All Forum Posts by: Ryan Muska

As @Doug Smith had mentioned, it very much depends. If you are trying to purchase a home for all cash, then you won't need a preapproval. If this is the case, just explain it to the realtor/seller that you are intending on buying the property this way. 

If you are planning on purchasing a home with a mortgage, then oftentimes realtors will not show you a home unless you are a verified buyer; A.K.A. preapproved. 

Lots of buyers think they can afford what they are looking for, but often times they are misguided because of things they didn't realize were taken into account when applying for a mortgage. I'm not saying this is you, but this is why realtors don't like showing homes to buyers who are not preapproved. 

If they are not guaranteed that you are verified to be able to afford the purchase you are trying to make and they put hours/days/months into helping you just to end up getting denied on the financing, that would be a great waste of time and money for both parties. 

You don't have to get preapproved, but for realtors and sellers to take you seriously (unless you are a cash buyer willing to show funds) you should get preapproved. 

2nd Lienholders are hard to come by. More likely that you will have to refinance out of your first lien to achieve the funding you are looking for. For refinances, this is not hard to do as long as the numbers are verified. 

If it's a headache you don't want, sell it. That's it. It sounds as if it's a headache you don't want. So sell it. My advice is to wait until the summer, if you can, when more buyers are in the market, thus making higher sales prices more possible.

Yeah, you can rent out everything else. Banks are not going to consider that rent when approving you for a loan, however. If it is a single family residence, you are not going to be able to use any additional rent to help qualify you.

Sometimes you can get a range of interest rates on a company's website. But, those can often be inaccurate. For the most accurate rates, contact a mortgage professional.

Check out Craigslist, Facebook, and FSBOs on Zillow and all the other major home platforms

Not entirely familiar with the reason you can't remove a section 8 tenant. At any rate, why not move into one of the other units?

How long are the leases up for? 

When do you plan on closing?

Reach out to the town to see if it is legal, first. Then reach out to a contractor to get bids. The best way to see the pricing is to propose the plan to a couple of local contractors. 

As long as the rent is up to market standards (I/e: house/unit should rent for 2k/month, so you rent it to family for around 2k) this should not be an issue. The issue arises when the property is rented for much less than the market rent