All Forum Posts by: Account Closed

Here's the letter. 

Ask for a copy of the leases and try to plan around the first one available. Make sure it's in the contract that they can't renew the lease on the unit you're going to occupy. I was able to use an FHA loan as long as I could occupy the property within 30 days of closing. I would ask your lender what their time frame is.

I’ve been following BiggerPockets podcasts and this forum for a little over a year now. I haven’t said much but I’ve been listening. This group of people are a HUGE part of why I am where I am in just 6 months. I’ve been on the fence about rei for a long time but never really thought it was something I could do. I lost my job in April and found out what it feels like to be disposable to a company that you give 110% to. This was right about the time I found this forum with all of the advice you guys were giving to each other most of my questions were answered before I could even ask them. I decided I would do it. I found another w2 job pretty quickly so that I could still qualify for financing. Got preapproved and began looking. Within a couple months I found my first property. A duplex detached, each with 4 bedrooms and 4 bathrooms with a neighboring lot thrown in. Both units were rented with one moving exactly when I needed to occupy after closing. My agent convinced the sellers to put the lot into a separate contract for $100 as long as the duplexes appraised for enough I would purchase both parcels. a couple weeks later, I was going to be declined by the underwriter because she felt it was an investment property. My lender let me know this before she actually hit the decline button which gave me an opportunity to write a letter. After my letter she decided to go forward. I closed on the duplexes and moved in in July. In September I had the lot, that I purchased for $100, appraised. It came back at 65k. I took that information to a local bank to pitch my big ideas to a commercial lender. Now i have a 50k PCL and the go ahead from the lender to move forward. Fast forward a couple months and I will be closing Friday on my first Airbnb property.

All that being said, thank you. Thank you for always answering everyone’s questions without judgement. Thank you for answering the newbie questions that get asked 100 times over and over. I never posted, but I was listening. I listened you guys and I ran with it. I don’t think I would’ve done the initial jump if I hadn’t lurked on this forum.

@Bryan Mitchell I’m currently househacking in a duplex detached that I found on LoopNet. It was a killer deal. When I’m able to move out in a few months I will clear $400 per door every month. I’m very new to rei, I have this property purchased in July and under contract for my second to close Friday, so maybe I had beginners luck. I personally watch loopnet as much as anything else and had no idea that “it’s where deals go to die” 🤷‍♀️. Maybe that’s how I was able to snag it so easily because everyone else assumes there’s nothing there.