All Forum Posts by: Timson Sunny

Hi everyone,

I'm thinking about switching over to a different brokerage or a new team within my brokerage. I plan to start investing in real estate before the end of this year or next year. My first priority now is getting my income higher so that I can purchase my first rental. I'm looking for a real estate team that works with investors so I could understand what I'm doing before I start to invest. I would love any good team/brokerage recommendations. Thank you!

Quote from @Ray Hage:

Starting out with a co-borrower isn't a bad idea. Your best bet to speak with a couple of direct lenders and mortgage brokers to see what you can qualify for alone. Then you can bring in a co-borrower if needed. Keep your RE license and try to make some more money as best as you can. The market has slowed down a bit but there are still investors out there and people that need their first homes.

 Thank you Ray!

Thank you Justin! I'll be giving them a call soon.

Quote from @Justin Brickman:

Try not to use a coborrower, especially if this will be your first rental. But I love the house hacking method to get started. Will teach you a lot no matter what.

 Thanks for the advice Justin. Any reason why you don't think it's a good idea to get a co-borrower? I spoke a lender and he told me that'll probably be my best bet since I won't qualify for anything decent here in Houston with my income. 

Quote from @Taj Akinbode:

@Timson Sunny

Congratulations on taking the important step of zeroing in on the mortgage provider you would like to use. For personalized assistance, I suggest contacting Navy Federal Credit Union and speaking with one of their Mortgage Loan Officers who can address your specific needs and answer your questions. I know they have a Steller customer service

Not sure how long you worked as a real estate agent. As a fellow agent and Realtor® serving the Houston market, please don't hesitate to reach out to me if you have any questions or concerns. I'll be happy to assist. 

 Thank you Taj!

Quote from @Joshua Filkill:

As @Lawrence Potts mentioned you can have school count as work history. I house hacked one year after graduating and didn't work in an industry that I studied in college so not sure if that always applies, could depend on the lender. Just call up the lenders there and ask them these questions, they'll have the answers for you and will put together your pre-approval. 

 Thank you Joshua!

Quote from @Hamp Lee III:

Welcome to BiggerPockets!

Typically, that program is for VA- eligible members who exhaust their VA entitlement.

https://www.navyfederal.org/lo...

Do you have any remaining VA loan benefit?

If so, you can use it more than once.

Hey Hamp! Thanks for your response. I’m not not a veteran but I work for a company that is veteran owned which allowed me to have an account with Navy federal. I can’t use a VA loan but I can use this one. 

Quote from @Justin Brickman:

Try not to use a coborrower, especially if this will be your first rental. But I love the house hacking method to get started. Will teach you a lot no matter what.

Thank you Justin!

Hi everyone,

I'm looking to house hack a home soon to start investing in real estate. I currently work full-time in recruiting. I've been with my company for 8 months now. I'm also a real estate agent and was doing it full-time before until business slowed down for me. I originally got my license to understand the real estate industry better and take advantage of the benefits of my license when purchasing deals. I now decided now is the year for me to start investing and house hacking makes sense for me at this time. I looked into different financing options and decided that the Navy federal home buyers' choice program would be the best option for me at this time. I plan to take advantage of the no down payment option with no PMI. I would only have to cover the closing cost which I know typically is 2-3% of the purchase price. The hurdle that I have is my company is only paying me a base salary of $45k and I haven't been in the industry for more than 2 years. I want to get approved for at least $265k-$300k but I doubt that's possible with my income. I was thinking of getting a Co-borrower but I would rather not have one. Any suggestions?

Thank you!

Hi everyone,

I'm looking to house hack a home soon to start investing in real estate. I currently work full-time in recruiting. I've been with my company for 8 months now. I'm also a real estate agent and was doing it full-time before until business slowed down for me. I originally got my license to understand the real estate industry better and take advantage of the benefits of my license when purchasing deals. I now decided now is the year for me to start investing and house hacking makes sense for me at this time. I looked into different financing options and decided that the Navy federal home buyers' choice program would be the best option for me at this time. I plan to take advantage of the no down payment option with no PMI. I would only have to cover the closing cost which I know typically is 2-3% of the purchase price. The hurdle that I have is my company is only paying me a base salary of $45k and I haven't been in the industry for more than 2 years. I want to get approved for at least $265k-$300k but I doubt that's possible with my income. I was thinking of getting a Co-borrower but I would rather not have one. Any suggestions?

Thank you,

Timson Sunny