All Forum Posts by: Alexander Gutierrez

Hello,

I have gotten great advice on this website, so thought I’d ask a question and hope to get great informative answers! 

So, I currently own a primary residence with an fha loan. I have 30 thousand ready to go for my next property down payment. I was planing  on getting an investment property with 20% down.. 

I just got back from meeting with my mortgage officer that did my first loan - I was told by her that my income of 30,000 a year isn’t enough to qualify for another loan. Unless I brought a bigger down payment or got a co-signer. I have no debt other then the home I live in, so this confused me. How can people own multiple properties with an average income and without the down payments I’ve brought. (My first home had a down payment of 10,000)

I was thinking of putting the 30 thousand onto my current home, and refinancing, so I can drop my payment then at some point get a heloc to pull the money out to purchase the next property.. any advice on this or the topic before would be so appreciated! Thank you In advance! 

So, to keep this as short as possible I’ll start with -

I am 23 years old and just bought my first townhome in September of this year with an fha loan that requires $9,000 at the closing table. I am renting rooms to friends which covers Everything. There is no extra or shortage just enough to cover expenses. Which I now know this is called “house hacking”? 

I have 25k as of now i would like to invest in real estate. What would be the best thing for me to do in this situation? Put that money into this home and refinance, so I can legally rent out the whole home and buy another with an fha that I’d move into. Or, should I keep living here and buy an actual investment property with 20% down?

As I mentioned I VERY recently came across this awesome site along with other information and would like to start my journey and invest now! I would be very interested in buy and hold properties and rent for some cash flow.. 

Thank you In advance! 
-Alex