All Forum Posts by: Adam Petterson

Pierre Decoste And as far as coaching goes, I help out at golf clinics and help with a local junior golf league/camp. Most of this is on the weekend and won't interfere with my 8-5 job. As long as you are planning ahead you are able to coach, work a 8-5, and work real estate, but it will take away almost all of your free time

Pierre Decoste So far my experience has been great. My biggest challenge so far has been budgeting time. I work about 45 hours per week and have been fixing up my property as well. If you want to be active it will take an hour or two every night after work to get used to your market and look at the MLS for potential deals in your area. If you are helping others look for property you will have to make time to show them properties on their schedule as well. I am not actively looking for leads, but I do know that many of my friends and family will be looking for property within the next 2-3 years and would love to help them in the future. I am looking to acquire a property every 4-6 months and having a license will help me greatly as I can look at properties without having to call an agent to let me into the property. Feel free to PM me if you have any questions along the way.

@Jeff Dulla

Thanks for responding. I don't believe I gave the lender a credit card, and from what I can tell on the website they give a free credit analysis and pre approval. 

@Account Closed stated above you earn commission on any property you buy/sell and if your friends or family are looking to buy/sell in the near future you may have the opportunity to help them as well. I would recommend going with a small brokerage and not a Remax, Coldwell, Keller Williams, etc as they may charge you desk fees. I found a small brokerage with a very good fee schedule. Remember that you will have to pay for the classes, tests, O&E insurance, association dues, MLS access fees, continuing education, etc. However if you sell one or two properties you should be able to recover those fees.

Make sure you are thoroughly interviewing the brokers that you may work for. The cheapest broker is not always the best option. If you have minimal contacts and knowledge, you will want to team up with a broker that wants to help you learn, grow, and succeed. 

@Chris Mason

Thanks for the response. I sent the documents over and never received a response. After 3 days I called to verify all documents were received and my lender confirmed they had everything they needed. At this point I am thinking about changing lenders, but I don't want to be charged excessive fees for backing out. I know I may be charged for my credit report, but since I haven't received any disclosures from the lender, can they charge me any other fees?

I am currently in the middle of a cash out refinance on my primary residence. I am concerned that I haven't received any disclosures, a good faith estimate, etc. and I applied 3 weeks ago. I also feel like my loan officer is being very unresponsive, and I haven't gotten a solid date on my appraisal or closing yet (is this normal?). understand he has plenty of loans in his workload, but shouldn't I be seeing paperwork within a few days of application? My background is in commercial lending, so I don't know all of the rules with conventional mortgages. Thanks in advance

@Reaz Alli

For the 203k you will need to intend to occupy as the house as well. If you don't plan on occupying the residence and don't have the 20-25% needed for a down payment, I would look into creative financing. Do some research on contract for deed financing or BRRRR (Buy, Rehab, Rent, Refinance, and Repeat). If you are able to buy a property on contract that has under market rents, or you can force equity into via rehab one of these options may work for you. However remember you need to make sure your numbers will all work and that you buy a property below market value!

@Reaz Alli

If you are looking to get a 30 year fixed rate mortgage you would have to go conventional. On an investment/rental property you would need at least 20% down and I believe you get a rate break if you put down 25%. Depending on how long you have owned your primary residence you may have some equity that you could use to help fund the downpayment. 

If you are looking to get a 30 year fixed rate mortgage you would have to go conventional. On an investment/rental property you would need at least 20% down and I believe you get a rate break if you put down 25%. Depending on how long you have owned your primary residence you may have some equity that you could use to help fund the downpayment. 

@Reaz Alli

If you are looking to purchase another property with little money down, an FHA loan may be your best option. You are able to put down as little as 3.5%, but you will have to live in the property.

Hope this helps