All Forum Posts by: Saad L.

@Andrew Powers will do thank you!!

So I saved up quite a bit to put down for an investment property, but I’ve recently lost my job. Can I still apply for a loan? I’m afraid they’ll deny me cause of no employment. Do you guys think I should wait it out or jump the gun and apply for a loan and then house shop.

Hey BiggerPockets!!! So to start off, I want to house hack and move out of my parents house into a duplex that's being sold in my neighborhood. It's listed at about $200k and I'm definitely thinking of doing FHA financing but I'm unsure of whether I'd qualify or not for the $200k loan even though I saved enough for the down payment and closing cost, since I only make $15k a year working part time and going to school. Another question I have is this program called DPA which is the down payment assistant which basically gives you a second mortgage which pays for your down payment and closing cost up to $15k and I was wondering if I was to use that program would that help my odds of getting the property even more?? Also one unit rents for $950 and the unit I plan on living in will be my friend and I, who he will be paying $400. Basically looking for advice on how to go about doing this since I only make 15k a year and honestly haven't heard of anyone making $15k a year buying there first property. So anything is appreciated. Thank you guys!!!

Hey Neil, I'm currently a newbie in the Kissimmee area and I was wondering whenever you come down to hang or check on your properties if you'd allow me to take you to eat lunch and perhaps give me a few tips and advice and possibly even help me get my first investment property. Would really appreciate it bro, thank you for reading and good luck on getting that refi

Please send me pics and more info on it too. tax, any expense and lease terms. thank you.

So today was a day of bad news... after finding a diamond in the rough which was a Duplex with minimum repairs (under a $1000) which would be just some cosmetics and new sheetrock repair. Now this is a story of bad news and nothing good because me being to find the property and only being on the MLS for only 6 days. I decided to call the realtor and ask her to make an offer which she told me she needed a letter of pre-approval. So going to the bank and telling them that I wanted to do an FHA loan where I would live in one part and rent the other out, they said blah blah thats fine and all but that me being a college student with some cash and a part time job making 15k a year wasn't enough. they said i needed to be making at least over 20k and have a full time job. So i walked out of the bank disappointed and now Im here on BP asking you guys if you have any tips at getting a property at a young age. I was thinking of co-signing but with an FHA co-sign i heard that they have to be blood related and the only people i can think of to co-sign are my parents and they already have stress on them and i didn't want to burden them with something like this. And i tried to contact some private investors but nobody would return and email or call. Ive literally hit a wall and im not so sure about what to do. Please if you have any ideas or anything really Ill appreciate it. thank you guys.

hey Patrick, I've seen a couple of bandit signs in the Kissimmee/Poincianna area that wholesalers put up. If you'd like I can help you look for properties and get deals on them and we can split profits 50/50. Let me know what you think, it'd be nice to work with someone with a real estate passion.