All Forum Posts by: Wane Zaza

@Matt Tobler Hey would you say "rental sober living" is worth the extra inherit headaches that come with it? Or what is your experience with it I'm interested in starting to do some research in that area

Interesting thread topic for sure. People always speak poorly about Section 8 but I have a friend whos also considering owning a section 8 property and his points are valid. The government pays for rent so its guranteed rent!! What can be better than that?! Someone with more experience or knowledge please educate us!

@Eli Sunderland - I hear you, And like I said I think the American Dream loan plus FHA loan a year later is a great idea that I'll probably use myself. But since you seem to know some things about financing I'm going to continue to bother you lol.

OK so lets say I'm just trying to refinance my FHA loan and the bank is only willing to do that 70% LTV after a year or maybe even after two years its 80% LTV. All that mean's is ill have to come up with the rest other 30 or 20% right? If I'm right then that's a lot of cash to come up with. However there's a few ways to get the rest with creative financing isn't there? Seller financing -(get the seller to finance the remaining balance) - wait is that even possible? Hard money/private money the remaining balance.

- I'm not even sure if creative financing the remaining part of loans is possible especially low downpayment loans at that, but it came to my head as I was writing this, which means I'm starting to think as an investor which is a good thing. Go me, :D

But let's say after two years with an American Dream loan. I have two years of equity in the place. And the bank is still only borrowing at 80% LTV; there's a higher chance now that i get that refi because the amount i'm requesting would probably be closer to that 80% then the appraised value of the house right?. I'm ranting. Sorry.

@Amy Ranae

@Amy Ranae I'll take you up on the loan officer recommendation when I'm closer to the point of purchasing. However I was not even aware there was a loan limit of 330k for FHA loans. I was interested in my first property being a multi family, probably won't be much of that loan left after purchasing a duplex or triplex. But there are other low down-payment options available so that's good. Also depending on the area, you have introduced me to the possibility that town homes also cash flow pretty well. if you do your due diligence. And knowing this 330k FHA limit I could also try and find a low income neighborhood to find my first duplex so I can possibility fit two multi families into that loan limit.

Thanks a bunch! 

Originally posted by @Eli Sunderland:

@Alex Winder, @Amy Ranae - You could also use the American Dream Loan with @Conor Hesch on your first property, then an FHA for your second. Both low-down payment loans, without the need to refi!

Seems like a great strategy Eli. I'm just wondering the vetting process (classes, paper work etc) to qualify for a low down payment loan two different ones at that; I wonder if it would be less of a headache to just refi your original low down payment loan? Forget headaches from a financial point of view what do you think would be smarter? Couldn't you possibly get a lower interest rate on a refinanced loan? Good stuff. 

@Amy Ranae in one of your post you kind of broke down the snowball effect of refinancing your first property to a conventional loan (out of a FHA) after your first year, buying your second property with another FHA loan with the small down payment percentage required... I was actually curious about that for awhile now, wondering if I could get multiple properties with the FHA loan. From what you're saying seems like a person would just have to refinance their current FHA to a conventional; then they would be able to use an FHA again for another property. Did I pick that up right? If so thanks that answered a nagging question of mine, so thanks.

Also lots of great information and insights on town homes, I appreciate that, and will also begin to look into those a bit more. 

@Pauline Misiak Thank you, never heard of that site. Seems like its super user friendly too. I will definitely be checking that out more in depth. 

@Sean Wait Yea for sure, I keep hearing that these things are a must to attend and to become a member of if you're really serious. Thank you I will look into further. 

@Matthew Berry Hey Matt you said that there were plenty of REIA clubs in the twin cities? Could you maybe give me the name of a couple? I've searched a little bit but I have came up with nothing thus far. Appreciate it!

I signed up, definitely will try to be there. 

$995 for two days of info? Yikes..

@Michael Rogers , thank you, this was all kinds of motivating. Keep up the good fight!