around 5 years already, but I've never checked my credit score so I can't say as to what exactly it is at this point. However, I don't foresee it being low. 

As for the family gift, I think I may be able to come up with the 3.5% required for and FHA loan. Since the area I'm in isn't too costly, I'm thinking that that will equate to roughly $2,000 or less, which is manageable for me. Have you done any research into an FHA 203k loan for any updates? It's something else that I'm exploring.

I appreciate the advice and if I ever end up exploring that area, I'll try and contact you!

Thank you for the advice @Cory Mccarthy! Saginaw is definitely pretty affordable, and so is the Bay City area as well. I've actually started looking at a 4-plex in Bay City just to practice running the numbers to see what might be a possibility. It's been discussed with them, but I think they need to be warmed up to the idea a little further because they don't have much experience in the area of property investment aside from owning their own home. I will definitely utilize the tools that BP offers, and I will try to get more information about the area while studying up on financing and being a landlord. Thank you again!

Thank you all. Glad to be here!

Hello everyone!

As of right now, I'm just beginning my journey into real estate. I'm currently a college student with another year and a half to go, and I'm studying finance. Really thinking that becoming a landlord is the path I'm interested in as of right now, however that may change as time progresses. The plethora of useful information on the site led me to want to become a member and join in on the conversations.

I've also been using what I've learned so far and have begun analyzing properties near to where I live to "hack" a house and save some money. Right now, I live in an apartment and am essentially throwing away money, so investing in a tri- or 4-plex would be ideal. However, like many others, I'm a broke college student. I've seen a lot about FHA loans and the FHA 203k, and I was wondering if anyone knew if I would be eligible for those as a student without a constant (I've never had more than one or two weeks off in the past few years, but I've changed between various internships and jobs to build a resume), long-term job? Would it even be a good decision for me at this point? My parents would likely be willing to help me financially, but I would much rather keep them from becoming involved.

Any thoughts and advice would be greatly appreciated. I'm really glad to be joining the community!