Updated over 5 years ago on . Most recent reply
Buying a "Second" home options, thoughts guys
Hi guys my name is Joshua although my posting id may say different. Katie is my fiancee, we signed up to Pro last week and I guess she wanted to get all the awards in her name! Lol
We are looking for some thoughts from you all. We bought our house together 4 years. It's all in her name. I am not on the loan because I was a liability due to credit issues. But those are fixed now. So we would like to buy an investment property in my name with my W2. Are there any thoughts on this? We understand you have to live in the home on an FHA home loan in order to take advantage of the 3.5% down. But neither of us are wanting to move out of our house. But we would like to utilize my income for an investment, while I have my current proof of income. Does anyone have ideas or thoughts of what they may do in a similar situation as ours.
We are very interested in BRRRR, and short term vacation rentals. (We live in a vacation town). But understand that neither of these will work with an FHA loan because we will not be living in the house. Any suggestions guys?
Sorry for not being concise with my thoughts.and words, it's my first post guys I promise I'll get better. Lol