All Forum Posts by: Sam T.

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So even these low down payment conventional loans have that 12-month occupancy requirement then? I have a 97% LTV mortgage on my primary residence myself but I was unaware of that clause in my paperwork, if there is one in my particular case.

@Chris Mason Awesome, thanks for the info man. That's very good to know. I would have thought there'd be some kind of rule preventing that. Now are your clients you mentioned doing FHA loans over and over? Or just low-down-payment conventionals over and over?

 Ah ok, so after living there for a year you can do whatever you want and still keep the loan then? Do you know if this is still allowed if it's not your first home purchase?

Seems like a solid plan if everything works out alright.

I understand that FHA loans are only allowed to be used on a primary residence, so I'm wondering if there's anything illegal about getting a 3.5% down FHA loan and moving into the property, then eventually moving out and turning it into a rental. I wouldn't be surprised if someone could successfully do this and get away with it, but I would like to know if this is actually illegal. I don't want to break any laws or official rules.

Anyone know how that would work? Would you somehow be made to refinance upon moving out?

I live in the Atlanta, GA area and travel through SC, especially the northeast (Anderson, Greenville, Spartanburg areas) all the time, so I'd like to start attending some good REI events in those areas that I frequent, when I can. If anyone has some good groups that would be worth checking out, I'd love to hear your suggestions and put some meetings and any other events in my calendar. Thanks!

How many credit cards do you folks here have? And what are your favorites, that offer the best incentives/rewards?

I have solid credit (over 750) but I'm wondering if opening another card to, 1) earn better rewards on purchases I'm making anyway, and 2) possibly improve my score by increasing my total available credit and lowering my percent of revolving credit used, will be a good idea.

I currently have two credit cards with a total limit of under $15k and I'm thinking about getting a third. I found one that offers 2% cash back on all purchases, which definitely beats the 1.5% I'm getting with my current favorite card, but I'm wondering if maybe there's a card out there that offers really good travel rewards that I'd like better.

Thoughts? Suggestions? Input? Favorite credit cards?

Thanks BP

Hi everyone, I'm Sam from Lawrenceville, GA, roughly in between Atlanta and Athens, GA. I've been here for a couple months already but just realized I haven't introduced myself in this section yet. I'm an aspiring buy and hold rental investor, and I plan to make my first deal some time next year when I have a down payment saved up.

I have no experience yet in real estate except for buying my primary residence last year with a 3% down conventional loan. I've just been reading, listening to podcasts, and learning as much as possible for the last couple of years since I first decided to get into REI. I plan to start going to local REI club meetings soon too. I'd love to meet some cool people there and on here to do business with in the future.

My goal is to simply buy rentals with personal savings as down payments, reinvest as much of the money as I can, and build a solid portfolio over the next few decades. 

Outside of my interest in REI, I'm just a sales guy with a chemical engineering background. In my free time I like to read books, play sports, go on adventures, and have fun.

 Do you suggest just simply asking every seller I come across if they're interested in seller financing? Or is there a better approach to finding them?

 Thanks, good points. I'm still new to this so this is all great info to think about.