All Forum Posts by: Nicholas P.

This is awesome. Thank you for the inspiration and sharing your story. It goes back to taking action and not letting anything stop you. I wish you luck on your next dozen purchases! :)

I just got done reading "Wealth Can't Wait" by David Osborn and Paul Morris - quick and easy read about having a goal and intentionally getting to it with effort. Tons of good advice in it. About 240 pages or so.

I believe there are maybe 8 states or more where the debt of the spouse is counted for the debt-to-income ratio with FHA loans. I know Washington and California are 2 of the states. It will require a credit report for both people. The credit score of the spouse won't matter as much as the debt, but the debt is counted towards the overall debt-to-income ratio and the debt load for credit accounts that aren't joint.

The non-purchasing spouse won't sign the Note, but will need to sign the Truth in Lending and Deed of Trust at closing.

Conventional loan may be a better option depending on your circumstances.

Obviously this is only what I've learned from researching in my own home buying process. If any of the above is inaccurate please let us know in the comments below.

Thanks @Wil Reichard - makes sense. It's not as bad as I originally thought it was as well and should be an easy fix now that we know what was causing the issue. Worth the risk involved. The location of the property and deal will result in a good amount of equity from the start. Will post before and after pictures once complete. 

Moving forward to hit my 90 day challenge (been working on this for 6-7 months) - #90daychallenge #firstpurchase 

@Brandon Turner 

I'm currently in contract to purchase a home that is about $40,000 below it's appraisal value. The initial inspection found 2 areas of mold in the cabinet base under the sink in the hall bathroom and on the drywall behind the sink cabinet in the kitchen (possible plumbing issues). After doing a full mold inspection of the house it came back that the kitchen had Stachybotrys species mold in it and the bathroom had Brown spore type mold with minimal amounts.

Is this something I should worry about if I were to purchase the home (after the seller remediates the issue) and move in for 6 months at the least (FHA loan). As long as there is no mold present and the issue has been solved can I then resell the house for a profit and still abide by the law without having to mention the previous mold issue that was fixed?

My real estate agent also wants to sell the home to another investor and/or purchase the property for his own account if we sign the document to cancel the purchase agreement. I'm assuming this is just a sales tactic to get me to question my decision to not move forward, but he does make a good point there is possible profit here. I don't want to purchase the home, fix it up a little bit, and then be stuck with a house that "had" mold. Any comments/suggestions would be great. 

I'm currently looking to invest in Multi-Family or Single family properties in the San Diego area in the next 6-9 months. Looking to connect with other investors, real estate agents, and/or wholesalers. Any advice would be great.

@Dave Visaya @Kevin Fox @Account Closed
Thanks everyone. Happy to be here. I'm definitely interested in connecting with San Diegans to chat about BRRRR deals/experience.

Greetings fellow BP members,

I recently moved to San Diego and am looking forward to getting to know everybody. I've already been learning a lot here on the forums and also through the podcasts. I'm looking to invest in properties and also would like to attempt BRRRR eventually.