All Forum Posts by: Spencer Brett

Has anyone had any trouble with finding comps for Tri-plex and Quad Plex?

My 203k Lender mentioned its one of the hardest parts of the process.

thanks for the responses to all. I did get into conversations with two lenders, and am hoping to get prequalified and know what to expect. 

Really looking forward to finding out the cash I can have available, and finding my 1st deal. I found 2 lenders who do the 203k loan. Looking to force appreciation and generate cash flow, we will see if I can make it happen! 

sounds solid enough. Currently in defferment expected to stay in deferrement until Jan 2018, maybe longer if I don't take a year off to study for my CPA at that time. 

Hello,

Does anyone have any information on how mortgage amounts are determined? I have looked at some online calculators, and the mortgage amounts shown as available to me seem very low.

I am a w2 income earner with a 715 credit score and a 50k salary as an accountant. I expect to be at this income level for another year or two. I have no credit card debt, no car payment, but about 70,000 in student loans to date. I have been paying 1000 a month in rent in Dallas for 2 years, and would assume I could get approved for a mortgage/other costs up to this amount, assuming I have the required down payment/closing cost.

I just want to get some reasonable expectation of what I will be approved for at a bank, as I cannot get into a bank for another month or so. I am in the process of moving to Florida.

Hoping to purchase a multi-family in March of 2018.

Thanks,

Spencer

Hello Bigger Pockets Community,

After listening to many podcasts encouraging me to post in the forum, I am finally following that advice.

I am not actively involved in real-estate, but I do believe that I have things to contribute. I am an accountant who is studying to become a CPA, and I plan to start taking the CPA exam in Jan of 2018. I am familiar with many tax implications as they relate to real estate, and am also pretty familiar with partnership taxation issues.  I believe that my specialized knowledge of tax and accounting will prove very useful to myself and the community. I would love to assist anyone who has questions regarding taxation of real estate transactions or questions in regard to forming or maintaining partnership entities. However, I must disclose that I am not an attorney or practicing CPA and that any information provided is not legal advice.

I reside in Tampa, Florida and would love to connect with real estate professionals and investors. Please send me a colleague request if you are in the area! I am looking for knowledge, for confidence, for friends, for my first real-estate mentor, for my first deal, for wealth. I am sure I am looking for the same things many of you are.

I am planning to make my first deal around March of 2018. I am very interested in finding properties for house-hacking or good candidates for forced appreciation.

I look forward to getting to know all of you and many thanks to those who made the site possible.

Sincerely,

Spencer McDuffy

I am also interested in learning about the 203k loan, as someone who is not skilled at repair work, it seems like a great idea to me.