Arshiya Taami
House Hacking FHA Loan
1 July 2024 | 8 replies
Down payment can be higher than primary, but the good thing is that you won't need that much income to qualify because lenders can you 75% of the market rents for the units of the property.
Rachel Jones
Screening Tenants- Verification Recommendations for previous landlord and employment
1 July 2024 | 6 replies
So, we obtain a full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc. to build an overall credit evaluation.FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyPublic RecordsWe also obtain data from national databases about evictions, convictions and sex-offender histories.
Drew Sygit
Is BP Now a Dating Site?
30 June 2024 | 9 replies
Speaking of BP as a dating site, I have had a couple of Bay Area guys in my DMs ask to meet up for coffee/lunch to talk real estate.
Corey Byrum
Finance and Renovate Investment Property
3 July 2024 | 3 replies
I'm willing to leave the property empty for a year to take advantage of owner occupied loans, if that's possible.Here are my estimates..Property: 1,355 sq ft, | 3br 2bath | 8,500 sq ft lotComps / ARV: 500-560k ~ 530kTotal Needed: 340-400k ~370kSale Price: 270-310k ~ 290kRenovations: 70-90k ~ 80kSevere cleaning needed (doing myself)Severe landscaping needed, it's a jungleI'd like to maximize potential value and be at the top of in-area comps, so would like to do a full gutCash on hand: 20k - 30k------------I'm considering,- Seller financing + separate renovation loan- FHA 203K (BRRR)- Fannie Mae Homestyle Renovation (if down payment is below 5%) (BRRR)------------Seller Financing + Separate Renovation LoanPros:Low down payment (via seller willingness) <= 3%Low interest rate (via seller willingness) <= 3%Cons:I'm unaware of how I can finance rehab without a personal loanMust cash-out refinance to obtain equity, conventional loan rate will not be as good------------FHA 203KPros:Low down paymentBundles rehab costsCons:Higher interest rate than the seller financed loanMust cash-out refinance in order to obtain equity and make an investment property------------Fannie Mae Homestyle RenovationPros:Bundles rehab costsCons:Higher interest rate than the seller financed loanMust cash-out refinance in order to obtain equity and make an investment property------------I may be totally off on what would be optimal here but wanted to provide my current thoughts.
Adam Bartomeo
Cape Coral / Ft. Myers Market Update Feb 2024
30 June 2024 | 22 replies
Market Update February 2024Last year, as I saw the potential for market conditions to change I sent out a couple of market updates to keep our owners informed.
Ropo Sanni
Looking to purchase my first multi-unit and property. Should I change my approach?
1 July 2024 | 18 replies
Small wins are better than none.Realistically as an investor you should get comfortable with the idea of adding some value to the property to "make" a good deal because oftentimes that is necessary.
Melissa Faraias
Should I rent to a tenant who is a convicted felon?
28 June 2024 | 16 replies
A couple in their late 50's want to rent the unit since their relatives live across the street.
Logan M.
Stop Saying Mobile Homes Don't Appreciate In Value!!!
2 July 2024 | 20 replies
Affordable housing has more opportunities than any other segment of real estate.
Steve K.
Umbrella Policy Recommendations
30 June 2024 | 6 replies
Usually they are the ones you would go to for an umbrella.
Mohamad Guene
LLC incorporated in WY
4 July 2024 | 3 replies
@Mohamad GueneCalifornia is generally more cumbersome than other states when it comes to taxes and filings.