All Forum Posts by: Brandon G.

@Patrick Britton & @Wayne Brooks & @Joe Impagliazzo 

I have no installment loans. I've always paid cash for all major purchases and never used credit in my life. I thought I was doing the right thing but now it's coming back to haunt me. 

At the advice of an FHA lender, I did go out and get some secured cards which haven't reported yet, so I am on my way to getting some credit. He said within 6 months or so I should be able to get an FHA loan, so that's why I'm relying so heavily on that idea.

I just wonder if after having an FHA loan for a year (so 1-1/2 years of credit history) if I would qualify for a conventional. Anyone know?

@John Horner Hi, you mentioned that you target everyone with equity. Does that mean you get a list of people with equity and no other criteria and mail to them?

@Laura Alamery Thanks for the reply. I just went to your website to view your webinar. can you tell me which of the webinars you talked about that information?

@Patrick Britton & @Joe Impagliazzo 

Thanks for the replies, our issue is that we have 0 credit. Right now we don't even have credit scores. I just assumed because of that that would require FHA. But maybe after we get our first FHA and build a good history with that then we could qualify for conventional.

Thanks for the info. That kind of throws a wrench in what I was planning to do. I was planning to market to absentee owners looking for flips. What is a flipper to do?

Since many absentee properties are tenant-occupied which can be difficult for flippers, who do flippers usually target in their direct mail campaigns?

From reading here, it's clear that marketing to absentee owners is a staple for many investors. I have to assume that many of those properties will have tenants currently in place.

When this is indeed the case:

1. Do you get to inspect the inside of the property before making an offer?

2. Do the tenants get to stay in the property for the remainder of their lease agreement with the previous landlord?

If the answer to question 2 is yes, then I have to assume that fixing and flipping these properties is out of the question, right?

Please advise. 

Sometime this year, my wife and I plan to get a primary residence using an FHA loan. After we live there a year or two we plan buy a new home and rent that house out.

From what we've read, FHA loans are great for people like us who have limited credit histories and the low money down requirements are awesome. We got to thinking how great it would be to get our 2nd house with an FHA as well. I don't know for sure, but I would guess that a person cannot carry 2 FHA loans at the same time. Please correct me if I'm wrong on this.

So my question is would it be possible to get the first FHA loan in my name, then when we buy our 2nd house, get an FHA for that house in my wife's name?

Also since no title companies do "dry" closings now, what does this mean for a wholesaler? Does this mean he must have enough funding for the entire purchase price of the deal? 

@Jon Holdman Thanks for clarifying.

Can you or anyone else give me an idea of the costs associated with double closing compared to just a single(?) closing?