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7 November 2017 | 4 replies
.% down of the purchase price and the rehab costsCan be used for primary residence with 1-4 units (could also be looked at as a disadvantage) When using 2-4 unit property, projected income from other units can be used to qualify 6 months' worth of mortgage payments can be rolled into the renovation budget if the house is deemed uninhabitable by the HUD consultantCredit scores can go down to 600s (lender dependent) DTI can go to as high as automated underwriting system allows (typically 56.9%)Allows you to buy a property in any conditionCan use it to fix minor repairs all the way up to basically a full tear-downFHA 203k Disadvantages: Interest rates tend to be about .25-.5 higher than regular FHA loan Additional costs include HUD consultant fee, inspections, title updates, and supplemental origination fee (Cost of doing business, but this is built this into your numbers, so it's no big deal)Must use a licensed General Contractor for a full 203k or up to 3 specialized contractors on the limited 203k Must hold onto the property for 1 year and live in it.
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30 June 2018 | 29 replies
Yes, there are some great buys in that area, but to me, the risk/reward ratio is too high.Start driving south from Joppa Rd on Harford Rd and to me, the whole tenor of the neighborhoods change at around Moravia Rd. and certainly by the time you get to Argonne Dr.
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6 November 2017 | 2 replies
With this, a few questions came up...1- In general, is there a basic "check list" to creating a solid partnerships?
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5 November 2017 | 7 replies
I personally recommend first going for a SFR or duplex to get the basics down and then go from there.
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5 November 2017 | 2 replies
Basically you put your property in a trust (won’t trigger due on sale clause for residential financing) and make the beneficiary of the trust a LLC, which you own.That’s the basics anyways.
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6 November 2017 | 10 replies
@nathan G that is basically the same scenario that she had for the reason that she doesn't deposit the same month.
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14 November 2017 | 40 replies
That would be it basically.
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7 November 2017 | 12 replies
If that doesn't work out, at least check out driving for dollars:https://www.biggerpockets.com/renewsblog/2013/05/0...It works well with DM.
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21 November 2017 | 25 replies
I introduced myself a while ago on BP but I haven't been as active as I'd like so I thought I'd do a re-introduction as my plans are more solidified now and I will be on the forum A LOT looking to add value, contribute and build quality relationships as I'm basically moving to a country to chase my dream where I barely know anyone so I'm absolutely looking to build relationships and help any way I can on here!
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6 November 2017 | 3 replies
We have been using the $1200 to basically pay for our current mortgage which is closer to $1400.