All Forum Posts by: Seangy Sum

Thank you for taking time out of your schedule to post your story. As someone (me) who is trying to get their feet wet with REI, these stories inspire me to push forward at all costs. If you're ever looking for someone to take under your wing, give me a call!

Congratulations!

I'm considering a Streamline 203k loan for my first deal. Before I reach out to a Mortgage Lender I have a few questions. I understand that the loan requires the home owner to physically occupy the property,  but is there a specific timeframe the home owner has to live in it before wanting to sell it? Perhaps a year? Or does the home owner have to be the primary occupant for the entire term of the loan. 

If the home owner as the primary resident for the term could one do a refi on the property and then sell it? I'm aware this will accrue a lot in holding costs, but this seems like the most liable option for me.

Thanks! 

What an inspiration you are! I've been studying REI since 2013 and preparing myself to finally take action and implement what I have learned and studied; I am low on liquid cash, so I want to flip first to earn enough to finance cash flow properties.

I hope one day I can be in your shoes. Great work and please keep us updated on your success!

Thank you very much for the insight, everything you have said has made perfect sense.

I'm planning on speaking with my Mortgage Lender about securing a Streamline 203K loan; since I don't have enough of a down payment for a conventional loan. My goal is to find a property to rehab and flip to be able to finance a loan that doesn't require to be "owner occupied". This way I can acquire rental properties for long term cash flow. What do you think?

Thanks again!

Thank you very much. I really appreciate the help!

I'm curious as to this as well. I'm not sure if it's state specific, but looking for same documents in CA. 

To those seasoned and/or knowledgeable investors, what do you recommend to a newbie who hasn't done a deal before, do first? Rehab and Flip? or Buy and Hold? and please include why.

Thanks,

Seang

@Paul Timmins

Thank you, Paul! I have already began educating myself thanks to the links you have provided.

@Marlon Wilson

Much appreciated! I feel right at home and have already begun learning fellow BP members.

@Karen Margrave

Wow!? you're originally from Redding, CA? such a small world we live in. 

First and foremost, thank you for the warm welcome. Do you have any contractors that are local to my area you may recommend? 

Thanks!

 Thank you!

Hello!

I'm speaking with lenders about being pre-approved before I go search for properties and RE agents, so far the lender and I spoke about FHA loans and USDA loans. Both loans are owner-occupied loans. My father said he'll move in with me and help with the mortgage for the year it has to be my primary residence; sort of house hacking I guess.

I want to acquire a property that will give me instant equity, a property that will require some renovations. My brother will help with the handy work during the period of the property being my primary residence. My overall goal is to buy and hold and use this property as a rental.

My question is by doing some renovations I'm assuming it will force appreciation and if so, what is typical timeframe from when I purchase the property to be eligible to refinance, assuming I'll qualify (though, I don't see why I wouldn't unless I haven't made my mortgage payments on time.) 

If the properties appreciates and I am able to refinance and stretch the term, the bank will usually lower the interest rate and give 70% of the homes value? If that is true, would it be a good idea to use that money to purchase another property? Is this a good idea? Assuming the numbers match.

Any advice, suggestions or tips is MUCH appreciated.

Thanks!