All Forum Posts by: George Gipson III

Ok I have gain knowledge to find deals in my area. Currently purchased 2 properties so far. Let’s say I find a investor with 100k and I purchase a mult family that’s cash flowing. How do the investor get paid. Monthly yearly? I can do all the work but need investor and only to buy and hld

Ok I have a lot of choices to make here! I live at parents because I just sold home in December and made about 30k profit. Now I also have a paid off rental my dad gave worth about 140k. He collects rent tho! I want line of credit which when I applied at Wells Fargo was denied because I had my house debt of 120k. Debt to income! I also want to purchase a home fha 5% Down for me and wife with newborn on Way, I can’t find duplex at good price that I’m willing to live in so may have to get a single house! But would still have a lot of $ left to do 20% down on a duplex in a less desirable neighborhood thst I want to live in. Now what order should I do this stuff without the bank denying me because of debt to income is to high. I will not use the line of credit but I do want it for future auctions after I buy my home and rental. Will the line of credit count as debt? 1. I was planing on getting line of credit on rental first 2. Then buying our house with FHA 5%down 3. Then purchase a duplex for 100k with conventional 20% down as a investment. Is this the best order to go about it. My credit around mid 700 and $ around 40k I only have 15k debt student loan Now!!!!

Ok I have a lot of choices to make here! I live at parents because I just sold home in December and made about 30k profit. Now I also have a paid off rental my dad gave worth about 140k. He collects rent tho! I want line of credit which when I applied at Wells Fargo was denied because I had my house debt of 120k. Debt to income! I also want to purchase a home fha 5% Down for me and wife with newborn on Way, I can’t find duplex at good price that I’m willing to live in so may have to get a single house! But would still have a lot of $ left to do 20% down on a duplex in a less desirable neighborhood thst I want to live in. Now what order should I do this stuff without the bank denying me because of debt to income is to high. I will not use the line of credit but I do want it for future auctions after I buy my home and rental. Will the line of credit count as debt? 1. I was planing on getting line of credit on rental first 2. Then buying our house with FHA 5%down 3. Then purchase a duplex for 100k with conventional 20% down as a investment. Is this the best order to go about it. My credit around mid 700 and $ around 40k I only have 15k debt student loan Now!!

Ok I have a lot of choices to make here! I live at parents because I just sold home in December and made about 30k profit. Now I also have a paid off rental my dad gave worth about 140k. He collects rent tho! I want line of credit which when I applied at Wells Fargo was denied because I had my house debt of 120k. Debt to income! I also want to purchase a home fha 5% Down for me and wife with newborn on Way, I can’t find duplex at good price that I’m willing to live in so may have to get a single house! But would still have a lot of $ left to do 20% down on a duplex in a less desirable neighborhood thst I want to live in. Now what order should I do this stuff without the bank denying me because of debt to income is to high. I will not use the line of credit but I do want it for future auctions after I buy my home and rental. Will the line of credit count as debt? 1. I was planing on getting line of credit on rental first 2. Then buying our house with FHA 5%down 3. Then purchase a duplex for 100k with conventional 20% down as a investment. Is this the best order to go about it. My credit around mid 700 and $ around 40k I only have 15k debt student loan Now!

Ok I have a lot of choices to make here! I live at parents because I just sold home in December and made about 30k profit. Now I also have a paid off rental my dad gave worth about 140k. He collects rent tho! I want line of credit which when I applied at Wells Fargo was denied because I had my house debt of 120k. Debt to income! I also want to purchase a home fha 5% Down for me and wife with newborn on Way, I can’t find duplex at good price that I’m willing to live in so may have to get a single house! But would still have a lot of $ left to do 20% down on a duplex in a less desirable neighborhood thst I want to live in. Now what order should I do this stuff without the bank denying me because of debt to income is to high. I will not use the line of credit but I do want it for future auctions after I buy my home and rental. Will the line of credit count as debt? 1. I was planing on getting line of credit on rental first 2. Then buying our house with FHA 5%down 3. Then purchase a duplex for 100k with conventional 20% down as a investment. Is this the best order to go about it. My credit around mid 700 and $ around 40k

I been in my home 2 years now with a fha loan. I am ready to rent this home out and buy a duplex. Can I use a fha loan or do I have to refinance my 1st fha loan to a conventional first. I was thinking after 1 year I can just get another fha loan.

Hi me and my wife are selling our first property. The seller is out of town so it will be a mail away closing. My agent also said that the person loan is also from out of state. I am in Florida. So my agent text me yesterday stating would i rather bring in a blank check for wiring our money or would we rather pick up the check a few days later. She states the wiring will be a lot faster but I don' t understand why we have to wait to get our money if they going to already have the keys. The agent say its because its a mail away and the buyer is not here. When we purchase the property the seller came and did his closing before us and left with his check. I don't understand why we can't get a check the same day as closing. Will somebody please let us know f this is normal to wait to receive your funds. What should we do just take the blank check and wait for wire transfer or should i be putting pressure towards getting our check at closing. Please help the closing is monday.

Me and a partner are buying a rental duplex. He has the 740 credit score and my credit is bad. We are both putting up the money but the bank is saying he has to get money from a close family member. How can you do a deal together with a partner if you can't get money from them. We both have great w2 jobs and we created a llc together. The bank said he can't buy it under the llc and have to buy under his name. Also when refinancing what's the avg loan to value can we borrow up to. We would own 56000 and the property value is 90000. Which is almost 60% can we borrow up to 80% to take our money back out? Will be submitting investment offer today

thanks for the advice but what is a HML?

Ok I am purchasing a dulpex for $60,000 it was listed for $75000 and rents for $600 each side. So do I need private lender or a conventional lender like credit union for my initial purchase of $60,000. With a regular lender how long will I have to wait to refinance? I want to refinance within 3 months to pull my money back out. Do I have to wait 6 months or can refinance when I Finsh renovation and it rented out. I am in Florida