All Forum Posts by: Suzie Remilien

 You welcome and good luck!

@Michael Clark I'm not to clear on the connection between the employment history and the LLC, but I can speak on the work experience part. If you can document two years employment history, you should be able to apply for a loan on an investment property by January. You would just need to show one month paystubs and two year W2s from your employer if dealing with a conventional lender. If self-employed, two-year tax returns are typically required. Hope that helps!

@Kayla Santangelo Joining your local Toastmasters club is a great idea. I know that it did wonders for me including enabling me to change careers and become a teacher. I know that some groups met online during the pandemic, but some are back to meeting face-to-face now.

I believe your Raleigh Club meets on Mondays. Check it out or one like it. If nothing else, it will do a world of good for your confidence.

@Ethan Griffel Turning the primary residence to an investment property should not affect the HELOC as long as you continue to pay the interest on that line (and the first mortgage, of course). Yes, HELOCs are typically harder to get on investments properties, but some banks do allow them.

@Jacques L Burnett Congratulations on closing on your first property! 

Going for the first property to the 2nd or 3rd, I would make sure I have enough reserves. You can never have too much. It makes it easier (in terms of risk tolerance, for some) and quicker to buy the next property. If you have set aside enough reserves for your comfort level for the 1st property, you can ride out any challenges with the first property while you focus on the second or third purchase.

@Nessa LynYes, agreed that down payment would be about $30,000 whether you go Conventional (3%) or FHA (3.5%) on that primary residence. However, don't forget closing costs which could run between 3%-5% of the price. Could you rent out rooms in the home you inherited to help save for that first purchase?

@Ray Ayesh Dig into the Jacksonville, FL forum, link below, and ask your questions there. You may find that someone has already answered a few. Use the Search feature to narrow your search. Private message the locals in that forum. Good luck!

Jax Forum: https://www.biggerpockets.com/...

Sample post: https://www.biggerpockets.com/...

@Lorena Turbides If credit is an issue, definitely consider going FHA. Otherwise, a Conventional loan can save you some money while you still end up putting 3% down for owner occupied property.

I believe that your husband is eligible for FHA loan under his own name as long as the property will be owner occupied, he has the income & credit (500 minimum with no overlays).

Note that both of you would need to apply for FHA loan if the property is in a community property state (i.e. CA, AZ, WA, TX, etc.) because lender would have to count your debt to qualify your husband.

Check with a few local lenders before you proceed. Good luck!

@Ryan Irwin I tend to think it's best to keep short-term savings (5 years or less) outside the stock market. Put those funds in cash or cash equivalents (savings, money market, CDs, etc.) instead. Emphasis should be on the return of your money (safety) not the rate of return.