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All Forum Posts by: Kevin Zolea

Kevin Zolea has started 7 posts and replied 280 times.

Post: Running number for Duplex

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Melvin Joppy I'd suggest attending one of the weekly webinars if you haven't already. They usually go over analyzing a deal with the BP calculator.

Post: Saving for my first investment

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Nick Zouras 1.) I'd say it really depends on what types of stocks you're investing in and how volatile they are. I say this because I was in a similar position as you and had a good chunk of my down payment money in the stock market then COVID hit and I lost a lot of money and was forced to walk from a deal I was under contract on. 

2.) Same advice as 1 but as for FHA, I'd suggest you check out the HomePossible loan and see if you qualify. HomePossible has no upfront MI premium and lower monthly premiums.

As for the last part regarding only being employed for 7 months, I'd suggest reaching out to some lenders and seeing what they say. I know most places like to see 2 years of employment in the same position or similar field but all lenders aren't created equally. Hope that helps a little!

Post: Duplex Financing Questions

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Nick Delfin I agree with @Sawyer Hambley. I'd also add that if they are on long term leases and not close to ending, maybe you can offer cash for keys to get them out.

Post: Brand New Investor (Which Loan Should I Get?

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Joon Park If you're looking to house hack, I would recommend checking out the HomePossible loan (if you qualify). In my opinion, I think it's a better option than FHA.

Post: 3rd Property closed in 6 months using my Mother's FHA Loan

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Adrien Salvador No problem! But yes that sounds great. I'd love to join your meetup group. Can you send me the link?

Post: 3rd Property closed in 6 months using my Mother's FHA Loan

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Adrien Salvador Congrats man!

Post: Mapping and Routing Seller Addresses

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Esteban Baez I have seen other investors using DealMachine. I have not personally used their software but might be worth looking into!

Post: General Questiones for Loan Officers. Real estate student.

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Ramzi Badawi Here are some additional questions you might want to ask:

1.) What is the max/typical debt-to-income ratio you would lend to? Do you focus on front-end or back-end DTI?

2.) What is your loan-to-value requirement? What is the max/typical LTV you lend on? Is is the same for FHA loans?

3.) Do you have a max or min loan amount for a property?

4.)My intentions are to rent part of the property out and pay for the mortgage that way. Do you take that into consideration? (If your planning to house hack)

Post: Financing my first house hack

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Alexander Tirado You may be eligible to get some help with a downpayment assistance program. For instance, in NJ we have the NJHMFA’s Down Payment Assistance program. I would start by researching similar programs in your area. Another thing you can check out, that I heard on a podcast, is NACA. The link to the podcast is here. I definitely recommend you give it a listen. The guest on the podcast goes over how he utilized the NACA program.

As for FHA loaning on rehab projects, they do. They have the 203k loan, which allows you to purchase a property that needs rehabbing at 3.5% down. If you go to the search bar in BiggerPockets and type in FHA 203k, you can get a whole bunch of info on it. Hope that helps!

Post: Options besides bank mortgage

Kevin ZoleaPosted
  • Rental Property Investor
  • Collingswood, NJ
  • Posts 282
  • Votes 116

@Christina Merlo I agree with @Jennifer A Barry. Have you talked to any other lenders? I have student loan debt as well and was able to get approved.