All Forum Posts by: Sarann K.

Hi everyone, 

I'm having a tenant who is disabled, and I want to make her transportation easier by building a ramp for her. May I ask if anyone know what organization that I can contact for building wheelchair ramp FOR FREE? The property is in LOWELL, MA. Any info would be greatly appreciated. 

Thank you, 
Sarann

Welcome to BP, Felix! I'm a newbie, too. It's nice to know there're more people here from Lowell, MA.

I'm wondering if there is any terms or clause associated with this loan? I checked the website, it says the borrower has to agree to live in the property throughout the term or he/she will need to refinance it. Would that be something we should be worry about? 

Thanks,
Sarann

@Kyle J. I talked to my local post office, the staff said and kinda warned me not use the postal office address followed by the PO box# because they will not accept the mail. I might try to mail to my own PO box to see what happen using the method you suggested.

Hi Vanessa, I'm new to REI and BP, too. welcome and best of luck on your journey!!

Thank you very much, Omar, you really help clarify this issue for me. I will definitely try to get more information from my REIA club. Thanks again!

Hi everyone,

Can I purchase a pre-foreclosure property using subject to? Also, what is the difference between pre-foreclosure vs. petition to foreclosure? 

Thank you very much ^_^

Thank you everyone for clarifying that, I think either way I still have to be an owner-occupant for at least one year unless I have 20% DP in the bank. Maybe FHA is better option for now as a first time buyer. Should I look into seller financing and subject-to, is it a good idea for a starter? Anyways, my credit score is around 690-710. Thank you all again.

Sarann

Hi everyone,

I'm looking to buy a duplex as my first rental propertyand really want to rent both unit out while still living at my current apartment, but I just realized that I am going to hit a road bump. So if I use FHA loan, I will be required to stay in the house for at least 1 year before I can rent both out. On the other hand of the conventional loan, I will need to make 5% DP.

Here are my questions:

1.If I use the conventional loan, how easy would I be qualified for the 5% DP and would I be able to qualify for rehab loan as well? Are there any hidden requirements if I decide to use conventional loan?

2.Should I use FHA loan and live in one unit and rent the other out? However, I don't want to live in the property because the place is too big and it's not financial efficient for me to stay there.

Any comments would be really appreciated, thank you very much!

Thank you so much, everyone, for a warmest welcome, I didn't expect to get such many supports. Thanks again and let's keep investing.