All Forum Posts by: Sarah West

At the least we had to provide a rental contract for our 2nd rental, our first rental was on our tax returns so that was easy. Our banker for our primary (3rd) let us use the contract.

Kassie - if I could have a do over I would use our VA loan to get a duplex, or even a quad.

There is a possibility you would need a few thousand, but I would do this in a heartbeat. I only just heard of it about a month ago, and we have 4 children, so it was hard trying to find something that could fit us all in :D

We are an active duty family in Jacksonville  - it's a great area to buy in. We bought in Key West when we were down there, and also in Virginia. We are just researching JAX right now to get ready to buy our next investment property. I have a good agent here, (and banker) - we bought remotely through her if you need any help, and I'm good to help out if you need anything else in this area. 

Sarah

Looking for a contractor to work with.

We have work needed on our primary, then are looking to expand into other properties in the Keys.

Primary is on Sugarloaf Key. 

Many thanks

Sarah

@Jerry Padilla - so we were good for the investment property and our primary :)

I do have another investment property that I want to buy, but that may push it a bit too much, so I know need to find a creative way to finance the other. We could potentially squeeze it in, but do not want to risk messing with our primary residence 

@Jerry Padilla 

Many thanks for your help, it is much appreciated. 

From my research (we are a military family) in order to get a VA or FHA loan you need to live in the house for 12 months at least (VA is only for primary residence). If the intention is to rent it out from the get-go, in my opinion it would be classed as an investment property.

Others will most likely chime in with other ways to finance this I hope.

We need someone to work on our primary, and to establish a relationship for work on investment properties. Any recs would be greatly appreciated. Our primary is on Upper Sugarloaf, and will need work to start in about 45 days.

Many thanks

Thanks @Jerry Padilla - does the fact that this house would bring in positive cash flow (I think that is the right term?) and would be 600 over the mortgage payment make a difference. We have positive cash flow in our other rental, and the main primary mortgage is our own, so obviously that amount counts. I have tried contacting Groundfloor, but their lines are busy and they will not let an application go through unless you have a business name and EIN. 

I just found this and thought it may help some folks get on the ladder with their first home. 

http://www.nhfloan.org/programs/nhf-platinum/NHF_P...

"HERE IS A SOLUTION — NHF's multi-state Down Payment Assistance (DPA) programs which provide DPA in the form of a non-repayable grant.

Down payment and/or closing cost assistance grant, up to 5% of the loan amount.

DPA grant never has to be repaid.

Affordable interest rates and variety of grant levels.

FHA, VA, USDA and Conventional mortgage loan options.

NOT limited to first-time homebuyers"