All Forum Posts by: Scott Busby

Hi Everyone,

I've seen a few posts on here that talk a little about what I'm wanting to do, but none of them are in my exact position so I wanted to see if I could get some additional insight.

Currently, I'm closing on a property using a 10% vacation loan. This property is under contract as of a few days ago and it doesn't close until the end of January. While I was looking around I found a triplex about 2 minutes from my house and I'm extremely interested in purchasing it on an FHA. I don't think I can wait for the other loan to close because homes in my area are selling quickly. I'm also a little concerned about my DTI after the vacation loan closes.

I'm going to talk to the agent about seller financing, but I'm not even sure I'll be able to do that, as I don't have the capital available for 20% down.

I've also asked family/friends if they would be willing to take an FHA on the triplex with me but I don't have anyone that is in a position to help at this time.

Finally, I thought about hard money, but as I said before I don't know how my DTI will affect getting a loan after the current contract closes and I might end up stuck unable to refinance out.

Are there any options that I may not be thinking of?

If I need to share additional detail or anything let me know and thank you so much for the input!

@Joshua McMillion

This is great advice, thank you Josh!

Hi BP,

I hope I structure my question correctly. I'm just curious about the less obvious pros/cons of market selection. I live in Huntsville, AL and I know this area is considered a hot market right now, but beyond the obvious of increase in equity and harder market to find deals, what would be the reason to buy in Huntsville over another "less hot" market where I could potentially buy more equity and have better selection of deals I want to do?

Hi Chang,

I’m a Huntsville native. I’m working on wholesaling in the Huntsville area. Would love to connect if you’re interested!

Hi BP,

My name is Scott and I'm a newbie investor/wholesaler in the Huntsville, AL area. My current plans are to aggressively wholesale the area, while building investing knowledge and connections along the way. If you're from this area please reach out I would love to connect. I'm looking forward to building connections with all of you!