Hey guys, just looking for advice here.
I found myself in a unique situation- I had a general direction in which I wanted to do my first investment. I wanted to qualify for the 203k, purchase a foreclosed duplex, renovate it, live in one unit and rent out the other. Refi, use the equity to continue on to my next property, etc. I THOUGHT my biggest problem with qualifying for the 203k would be credit and down payment. To my surprise I was able to get both of those taken care of much quicker than I had expected.
So when speaking with a mortgage broker a few months ago, I mentioned that my husband had just started freelancing this year (2019) and being that I am a stay at home mom, his work history and income info is what we would be using for the application. As most of you know you have to have a solid 2 year history in the same line of work and unfortunately that spoiled it.
At this point, I have spoken to another mortgage broker and he said I do have one option- I can have someone who DOES have that solid work history and meets all of the credit and income requirements, co-sign. The good news is my dad is also looking to invest in real estate and meets the criteria so with my down payment I believe he'd be willing to do it. The bad news is, this only works on a single family home. Obviously that messes around a few things for my genius plan and I'm curious if anyone has any advice on how to house hack a SFH to possibly still make it work like a duplex. Or maybe, flipping the sfh and going from there. I'm not too fond with the idea of flipping as my first investment because I don't hear a lot of good reviews on that but I'm all ears if any has some ideas! I would greatly appreciate it! Also, I'm in Houston in case that affects anything.
Does your dad qualify on his own for the duplex and 203k loan?
Can he purchase it and sell to you in two years?
Good luck Megan! ;)