All Forum Posts by: Tara Ballenger

Did you ever track down an SEO team for this mission and if so, how did it pan out?

When purchasing using FHA, buying 100+ miles from your departing residence: do you need a certain amount of equity in that departing residence to be able to convert it to a rental and use the projected rental income to offset the mortgage debt if you already have documented landlord experience? 

Departing residence is not FHA.

@Jaysen Medhurst Thank you. Fannie and Freddie only have low DP loans on 2-4 units for first time homebuyers. Which I'm not. Owner occ status doesn't matter otherwise - FHA stands alone in being a low DP option where homeownership status isn't a qualification. Not trying to be contrarian, just stating that in case someone else scouring these forums looking for answers. Also, I know how PMI (and MIP, which doesn't have a sunset at all at 3.5-9.9% down but DOES have a sunset for 10%+) works. Haha. I don't mean to be a jerk. I just know all this nitty gritty and need a lender who does too.

@Jaysen Medhurst and yes - I have income - beyond projected rental income. 

@Jaysen Medhurst it's for me. I own several properties and understand how FHA loans work. I have a few quirks in my file that need to be reviewed. But for instance, the last lender I talked to said "I don't think you can use projected rental income from the subject property as qualified income, because COVID has changed all the rules, I'll have to check....." Then I never hear from the again. This is par for the course with lenders I've found.

Hi guys! I'm looking for a lender who isn't afraid of owner occ FHA loans where projected rents (75%, I know) are used as qualifying income. Someone who is savvy, creative, and responsive. Pleeeease send me your recommendations, I can't get anyone to give me the time of day. Is Arvest worth trying? I'm open to anything.

Also: Anyone know of any triplexes or fourplexes coming up? :) 

@Corbin Marcotte small apartments with how many unit? Do you only use the mls, or do market directly to owners? I assumed that flipping would include direct mail and driving for dollars, etc. 

@Corbin Marcotte interesting... do you flip or brrrr? Do you focus on detached homes or something else? 

And how is the flipping in Tulsa, generally??

Hi guys! For those of you that flip and brrrr in the Tulsa market, how big is your farm area? I’ve been reading the J Scott book and it recommends a finite farm area to look for deals. I’m wondering how big that area should be.

Do you look for deals everywhere, or do you stick to one suburb or one part of town?

@Account Closed did you find a good lender for this one? I'm after the same loan. Many lenders have overlays against 2-4 units for Section 184. HUD allows it but the lenders don't. Let me know what you've found out!