All Forum Posts by: Reid Chauvin

Honestly, the tenants I've had issues with have had nicer/newer cars. The problem was that they were paying a car note they couldn't afford and would in turn be late on rent. 

@Rachael Lyn - new construction is a great option if you're just looking for something easy to move into immediately and fill up with roommates. With the 0% down VA loan + builder incentives it sounds like you won't come out of pocket with any $, which is a big win! You might even get home warranties included, which will be a big help should any of the appliances break. Assuming you are planning on moving out of the home after a couple years and renting it out, you will just want to make sure that rental rates will cover your mortgage pmt and then some by a satisfactory margin.

Hi @Lis Faudale - the property does not need to be a primary for you to be eligible for a construction loan on it. You should be able to obtain a construction loan from local bank in MD. You would then refinance the property upon completion of the construction, paying off the construction loan with a conventional 30 year fixed rate loan. 

Another option is a renovation loan. It's slightly different from a construction loan as it's already a 30 year fixed rate loan, so you don't have to refinance at the end of it. There are advantages and disadvantages to both options. Both are going to require money down upfront, though the amounts may vary. One very important factor here will be partnering with a good contractor to help you estimate the costs of renovation and to steer the project through to completion. 

@Lisa Bain - I only rent LTR in Baton Rouge, but I do have a realtor friend who is having success with MTR. She owns several cheap condos that do quite well from what I understand. I'm more than happy to connect you with her if you want to speak with someone who has boots on the ground. Feel free to message me. 

Welcome @Gleason Jones! You've come to the right place. I think being consistently active on BP is a great way to both learn how to be a successful agent and learn how to work with investors. Don't be afraid to chime in on posts and ask questions. I'm more than happy to answer any questions you have as you familiarize yourself with both Nashville and the forums - feel free to reach out!

@Kyler J Sloan - you might be able to qualify using your new self-employed income after 1 year of receiving it bc it's the same industry, but the standard is generally 2 years receipt of self-employment income. 

@Kyler J Sloan - it will only matter if you change income types to variable income. For example, if you've been working as a salaried employee and are switching to a commissioned job, you'd need at least 1 year of receiving commission income to use it to qualify for a mortgage. Same if you were to decide to start your own business. The idea is to get comfortable that your income is consistent and likely to continue. Switching from salaried job (i.e. guaranteed income) to salaried job is easy to nail down. 

@Kiana Rose - sounds like you are effectively self-employed. You're definitely supposed to pay taxes on your nanny income. If you are trying to buy an owner-occupied property (low down payment option) you will typically need 2 years history of income as self-employed. What size loan you can qualify for will depend on the income you show on your tax returns (unless you do a bank statement loan). DSCR is an option if you don't plan to live in the property, as your personal income doesn't factor in. You'll have to come up with 20-25% down as someone else already mentioned.

@Claudia Cerulli - more than happy to share the contact info of the lady I use for my property in Nashville. Feel free to shoot me a dm.

Hi @Justin Kramp - I moved out of DC a couple years ago, but am still familiar with the various areas. More than happy to chat through any financing questions you might have.