All Forum Posts by: Zach Olmstead

Thanks for the reply Curt, very much appreciate it! 

My first loan is a traditional loan, so I was under the impression that after living in my place for a year I could then qualify as a first-time home buyer again (at least I believe I had this conversation with my lender last year). 

Ahh I see, I'll have to do more research on the LLC side of things, why is it then that a lot of real estate investors insist/advise newbie investors to form a LLC for investing if the banks won't fund them? Do they just already have great lenders in place?

Hi BP community!

This is my first post here so I wanted to introduce myself and my situation!

I just got into Real Estate Investing buying my first home last summer. My goal for this summer is to become a Real Estate Agent (mainly for investing), buy another rental property, and either work as an agent or property manager to learn all sides of the business!

I bought my first home in July 2019, (3bed 2.5bath) using a traditional loan with 15% down. I have 2 tenants who currently occupy the house until August 2020. I live there for free and make a little extra cash flow every month.

I quit my job in August 2019 since I had saved up enough cash to buy a home and then travel for ~6 months as I get my blog business off the ground.

I want to purchase another property (personal residence) this summer (when my one year mandatory primary residency is over) using an FHA loan, and turn my first property into an investment property.

I have great credit and enough cash to do the deal myself (if I can get the 3.5% down FHA loan) and if I can't my sister and I are going to go half and half on the new property - I live in it for a year, then turn it into a full rental the next year and repeat.

My problem is that I don't have a job right now and haven't been making too much money from my blogging business (yet). 

My sister has great credit and has had a stable job for a long time, so I'm assuming she could co-sign the loan for me either way (FHA or traditional). Also I'm going to start a LLC and buy the new property with the LLC.

Does this plan seem feasible? Is there anything I'm missing or something I could do better? Anyone have the same experience in trying to find a lender who wouldn't lend to them without a stable job?

Excited to learn the perspectives from the more experienced investors! Hope I can be of service to someone else as well.

Thanks for your time and energy guys!

-Zach