All Forum Posts by: JC Smith

@Aaron Montague Thank you, that answered a lot of questions for me!!

@Jenna Stonecipher Oh my god, that makes so much sense.. I really hope thats the case that will skyrocket me towards my goals a HELL OF A LOT quicker!!

I'm giggling on the inside! January 20th I get my W2's and I can start my ADVENTURE INTO PROPERTY OWNERSHIP!!

Wooooo!!!

@Aaron Montague Thank you for that website! This will help a lot!

I really appreciate all the responses, it's hard doing this all on your own.. I have no parents to turn to or financial role models, so thank you!

How often can I purchase homes, Lets say I purchase this FHA and live owner/occupant for 1 year. After that year I fully rent it out and and move onto my next purchase. I was told only 1 FHA loan can be in place so I am guessing I must move onto a conventional 20% loan.

Will the mortgage show as debt/income ratio or can I prove it as income, I am sorry I am having a hard time grasping on how I can continue to purchase properties after the first one

Thank you all again!!

@Jenna Stonecipher Thank you for the response! I am getting very anxious as the day draws nearer for me to actually pull the trigger on this! I think I have found a pretty decent Realtor, he has referred me to a good loan officer and seems as honest as someone in commission based sales can be (Chuckle*)

In addition to a down payment of the 3.5% do I have other costs associated with a close? I have heard of "Closing Costs" do those refer to a secondary fee on paperwork etc? Realistically would a 20k down loan end up being 20k out of pocket?

Thanks again!

@Brandon Turner Any advice on a first time socal investor? I want to go multi family and have around 30k to put down, so probably will seek FHA (Have to be owner/occupant for 1 year I have been hearing?)

Many thanks I am long time follower and recommend this site to friends/family!

JC Smith

JCTWO Revenue LLC.

Hello everybody, first time poster here, long time lurker.

I am 22 years old and currently in a Sales position at a local dealership pulling around 95-100k a year (2 years on the job). I have saved up around 30k in liquid currency, 6k in a 401k and around 8k in investments.

I work in the Cerritos Area of Southern California and am wondering a safe bet to throw a Owner/Occupied FHA loan at.

I would like to use this as a long term hold investment for monthly gain, and would like to keep my ROI very high.

I can not fund a conventional 20% down which is why I am going FHA.

I would LOVE to stay within 45 minutes of my work area of Cerritos Auto Square..

Any tips? I am a sponge, douse me with your knowledge

Many thanks,

Jc Smith

JCTWO Revenue LLC.