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All Forum Posts by: Tyler Jordison

Tyler Jordison has started 11 posts and replied 26 times.

Post: FHA Owner Occupied, when am I required to move in?

Tyler Jordison
Pro Member
Posted
  • Rental Property Investor
  • Ankeny, IA
  • Posts 26
  • Votes 2

Hi All, 

If I use an FHA owner occupied loan to finance a 2, 3, or 4-plex property that has current renters and valid leases, when do I have to move in so that I do not violate the guidelines of the owner occupied loan?

Thanks everybody! 

Post: FHA-approved lender recommendations (Central Iowa)

Tyler Jordison
Pro Member
Posted
  • Rental Property Investor
  • Ankeny, IA
  • Posts 26
  • Votes 2

Originally posted by @Anthony Wick:

David Baker

Halo Capital, Des Moines

Apparently I'm not allowed to post his contact info here, so you'll have to google it I guess. 

I just did exactly what you are looking for. 3.5% down on a duplex. FHA Loan. Local business in Des Moines. David Baker is extremely thorough, so you need your financials in order. He doesn't guess at what you'll be qualified for, or if you'll be qualified. If he says you're qualified, you know it. He works with several lenders. I locked in at 3.75% for 30 years.

Thanks Anthony! I will reach out to them and set up a meeting. I appreciate the insight sir. 

Post: FHA-approved lender recommendations (Central Iowa)

Tyler Jordison
Pro Member
Posted
  • Rental Property Investor
  • Ankeny, IA
  • Posts 26
  • Votes 2

Thanks Jason! I will definitely look into that option, I appreciate it. 

Post: FHA-approved lender recommendations (Central Iowa)

Tyler Jordison
Pro Member
Posted
  • Rental Property Investor
  • Ankeny, IA
  • Posts 26
  • Votes 2

Hi All, 

My wife and I are fiercely looking for our first multi-family property around central Iowa (Des Moines metro, Ames, etc.) to move into and house hack. We are currently renting, and this will be our first home purchase. We are looking to do an FHA loan, 3.5% down, owner occupied.

I have spoke to a few local banks about my financing options already but I wanted to write this post and see if anybody knows any good FHA-approved lenders around central Iowa I could go meet with. I want to meet with another 5-10 lenders and pick our best fit from a good sample size.

 I appreciate all the suggestions, thanks all! 

Post: "Bought it on contract" - what does this actually mean?

Tyler Jordison
Pro Member
Posted
  • Rental Property Investor
  • Ankeny, IA
  • Posts 26
  • Votes 2

@Caleb Heimsoth , @Account Closed

Thanks fellas!  

Post: "Bought it on contract" - what does this actually mean?

Tyler Jordison
Pro Member
Posted
  • Rental Property Investor
  • Ankeny, IA
  • Posts 26
  • Votes 2

Hi All, 

I have listened to podcast after podcast and so many guests quickly and easily always say "I bought it on contract", "I got it under contract", and other such versions. I don't really understand the intricacies of this statement. I know it allows you as the investor to close quick on a deal where the seller is trying to get out, without waiting the 45 days to close on a conventional loan, but that's about the extent of my knowledge on the subject.

Few specific questions - who writes up the contract, what does the contract entail, when is money exchanged... sort of the basics of buying on contract. I tried to look for this on the forums with no luck, if there is a good thread somewhere I would appreciate if somebody could point me to it. 

Thanks so much!