All Forum Posts by: Priceton Braswell

I called a couple of banks yesterday to get information about getting an fha loan on a duplex. The problem I ran into with the first bank (and confirmed by the second one who returned my phone call) was “to consider any income from 1099 self employment I would need a tax return for the past two years, and they would average the amount. My problem is I have been self employed for 10 months, and w2 wages before that. The bank said theirs no way to mix those together and that it needs to be one or the other. To me my only choice is to work the 1099 job for another year and a half, or maybe find a great deal on a multi unit that can be paid for with hard money and refinanced out of one year later. However that second option seems like a lot more to take on for my first investment and definitley changes the way I planned on starting my real estate journey. Any thoughts or advice would be greatly appreciated. Thank you bigger-pockets community!

Working on deal analysis for my first deal. I see a lot of people use 8 to 10 percent of income for property management during analysis. If my tenant moves when the lease is up the property managers in my area charge a months rent plus 8 percent of monthly income to manage. One month of rent is 8 percent plus the other 8 percent is 16% of incomei for property management. Am I wrong to use that big of a number during my analysis?

Working on deal analysis for my first deal. I see a lot of people use 8 to 10 percent of income for property management during analysis. If my tenant moves when the lease is up the property managers in my area charge a months rent plus 8 percent of monthly income to manage. One month of rent is 8 percent plus the other 8 percent is 16% of income for property management. Am I wrong to use that big of a number during my analysis?

I’m buying my first rental property and really liked the idea of 3.5 percent down with an fha loan so I️ was going to buy a duplex and house hack one side. The other side is already rented with. Long term tenant. Anyways I️ told the agent my intention to use an fha loan and she suggested that a USDA loan may be better. I️ asked about it and she said it’s no money down and a little better pmi. I️ did some research and it seems like the prerequisites are similar to the fha loan other than 640 credit instead of 580. Is their anything I’m missing or should consider? USDA sounds like the way to go??

Thanks guys! Just out of curiosity how long do medical bills stay on a credit report? I love the idea of paying mine off and getting my credit score back up but its a little over 1.2 million in bills and it just seems like to much if their going to be cleared by the time I pay it off anyways. Also i notice people on here needing hard money loans. Are their any major risks in that. Dont I get the property if the investor cant pay it back and if so are their any other complications. I know im sounding like a  try to get rich quick kinda person and thats not how it works but im afraid i might blow the money if i dont invest it in something. 

Im 23 and I just got a settlement from an auto accident. The insurance company wouldnt cover the medical bills so my credit is 316 but I have 30k cash. My rent is 550 a month. Id like to invest in a property and rent it to cover my rent. Im very open and new to this. The houses ive looked at online in that price range are all REO foreclosed. I havent talked to an agent yet im just starting the process.

Would foreclosed be the best route to take for my situation?

How do i know what to offer or what the house is worth. Is it crazy to offer 30k on a house listed at 40k or 50k. 

Would it be possible to put 30k down and finance like 5k or 10k with my credit?

Ive done construction for years so new floors drywall trim and paint isnt an issue but how can i get an idea of the ARV and what are some major issues I should check for before purchasing other than cosmetics . Any links, or answers will be greatly appreciated. 

I want to use this website for guidance through the entire process. Im very nervous because ive never had this much money and i dont want to screw it up.

Thank you for any help

Ive never bought property. I found a duplex with 26% cocroi. $326 profit per month after expenses/mortgage according to my analysis. I'm interested in purchasing it. I have 20 percent of the $70000 asking price. I was In a car accident. My credit is shot with 1.2 million in medical bills. Will this cause me issues getting approved for the mortgage from a regular bank. If it will then is possible to have a hard money lender finance and then refinance through a bank. Sort of like the brrr strategy but with no rehab. Thank you for any advice I really appreciate it.