All Forum Posts by: Veronica Perez

so my husband and I had the plan to start with a single family house live in for two years (since we applied for FHA loan) and then either sell it or rent it ,save some money and then get another one and so on.We found the house ,We applied for a loan we got the pre-approval letter we did all negotiations,inspection, etc. And a week after the closing we got a letter saying that our application for the loan has been denied ! They explain because the income but we did everything our realtor recommended it to get the loan through his company even my husband got a second job for like 3 months now, they also said to do that. We thought was a good plan because we are paying $1725 in rent and the mortgage was going to be $1,340 and we could have rent one room for More savings now we don't know what to do or where to find a lender !! Any idea??

Thanks Adrienne for providing this link it is really helpful! 

thank you! Is good to know that we can probably get a free estimate to know better about this problem we will check on google to find someone thanks again! 

So we are starting investing  with a single family house in a good area in Hamilton Nj (low price), we have the plan of buying  and  holding ,this house needs some reparations the basics(painting, change floor in some areas, etc) we got the inspection report back saying that this house has a crack on the concrete block of the foundation wall and it may deem it necessary to have this wall further evaluated by a structural engineer how bad this problem can be? Any structural engineer in this area?? 

Hi Everyone!

I'm a little confused with this, I asked our Realtor if we can buy a property with the FHA mortgage and with 640 credit score because I found a property (a duplex for 175,000 000) that could be good for our first investment he says that we need at least 695 or 700 to get the mortgage but I had read in one of your blogs that that can be possible with at least 620 or something like that . We are going to have an appointment with our bank to try to get the mortgage we are looking for but I'm afraid that they will say No as well can We try anyway or should we wait to work with the score to get it higher?

Greetings! 

that is a good advice we usually don't do the math and now  we know how important it is in this business we have a lot to learn! good think we found this place where we can find people with experience  like you  Thank You so much! ! Now we have to find the best MHA and then search for a good deal we are looking forward To start with this business  

Hi everyone!!

Here is our dilemma should we start to buy our first rental property but stay in our rental apartment? Here is the thing we don't have enough money to buy with the 20% so we thought that maybe we can start to buy with the FHA maybe a small single house live in for a year then move out and rent it , or buy a multifamily house live in one unit(in order to follow the FHA rule) rent the others then buy single house live in the rent it and so on until we can buy our dream house have somebody done this?? is this a Good way to start investing ? we been living in rental apt. for 10 years!!

Thank you so much we will try to find the best place and banks to start with our investment there is so much to learn about this thanks again I can wait to some day post : Buying our first investment property!  

Hi:

I would like to know how can we buy our first investment property using the FHA my husband's score is not to high but is also not bad is it possible to qualify for a mortgage ? and also were can we go to ask for a loan? thank you by the we love this blog and all the information you post thanks !!!!