All Forum Posts by: Tyler Gibson

@Shane Elias-Calles google is a good tool for these kinds of questions this is what I found. 

https://homeguides.sfgate.com/can-rent-fha-loan-3231.html

@Jeremy Williams We all started in the same place knowing nothing so not to fret. I'm not sure what you are referencing but I would be willing to bet that all the people on the podcast used FHA for the first property then went conventional for the second. It may be possible to get 2 FHA loans but one would be for you the other for your significant other. That being said it would be like each of you are buying separate from each other. Meaning the neither one of you uses the others credit or name when buying. Some of the podcast people use VA loans but those are for military veterans and even then they are only allowed one at a time. So they might use it more than once but they would have refinanced the first one into conventional before using it again. If you are a veteran then look into that but I have little info on that since I am not a veteran. It is a bit confusing but that is why you need to contact a lender sit down face to face and figure out where you are and where you need to be to be able to qualify. Walk into your bank and ask to talk to a banker. Tell them what you are wanting to do and they will either help you or refer you to a mortgage broker that they work with .They will sit down ask you all the questions to determine if you qualify. If you do great! then it is just a matter of figuring out how much you can afford and how much cash you need to save to be positioned to make offers and close. If you aren't qualified then the broker should be able to give you an idea of what you need to work on ie. credit score, DTI (debt to income ratio), employment stability etc. Save yourself some frustration of trying to figure it all out on your own and go find a professional that can help you. I would not expect anyone to charge you they make their money when you use them to get a loan so it is in their best interest to help you figure it out. Good luck!

@Jeremy Williams I don't think so because I think FHA is for people that have not owned real estate in the last 7 years. If the deed is in your name then that would make you an owner. Talk to a lender or research FHA requirements.

@Chase Romine Are you buying this off of the MLS? if so you should be working with an agent. After it is under contract you will have a home inspection done. This is part of the process it will be handled by a certified home inspector they will look at the rook and all the major components of the property. You will receive a report after that. Based on the report you can choose to move forward with the sale, ask the seller to fix issues, or re-negotiate the price. Going this route makes it the responsibility of the current owner to provide access to the property for the inspector.

@Joe Gilroy I fear your price range is unrealistic for something in Florida unless it is in a rural area with significant distance from the coast.

@Cheryl Frangipane is this property in Ellijay? My mother in-law lives in Jasper and I would be interested in that market. Would you mind sharing more information with me on rental rates in the area and the like? you can PM if you would rather not share here on the forum. 

@Patrick Brodeur The numbers look great. However I see your down payment amount is rather small you plan on using FHA? If that is true then you must plan on living in the property and house hacking? You renting rooms or is this a duplex, triplex, quad? All thing created equal it looks good but make sure the numbers are real and not just what you hope they are. 

@Nancy Carr not sure what the bank was suing her for but you can use the case number and recording number to go request the documents and read them. Either way the bank won and was awarded the judgement amount. Could be a loan or overdraft fees not sure based on the information. It should serve as a red flag but it was 6 years ago and a lot can change in a persons life in 6 years. 

@Jeremy Williams while your income matters what matters almost as much is how long you have been employed at the same place. Lenders want to see that you have been in the same job for 2 years as much as they want to see that you make enough to pay the loan. I am not certain what the exact criteria is as I am not a mortgage broker but I remember that being an issue for me 10 years ago when I first wanted to buy a place. So talk to a lender and find out if you even qualify for FHA then figure out the down payment.

@Dennis M. I agree with Nathan that good PM's don't get any credit it is always the bad ones that get all the attention. I have been fortunate that my first experience with a property manager has been stellar. that being said I interviewed multiple PM's before choosing one and after they took over my property I spoke with them on the phone once a week until we had developed a level of trust and understanding. I trusted her and she knew what I expected of her. I have referred multiple people to her here on BP because of the work she has done and the integrity she has shown to have.

@Amber Bennett multiple people have said it but report them to the state and file a police report. Do Not Let it Slide. Learn the valuable lesson that rental investing is not really passive. Even with a PM you have to stay on top of it. A PM works for you so you have to trust but verify. Ask for updates, Ask for receipts, Drive by if you can or send someone to check to see that what they are telling you is the truth until you have developed that relationship where you know they are really truly looking out for you and your property. Sorry to hear that this is happening.