All Forum Posts by: Amber McGill

Hi All!

I am interested in getting into REI by flipping properties using hard money through an LLC. I have all of the things needed to qualify for hard money but I haven't purchased a primary residence because I'm in grad school & don't meet the DTI requirements yet (like most millennials 🤷🏾‍♀️).

Will flipping through an LLC prevent me from being a first time home buyer when I'm ready to purchase a primary residence?? I have no clear idea of what state I will end up in at this time or if that will impact the answer.

@Brian Van Pelt Thank you so much! I really appreciate your time.

@Andrew Postell Thank you so much! This is extremely helpful.

I am considering purchasing a shell property from the city. I have a cash to purchase the property outright but need funding to renovate.

Here are my questions:

Has anyone used a HELOC to do this?

Do shell properties actually have value when they’re a shell?

What are ways to get funding for the reno?

This will be a property that I would ultimately live in and potentially rent a portion. & I am a first time home buyer.

@Melvin List Thanks for the reply! I'm above 600, but not yet at the 640 mark that most places are looking for. I will def research some brokers on here. Thank you!

Hey everyone, I'm new to the Philly area and looking to get started with a FHA loan from a local bank or credit union. My credit needs some improvements, but it's not terrible (my utilization is killing it). Does anyone know of any local banks or credit unions that base mortgage of income and not credit? I was a member of one in NC, but I can't use it here so I'm curious if a similar option is available in this area. Thanks in advance!

@Carley M. That is what I originally wanted. I just don't know if I can find one for an affordable price in the Philly area. I've worked alot of Overtime & have some bonuses on work this year so idk what salary they're going to allow me to use, how much of the expected rent income, etc. Hopefully I'll figure all of that out in my first session so we can get the ball rolling. I have a pretty short timeline. I have until Aug 1 (Sept 1 maybe, if I can find somewhere to stay for a month) to get out of an upcoming 13 month lease without loosing anything other than my application fee. Hopefully something will fall into place.

@Carley M. That makes me really hopeful! Fingers crossed.

Thanks everyone for your feedback! I'm going to look into the FHA 203k & see what NACA can do for me as well. I just went to the Workshop a couple days ago so I'm early in the process, but I have most of what they require except one thing so hopefully it wont take too long!

Hi everyone, 

I'm new to BiggerPockets, never done a deal; and looking to get started. I would like to find a multi-family property to buy with either a FHA Loan or a NACA Loan. I've already started the NACA process, but still in the very early stages....With the FHA Loan is it possible to have renovation costs rolled into the mortgage amount and still have a 3-3.5% down payment?? I would like to find a distressed property that I can reno to make it what I want but I have very little capital up front ($4-6k depending on if I want to take a withdraw from my 401k). I confident that I will have enough to close on a NACA mortgage, concerned about whether or not I'll be able to close on a FHA Loan with a down payment & closing costs; but certain that I won't have the capital to close on the property and fund the rehab with the loan. Any ideas, information, or places to do research will be greatly appreciated!