I'm finally ready to buy my first property! Got some money stashed away, fixed some smudges on my credit, and I have been reading books, listening to audiobooks, and watching the BP forums religiously for about 2 years now.
So heres my plan: I live just outside of Denver. This market is very expensive. My solution? FHA loan househacking! I haven't used my FHA yet, so I'm looking to use that loan, and buy either an established multifamily, or a single family that I can zone and fix to be a multifamily. Along these lines, I'm looking for properties that need some TLC because I worked construction as a kid and can do much of the work myself. Plus this keeps the loan down.
I say all of that to get to my next step; I need a good lender who understands what I'm looking to do and can guide me through any changes I need to make, etc. I would love to be able to sit down in person with a lender because I believe personal relationships get people farther than most people appreciate. So, who have people on here used for their purchases? I want to have 4-5 lenders that I can use to really keep my options open.
Any advice is very much appreciated, and I can't wait to see/hear who people have used/not used.
I will for sure be happy to get even just 1, I was more saying that 4-5 is kinda my perfect scenario.
Smudges are easy to fix. Lenders won't like bad credit blips, of course, but blips that have been fixed are way better than not fixed. And smudges that are just totally wrong thanks to freaking Equifax are definitely easy to fix (since I've never lived in Vietnam and therefore couldn't have opened accounts there).
What numbers would be helpful? I believe the max property price I would take would be $350,000, but thats assuming I can get a loan for that too. I don't mind paying some money every month while I'm living in the property, but after about 2 years I plan to move out. At that point, I'm looking for a 15% CoC return, but could stomach 10%.