All Forum Posts by: Winston Covington

With a mid Fico score of 580, you should be able to obtain FHA financing as long as you have sufficient income and debt ratios meet underwriting guidelines. However; don't be surprised to learn that due to your current Fico score, you may be required to put 10% down.

Hi Patrick.  We can all learn from each other’s success and challenges. In my real estate career I have found the challenges to be the best teacher.  Please keep us posted on your progress and thanks for the opportunity to learn.

Yes and I have both positive cash flow and a good appreciation rate.

Check into Huntsville, Alabama along with the other communities in Madison County. You will find a growing population, a diverse economy, affordable housing, good schools and good old fashioned Southern hospitality. In addition, Alabama has the 2nd lowest property taxes in the United States and is pro landlord.

When you’ve identified individual properties that you’re considering...run the address through niche.com for valuable insight and local info.

Got it, Call one of the major real estate companies in your area and the Manager or Broker should be able to refer a good appraiser to you.

Try a FHA 203-K loan. Minimum down payment, good purchase money financing + you can get funds added to the loan for property repairs.

I agree with Rick. It's tough to get a mobile home loan without it being on a permanent foundation. Add the non conforming zoning and it just complicates the situation. I'd pass and advise you to pursue a more traditional single family home investment. As long as you buy in a good area and keep the home maintained, you will be better off by far.

Hi Martha, contact the Real Estate lending dept. of your local bank.  Find out who they use for appraisals and make sure that you ask for an experienced residential appraiser for the local area.

Hola Eliana, I have found an insurance company that has a crazy name but great agents.  It's called Goosehead Insurance and they take really good care of their clients.  Find an Agent in the area that you're considering investing in and they will go to work to find your best insurance options. I've used them to protect several of my investments in different parts of the Country.  Bueno Suerte ( My Mom is from Central America )