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All Forum Posts by: Tyler Daly

Tyler Daly has started 6 posts and replied 21 times.

Post: Getting pre-approved for a loan

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

FHA will be tough. Lenders cannot consider rental income in a "rent-by-the-room" situation in a single family home. The only way they can calculate rental income into what you would be approved for would be if you were specifically asking to get pre approval numbers for a multi family property. Then they can factor in 75% of the estimated rental income into what you can afford. Without the work history it will be tough to get approved for a mortgage, as they ask for very specific documentation (i.e. paystubs, W2's, etc.). So your best bet for now might be what @Jason Wray suggested in going the DSCR route or asking a family member to co-sign if they're willing to take on the risk. But I would really focus your efforts on finding a good paying job for when you graduate so you don't have to worry about these other factors as you continue on your investing journey! You're asking the right questions, which tells me that you have the mindset and wherewithal to be successful!

Post: Networking with Student Rental/Vacation Rental Owners Southern RI

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

@Anthony Thompson Hey Anthony! That would be awesome! I'll shoot you an email!

Post: Networking with Student Rental/Vacation Rental Owners Southern RI

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

Hello!

I have posted here in the past as I was focusing on paying off debt and now in 2023 I am finally ready to purchase my first rental property. I would love to chat with people who are actively investing in the southern Rhode Island area (Narragansett/Wakefield/etc.). Ideally I am looking to purchase a place as an owner occupied rental and rent by the room to those who I already know need a place to stay and eventually turn that property into a September-May student rental and rent it as a vacation home during the summer months! If anyone has experience with this and is willing to share your knowledge on the market/this subject in general, I'd love to start a dialogue here or in person!

Thanks in advance!

Post: Tips Heading Into First Time Multifamily/Property Purchase?

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

@Brian J Allen awesome that gives me good confidence moving forward, thanks Brian! and WOW, 30% pre MLS, that's solid! I'll definitely have to find some local realtors for those hookups!

Post: Tips Heading Into First Time Multifamily/Property Purchase?

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

@Joshua Janus wow I'm not sure where I got 850 from maybe in a dream or something! I'm actually sitting at a 787 credit score currently. So not perfect, but still respectable! And good call on checking on how recent any YouTube videos on FHA loans are. I'll definitely do my reading on it too!

Post: Tips Heading Into First Time Multifamily/Property Purchase?

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

@Brian J Allen is it any more of a headache to get a streamlined 203k loan than a regular FHA loan? I'm probably keeping the door open to properties that need some TLC to build some equity right off the bat, and a streamlined 203k loan seems to be a great tool to do that. I'll definitely check out your guy in Putnam, thanks for the referral!

Post: Tips Heading Into First Time Multifamily/Property Purchase?

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

@Joshua Janus what resources would you recommend reviewing to get well-versed in FHA loans? I'm good with my credit (850+ currently), getting my tax returns for the past two years won't be an issue, I'll be getting a little help with funding the down payment from my dad, and the reserves piece is the only thing I'm currently missing. Good to know I'm in a decent spot heading into this, thanks Josh!

Post: Tips Heading Into First Time Multifamily/Property Purchase?

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

@Jonathan Bombaci Thanks so much! It wasn't an easy battle but it was worth it! Chances are I'll end up down in Old Saybrook if all of the dominoes fall the way I'm expecting them to, so it's probably a decent idea to stay in the central CT area. 

Do you have any tools you'd recommend as far as running the numbers go? 

My step sisters dad has an extensive network of financers so I'm hoping at least one of them is well-versed in FHA lending! I'll definitely have a detailed list of questions for whoever I speak to!

Appreciate your response, I'll be sure to keep ya updated!

Post: Tips Heading Into First Time Multifamily/Property Purchase?

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

Hi Everyone!

I'll preface this post telling you all a little bit about myself and how I got to this point today: I am 25, turning 26 in July, and have spent the last 28 months aggressively paying off my student loans. I managed to pay off $61,000 in that time, as well as a $2,000 personal loan from my mother for my first car. Because of these efforts, I'm now completely debt-free and ready to start my journey into real estate investing... something I have been waiting for for many, many months!

I currently work for Enterprise Truck Rental as an Assistant Manager, earning a target income of $58,000 (likely a tad more with bonus incentives and higher-than-normal commissions due to the fast growth of the division). I currently live with my parents and am looking into getting my first duplex/triplex in the central Connecticut area, as I do not know where my next promotion to a Branch Manager will be yet (I want to make sure I buy somewhere that won't make my commute completely miserable time-wise). 

My step sister's father owns a brokerage in CT and I will be meeting with him next Tuesday to discuss what exactly I'm looking for; I'm hoping he will be a dangerous weapon when locating quality deals, whether on or off market, to make sure that my first deal is a solid one. 

The following bullet points are questions I will have for him, but I want to ask all of you the same so that I can hone in on some specific numbers/details that I lack as a first-time real estate investor:

- What criteron should I focus in on as far as making the numbers work for a deal to be a "good deal"? $ per door? ROI? Ease of landlording?

- If any of you are CT real estate investors, which towns/cities should I be looking for these kinds of properties? I've been thinking the Manchester area, but I don't want to get tunnel vision and limit myself to one area if there are other attractive areas to look into!

- I'm likely going the FHA route with my first purchase, so what are some of the key things to look out for as far as gotchas or things most first time investors fail to catch on investment #1?

Thank you all in advance for your involvement in helping out a fellow rookie! I look forward to reading everyone's responses!

Post: Resources to Understand How Large of a Loan I Can Afford?

Tyler DalyPosted
  • New to Real Estate
  • East Greenwich, RI
  • Posts 22
  • Votes 13

Hi BiggerPockets! My roommate and I are currently renting and are considering jumping into our first house hack no earlier than September 2020. We have been discussing different aspects of the processes associated with executing the first house hack (we are both recent college grads about 7 months into our first full time professional jobs). One of the first things we need to figure out is around how much a bank would be able to loan to us given our salaries, credit scores, DTI, etc. We will likely be applying for a FHA loan for our first property, and I'm confident we fit the criteria for being approved.

What resources do you recommend for researching these figures, aside from actually going to the bank and having that discussion (we think it may be too early to start those talks and we would really like to get an idea for ourselves before moving onto the next steps).

Thanks in advance for all of your insights!