All Forum Posts by: Sarah Hancock

Thank you to everyone for your advice!

Unfortunately, while I have put many sleepless nights into this, created a business plan and have a few income producing prospects lined up, the banks will not see me due to my inability to produce 2 years worth of tax returns as a self employed individual.

If anyone has any further advice besides get a W2 paying job and wait 2 years, I'd love to hear it!

Thank you in advance.

Hello all,

I'm in Deland, FL looking to purchase a multi-family home (2 or 3 apartments).

I don't have much for a down payment and was hoping to get an FHA. I've already contacted some local banks and mortgage lending companies with no luck so far. I do not have two years of tax returns as a self employed individual. I do have someone who will co-sign a mortgage with my fiancé and I but will this be enough to get pre-approval?

Thank you for any advice! ***I understand this isn't the ideal situation but we need to move forward.

@Andrew Davis

Hello, my name is Sarah and for the past year I've changed my career path from an accountant to a business owner in the food/restaurant/service industry. With life's unpredictability I am now venturing into the buy-and-hold strategy I was planning on for my future THIS MONTH! I am not an agent and only have basic/common knowledge of the industry.

I am currently looking to purchase a 3+ bed/2+ bath within the next 4-8 weeks max!

I am worried about how much auctions and foreclosures actually cost vs. knowing the price of a home put on the market by an agent. I am also concerned with the many expensive repairs that come with owning a home and would like to be completely secure with the home I purchase and it's reliability.

Due to my limited knowledge I am currently at a stand still with my future and have the following questions:

- Auctions vs. Foreclosures vs. Fixer Uppers:

1) How do I go about researching and bidding for Auction homes? (I have a lot in the area which I would prefer to invest in over other homes but I don't know the in's and out's of the auction process and what to expect.)

2) Do I stay away from foreclosures? How much does the bank end up selling them for compared to what the previous loan owed was?

3) Fixer Uppers: Will an inspection of the property and the home be enough knowledge to prepare for the repairs needed?

I will be active in the responses as I am intending to learn and take advice to quickly get this process rolling since I need a place to live.

Thank you all for your time and I look forward to the responses!