All Forum Posts by: Zachary Pichette

I am currently in the process of getting my real estate license in Michigan, with the full intention of getting my Broker license ASAP.

I would really like to start my own property management company asap without quitting my current full time job. I have a finance degree and work with budgeting and forecasting in automotive. In the past i worked a 1 year internship as an analyst at a property management company and just over a year as a mortgage underwriter.
 Once i get my RE license I have have a family friend that will sponsor me, and ill continue to work full time at my current job.
Once I have my salesperson licence i plan to manage some investment properties of friends and family part time.     How strict is the Broker license in the need for 3 years full time experience? Is there any way around this with part time experience? 

Ahh I see, thanks for the response Kerry!

Thats exactly what I was hung up on. I thought you had to restructure the loan to make it an investment, and that you could only have one outstanding primary residence loan at a time.

Hi Greg,

I appreciate the insight.

Regarding question 1) I ask because I didn't think it was possible to have two primary residences and I thought the only way to turn my current primary into investment was through a refi but I guess that is not the case?

Also how far do banks look past the actual lease agreement? So for instance lets say I rent the house out to 1 person who is currently working as a contractor at GM and is a South African immigrant would that be an issue?

Hi Everyone,

I have a few questions regarding the purchase of a primary. Let me start out by laying out my current situation.

In April of 2017 I purchase my first primary residence in the metro Detroit area. I have been "House Hacking" this home and am currently living with two other tenants. I am already making a profit on my total monthly housing related expenses with them in it. I have a third person who would be ready to move in whenever. Currently I have no rental agreements set in place but they would be willing to sign one (I've already floated the idea). I would like to move out of this home, rent the room I currently stay in and purchase a new primary residence in a nicer area.

Since buying this home I have received a significant raise in my base salary from changing companies, and have inherited $20,000 from a relative. I am curious as to what I should be doing now in order to prepare myself to purchase this new primary by the books come Q3 or Q4 of 2018.

Question 1) Should I try to purchase the new primary and refinance my current primary into an investment at the same time as a 2-pack? Or would it benefit me more to move in with my parents for a period of time after refinancing my current primary into an investment prior to purchasing the new primary?

Question 2) Because I purchased my current residence as a primary, will I face any penalties in trying to purchase another primary so soon?

Question 3) If I don't want my current primary to affect my DTI in the new primary purchase will I need to be moved out or will having the lease agreements of my current tenants enable me to reap that benefit?

The numbers.
Currently my DTI is 25%
My Current primary was purchased for $98,000 and value remains the same.
My monthly mortgage payment is $770
One tenant pays $650
The other tenant pays $500
We split utilities.
The third tenant I get would also pay $650

My credit score is 760 per Bank of Americas "View your FICO score"

Hi Everyone,

Just found out about this forum a few days ago and have really been enjoying the threads. Currently looking for a mentor to talk with in the metro Detroit area. I have worked as an analyst intern at an REI firm in the past and really enjoyed it. Currently working as an analyst at a consulting firm in Southfield. Im 23 and considering going for my MBA in data analytics or possibly something geared towards real estate.

I am not looking to quit my job to be "financially free" but rather to use my income to aide in getting started with REI. Looking to absorb as much information as possible on this website and hear from the professionals.

Glad to have found this site!