All Forum Posts by: Shawn Krieger

Good morning everyone! My name is Robert and I'm currently a Sales Manager with AutoNation. I was active duty Air Force for ~7.5 years and Reserves for 3 years. I've learned a lot through all of my experiences, but have always wanted to have more freedom. I initially moved back home to be close to my grandparents and to begin my next career as a realtor. Savings started dwindling down and I got nervous and bailed to get some money coming in for my family. 

Fast forward to now! I've done the American dream of upgrading everything as more money comes in and live paycheck to paycheck like many. I'm OUT! I'm motivated and obsessed on becoming financially free through real estate and having more time for my family. I listen to podcasts everyday, getting new books, lurking here on BP and scouring any site I can for more information. After last nights webinar, I've decided to make it a goal to buy my first investment property in the next 90 days. Wish me luck!!

For Conventional Financing you would need to have a two year history supported by tax returns to utilize this as you would be considered self-employed. If you were to purchase a new property their are lenders who will qualify based on the subject property cash flow. The loan application excludes any reference to personal income or employment. This may be an option for you but understand the interest rate will be higher. 

Thank you @Chris Mason. I will do that! 

I was even looking at Google Maps of banks in my area today; then going to their websites and creating a spread sheet with the data! Trying to keep things local.  

Is this mortgage for 1 million plus

Hi James,

Borrowers are generally limited to having only one FHA loan at a time. If you have to move more than 100 miles away for job change or some other extenuating circumstance, you can get another FHA loan, maybe. But generally, limit one per customer, period.

On the Fannie/Freddie side, 5% loans are only available for SFRs. 2-4 units require an investor loan, even if owner occ one unit, so down payment minimum is 15%.

The only way to do another low/no down 2-4 unit in your area would be to use a VA loan if you're eligible.

If you can only do 5% down, buy an SFR.

My first property was a duplex, zero down, VA. Second was another VA, but SFR. Third was 5% conventional, fourth is 10% conventional. All owner occupied. I'm "saving" my one and only FHA loan spot for the perfect 4-plex.