All Forum Posts by: Tyler Hodgson

Having inquiries rarely negatively affects your scores. I'm curious where Frank determined this 5 point ding from.

If you start having multiple inquiries spread out over a long period of time, then it may start affecting your scores. However, a credit repair expert that I have worked with for a few years told me that if a borrower gets a similar inquiries (all mortgage inquiries) in a short period of time (2-3 weeks) that it will not negatively affect your scores. The credit bureaus understand that consumers need to shop around for rates.

My suggestion is shop around online and look at advertised rates, pick a few local lenders / banks and ask them for a rate quote. If they do have to pull your credit that is fine, just do it all in the same 1 week period. Then pick  your best quote.

Chances are almost all lenders are going to quote you essentially the same rate and/or will factor in discount points or lender credits to raise or lower the rate. 

I hope this helps. 

Hello Jing! Welcome to Dallas. I am a mortgage loan officer so if you have financing questions or need financing help please reach out. We finance up to 10 properties for a borrower, and you can use your rental income on existing properties to help qualify for more properties. I am also an accounting professional and working to get my CPA. I'm not a fan of tax though, I'm audit side. What firm are you working for? I'm new to real estate investing as well. I recently purchased my first primary residence (house hack) and I am closing on my first buy and hold rental in the next week or two! Exciting times! Looking forward to connecting with you. -Tyler

I will try to make it!

It would be great to learn more about what to look for during an initial walk-through.

Dylan and Lucia, Welcome to DFW! I've lived in the metroplex since I was 8. Currently I work for a mortgage company as a Loan Officer and Accountant. I recently purchased my first primary residence (house hacking) and getting ready to close on my first investment deal. Let me know if there is anything I can help y'all with or any questions you have about the area. Where are y'all from and what is your investing experience so far?

It's all about the interest. If your car loan is at a low rate like 3-4% DONT pay it off. You can find much better returns on that cash elsewhere (like real estate) if you are paying interest on those credit cards at like 15-20%; pay those off immediately. This is bad debt that you should pay of quickly. Cars and mortgages usually have such low rates that it is more valuable to use you cash in other investment than it is to pay off those loans. I hope this helps.

Hi Jason, I'm in the DFW area and new on here as well. Welcome to the community. A friend of a friend has a turn key investment company called Ruiz Property Connection in Fort Worth. They may be able to help you out. They are a family-owned company. Dennis Ruiz is the friend of my friend.

Right now I'm in the works of doing my first buy and hold investment property. I'm also about to purchase my own primary residence, that I will soon turn into a rental property. So I'm really working on my first two deals right now.

I'm and accountant and loan officer for a local mortgage company, so let me know if I can help you in any way. Good luck!

Thanks for your input Fred. I am actually a mortgage loan officer so I am reviewing their finances to make sure they qualify. They are working with a credit specialist that I know to repair their credit. And I am confident they will qualify in 6 months or so. 

And yes of course there is the inherent risk that one of them loses their job, or they don't save up enough cash for the down payment (I am going to put a provision in the contract to check their down payment funds periodically). Another risk is if they rent for 2 years then decide they don't want to buy, but in that case I would hopefully find new tenants and increase the rent.

Hello everyone. This has potential for my first deal so please chime in and let me know your thoughts.

I stumbled upon a property that currently has tenants in it, who want to buy the house, but do not qualify for a mortgage right now do to credit problems. They had some late mortgage payments two years ago in Alaska before they moved to Texas. The listing agent is also the property manager and said that they are great tenants and have never been late on rent.

I put in a $205,000 offer with $2,000 in seller paid closing costs. The tenants are currently under lease until August of this year at $1650/month rent. 20% down conventional mortgage will be $1250/month for the mortgage, insurance, and taxes. The tenants have agreed to sign a lease for 2 years at $1750 and $1800 rent for each year. They want to buy the house and have agreed that they will buy the house in two years at the greater of $220,000 or the appraised value. They have agreed that they will be responsible for all repairs and maintenance during their lease.

Here is my cash flow summary:

$41,000 down payment + $2,000 in closing costs = $43,000 investment

Difference of rent less mortgage payment = $450 * 26 months = $11,700

Minimum sales price ($220,000) less closing costs ($2,500) - less mortgage payoff in Sept 2018 ($158,800) = $58,700

$58,700 + 11,700 - 43,000 = $27,400

This would be a 63% return (before taxes) on my money in 26 months. Not a bad return for a 2 year investment. Other benefits would be tax deductions for mortgage interest and depreciation during the hold period. And it will be low risk with the tenants accepting responsibility for all repairs and maintenance since they will be purchasing the home. 

Thoughts? Suggestions? Thanks!

Thanks for the welcomes and responses everyone!

Hello everyone,

I've been listening to the bigger pockets podcast for a few weeks and finally made an account on the website. I'm looking forward to what I will learn and who I will meet here. 

A little bit about me:

Served 4 years in the Marines (Artillery)

Finishing my Master's in Accounting at UNT (North Texas)

Currently working as an accountant and loan officer for King Financial Group. We are a small local lender serving DFW for 24 years. We mostly do QM confirming residential loans.

I have had an interest in investing in some buy and hold rental properties for a while now. I will buy my first property within the next year.

Tell me a little about yourself and let me know if there is any way I can help you!