All Forum Posts by: Alex Verdugo

I'm a first time buyer and have several lenders I've talked to trying to get funding.  The first lender called my back and said the pre-qualification looks good and I'll be hearing from them soon about how much I qualify for. He also gave me my credit scores and they all seem good which leads me to think I'll get pre-qualified from the other lenders as well.

So my questions are:

1. Aside from possibly not being a good idea to jump into three different loans/ properties with little to no experience, is there anything wrong with using all three lenders to aquire three properties?

2. Do I have a responsibility to let the lenders know about each other and whats in their offers? 

3. I'm sure I can't do this but you never know unless you ask. Can I combine all three loans in order to buy a quadplex?

4. I know that I can get down payment assistance with one of the loans but what about the other two?

5. With the FHA loan I have to live in the property for one year out of the first five. Can I live in one property and move into the next property after the first year? Then move into the third in the third year?

6. Is it possible to have multiple FHA loans at a single time?

I know it's a lot to answer but I would really appreciate the help.

If its under contract, can't you have the current owner make the repairs?

If your mothers a vet why not use that to get a VA loan? Partner with her, and house hack a small multifamily.

I'm in the same boat as you are right now.  My thinking when I realized that $100 a door doesn't seem like much, which it really isn't, im still getting paid to live rent free in a property that other people are paying for, while I learn first hand how to do all this... stuff.   I also thought back to my first job as a line cook. I didn't know ****, so I got paid ****. When I learned more, I got paid more.  From everything I've been listening to and reading, the same rule applies. 

Yes, all,those things can be done. You just have to learn how to do them.

Live on base, buy multi family,  live free, have people give you money, buy more multi family, quit govt job, buy more property. Seems simple.

I think you need to be the person that lives in the property for a year, or at least the owner needs to.  Unless you're putting her name on the title.  Otherwise she would just be a normal renter and as the landlord, you should be able to charge her whatever rent you like.  Even if its $100 a month or a year. Or at all.

You may be loosing money by having her live there rent free but think of the POWER you'd have over the mother in law.  She would be beholden to you for as long as you ALLOW her to live there. And there's no possible way that could ever go wrong.

Good luck.

I've been wondering about this as well.  I need to find a partner to get a loan so I can beging investing.  I would like someone to cosign on the loan, ill make payments, manage the property and make improvements as needed. If I'm doing all the work, at what point does the partnership end? When the loan is paid off or after a certain amount of money is paid to the other partner.  How have other set up their partnerships.

A neighbor of my brother died two years ago and the widow recently past away.  The two daughters are now trying to figure out what to do with the house, which is paid off.  One lives relatively close and has been dealing with getting everything cleaned out, sold, etc.  The other is out of state.  I talked with the sister thats dealing with the clean up and she would like to keep the house.  She has her own home in a nearby town where her granddaughter, who she is taking care of, goes to high school.  She wants to stay where she is and not move into the vacant property.  I dont know that she's very open to the idea of renters.

The other sister just wants a check for her half of the house.

I was thinking that the first sister could get either a HELOC or cash out refinance the house, and pay the second sister for her half of the house.

Another idea was to rent it out for the next couple years and move in once the granddaughter graduates.

What other possibilities are there so one sister can keep the house and the other gets compensated somehow?

 Thank you for that information. It's already become very useful.