All Forum Posts by: Quinton Slay

@David Weintraub this is great information!  Thanks! What do they require from the borrower?

Thanks @Michael Cohen

Thanks! Ill be sure to check out flexjobs today!

Hey, @Jim D. thanks for the response. 

I plan to complete the purchase first, then find a RI job, then make the move.  Is that what you're asking? If so, that's exactly what I am planning to do. As far as living in RI and working the current job remotely, probably not doable or ideal for the owner. I could travel (which is expensive and possibly raise more questions for the lender) though. Do you have tips for securing a job a few months in advance in another state?

@Sung Park This is great! Could you expand on this so I get an idea how you did it? How did you find a job, and get the banks approval? did you have to rent for a period of time or did you buy the house hack before moving? This is interesting. Congrats! 

Thanks!

Thanks, @Sandra B. Do you have tips for securing a job a few months in advance?

Thanks, @Jeffrey Bibby 

Do you have tips for lining up a job a few months in advance?

Do you believe FHA is the best route to take based on the situation?

Thanks, @Andrew Johnson and @Paul Bowers You both provided answers to a situation that is similar to mine. 

Thanks for asking this question @Michael Okechukwu - I would definitely look into shadowing others and trading labor for time and knowledge. 

Breaking bread can also be a good way to get a feel for someone and start a working relationship.

Hi, everyone. 

I currently live in St. Louis, Missouri but will be moving to Rhode Island to be with my girlfriend in 2018. I really want to house hack a 2-4 unit home in Rhode Island. Therefore, I need to secure a loan and purchase said property prior to moving in July 2018. I have never done a deal before so I am brand new to real estate and real estate investing but with the help of Bigger Pockets I have gained confidence and even met with an Agent in Rhode Island last week. I am learning about the area and actively looking for deals. After looking at renting in different areas, I am confident one unit or 1.5 units can cover the mortgage.

I do not have a ton of capital, and that is also why I am against throwing money away and paying rent to some landlord that is not named Quinton Slay (me).

My girlfriend and I have determined it is best (if possible) that my name and my name alone go on the loan as she is tied up with stuff at the moment AND in the future, we could use her name to fund a second FHA at 3.5% down.

The questions: 

1. How do I secure an FHA loan for a Rhode Island property when I will not be moving until July? -How long after purchase do you typically need to move in?

2. I won't have income in RI until July 2018 either. Won't that create a roadblock? - How do I over come this?

3. Might it be wise to look into Hard Money Lending or Private Lending to help fund a deal due to my situation?

4. I understand Private and Hard Money Lending is usually used for short term projects like BRRRR or fix and flip. Is it crazy to try this form of funding on a house hack and refinancing to a 30-year mortgage a year or two in, or is it smart/creative?

5. How would a brand new investor go about finding a PL or HML? Is that even possible?

As always, any and all advice is welcome. I love to learn new things in real estate so I would love to hear from several people experienced or not.

Thanks for your time and consideration.

@Eddie Salisbury  

Thanks for asking!

Things have improved thanks to the advice I received from this community.

I drew up a flowchart and I gave her a todo list of things that need to be completed as we gear up for our first deal. I have my own to do list and she has her own. That way we both know what our roles are in the process.

I think she just needed a concrete list of things on paper that she needs to do in order to help me succeed.

In conclusion, I've been practicing running the numbers of numerous properties in Rhode Island I am feeling good about this. I'm also reading 'The Book on Rental Property Investing' by @Brandon Turner , I'm currently reading the section about making offers and negotiations. I like how the further I read, the more I realize I'm not far off from making my first offer and ultimately making my first purchase. I plan to read the book on investing with no and low money down next. I think once I get through it, I'll be very confident in my ability to get this done.

Sense my girlfriend is up in Rhode Island already she is just keeping an out for potential deals, talking to her friends and family and people she bumps into at school and also coming up with a route to take me on to tour RI when I come up this weekend. She will also have a hand in helping me plan and prepare for the BP Meetup I plan to host in Rhode Island this November. I hope to meet many investors and gain more knowledge about the area as well as meet lawyers, and contractors that I can add to my team (after I do a little background check).

I actually head up today after work and we have a meeting with our potential agent tomorrow morning. He is also an investor in the Rhode Island area so I am hoping we are on the same page and he can point me in the right direction.

I must say, I'm getting very excited for what is to come over the next few months as we get closer to making our first deal!

Thanks for checking in!

I never said he was right or wrong. I said instead of bashing him, help him understand. Help him learn the terms, maybe he was going to move a friend or family member into the "vacant unit". 

No, it's not house hacking but again, maybe he's new, maybe he doesn't understand the terms. We don't know we just jump on him rather than say "@John Michael Rico, could you please elaborate on your plan. What is it you're trying to do? I'm here to help, bro."