All Forum Posts by: Alphonso Clark

@Jeff W there website says 1-4 unit FHA loans

I'm looking to buy my first multi family in Rockingham County, NC its a 4 unit in a decent neighborhood. With this being a 4 unit i was thinking about using an FHA loan and house hacking. While reaching out to lenders i had a lender tell me that there's a 2 unit max on there FHA loans and I'd have to do a conventional loan. I'm wondering if individual lenders set there own guidelines for FHA loans or have i been getting some wrong information some where? Help BP

Ken if your talking about people who make bad decisions and expect someone else to bail them out that's not just people on Section 8. 

I don't think we would totally disagree on the type of help people need because I feel like this if a man don't work he don't eat.

The loans you made because of bankruptcy and medical bills would you still make those if those people were on Section 8 or would you turn them away. I'm a hard working man myself and I don't wanna see my tax dollars spent by someone buying TV's and going on trips but it happens. Does it happen? Yes. Do I like it? No. 

Am I a landlord? Yes I am. Have I been told lies about why the rents late? Yes. Did I get my money? Yes. Did my life change cause the rent was late? No. Have I ever paid my rent late? Yes. Have I paid any other bill late? Yes. Does that make me a bad person? No. Am I on Section 8? No. Have I ever been? No. Do I understand? Yes. I understand the fustration of not getting my money on time. I understand not being able to pay bills on time. I understand every persons not a bad person and I understand life goes on. I agree with you on making a bad decision because of being poor, a bad decision is a bad decision.

As far as trying to "guilt" you into my way of thinking if you feel any guilt it's not because of me. I have my own way of thinking and you have yours I never said you were wrong I just don't agree with you in your generalization of people on Section 8. The help you needed was someone giving you a chance that may be all the help someone else needs. I'm sure you know some people do work their way off Section 8. 

Hard work pays off I believe that, and if someone is only trying to get by in life that's on them because that's their life to live. It's not the life for me and I see it's not the life for you. 

Finally I'm a businessman as well and I understand business is business and honesty and fairness is great for business but respect helps when dealing with people. 

 Ken my post won't directed at you specifically but since you had to respond then I'm glad it touched you. That fact that you openly admit that you look down on other people makes me glad I don't know you, rent from you or knowingly spend my money with you in anyway. We're all one bad decision away from having our lives changed whether it's our decision or someone else's. Did you feel the same way when the government bailed out Wall Street? I'll admit a bad tenant is a bad tenant you have millionaire's or so called millionaire' that are bad tenants but I don't see you bashing them. I'll admit some people abuse the system, and yes they need to be held accountable for that but they honest hard working people that are trying to better themselves and need a little help from whoever should be able to get.  What are you doing to better these communities? If you've been poor then you should know how it feels to need someone anyone to lend a helping hand and not judge you. 

I hate when people look down on others because of their situation or circumstances. Section 8 recipients don't mean they're bad people or bad tenants and saying they are is like saying every dog is bad because somebody gother bit by one, one time.  It's also like saying every landlord's a slumlord. 

Thanks @John Fedro 

I was ready to walk away but I'll go to the seller and see what other terms he's willing to discuss. I was thinking this would be a 3-5 year project maybe sooner because there's a local park that's replacing its mobile homes with stick build homes and the mobile owners need somewhere to place there homes . So I know it's possible to turn this park around. I'm emotional about the park because the community its in had a bad reputation at one time and it's done a complete turn around and I want to help the community reestablish itself but not at the cost of my hard earned money. I just feel like the opportunity is there I just need to figure out how to make it happen.

@John Fedro what could be done with this?

@Ernie Cruz thanks from your information as well

@Jeffrey H. where can I get that manual

@Account Closed thanks for the advice. I've been hesitant about pulling the trigger on this deal and I see I have good reason to be. The water lines are through the city so there are no wells involved.