All Forum Posts by: Alex Deacon

@Kelvin J.As long as this is going to be your primary residence nd you don't have another existing FHA loan then you should qualify for FHA. Unless its above their allowable lending limit. There is a purchase price limit for FHA which I think is different in all areas. Our average home sale price here is $160k where in Santa Rosa it may be $300,000. Also cant hurt to try another lender. All lenders are not created equal. Talk with a few others before you throw in the towel.

I misunderstood. I assumed it was a three unit apartment and you would live in one. I may not have read the post clearly. I don't think a bank will allow the proposed income to be used in your favor. you may have to qualify on your own without the proposed income. Check with your local mortgage expert.

best of Luck to you

@Mark Buskuhl I buy a lot of Sheriffs sale auctions in my market. You really need to get an expert to help you. These can be very risky. I have partners that know the process and the pros and cons inside and out and I would suggest before you jump in that you educate yourself a whole lot and get some advice from successful persons who have done this or are currently doing it.

Good luck to you.

@Derek Luttrell They will take into account a portion of the other income generated by the building that will be to your benifet. It would help to have the other units rented when you make the purchase.

@Richard Miller I started just as you did and 25 years later I am a full time agent, properaty management company owner and full time investor. It cant hurt to get licensed and if you decide its not for you and you don't capitalize on the benefits the costs are nominal and you can always put your license in referral or escrow at any time then the costs are nearly nothing.

@Derek Luttrell On the surface your situation looks very good. talk with your local mortgage professional and get yourself pre approved. Great credit, low debt, good income plus the income from the building will be factored into your regular income. Like I said on the surface you look really good so next step get a solid pre approval then go find yourself a good deal.

@Erin Stephens In our contracts here in PA that stolen A/c is the responsibility of the current owner. They are required to give you the place in the condition it was originally shown to you. They can turn into their insurance provider or replace it themselves but it should be 100% their cost to incur.

@Peter Morrissey You have valid points. Dont over leverage unless you are very seasoned and experienced in this business. I like the Heloc Idea since you use it when you need it and can always pay it down and use it again. 

@Jacob Glawson You will need an agent to submit your offer. In my experience HUD will not negotiate a lot unless the property has been in their inventory for quite some time. Plus they are very slow to respond and hard to deal with so you have to be somewhat patient and hope for the best and expect the worst when dealing with HUD, Fannie Mae and VA deals.

@William Massey I would strongly suggest you keep it simple and buy a duplex. live in one side and rent out the other. To do what you are talking about is extremely expensive and you would need 20-25% down and there is a high possibility that you wont find financing since you have no new construction experience. I dont like to squash dreams but you need to know what battles to fight and know your limitations. hopefully you can eventually build and develop 100 units but you need to crawl before you can walk.