All Forum Posts by: Andrew Powers

Hi Tyson, welcome to BP! I recommend talking to some local lenders and they can help you figure out what price range you are able to buy, if you need to build credit, etc. Keep learning from BP resources and practice analyzing deals. Every deal analysis helps you gain more confidence which will only help you be ready to jump on the right opportunity. Good luck!

It is definitely possible to purchase a property with owner occupied loan, live there 1 year, then move. Question is about managing the property including tenants and repairs after you leave. If you have someone in the area who can do those things or hire it out, then it depends if you personally want to deal with an out of state property 

Wow basically no money into a brand new house and your making cash on top. Can't beat that, congrats 

Put it on Craigslist for free. I've even had a company pay me for a junk washer dryer set, they have a used appliance business

I recommend looking at the BP bookstore for books and listening to the podcasts... info is out there, you have to harvest it

I like how you are thinking outside the box.. In my area, I typically analyze a property based on a traditional rental (rent by unit) and if it works there, then room rental will bring in extra income. I can understand other markets have to be analyzed differently. With room renting its a different type of tenant and more managing/ on and off boarding. Just make sure you are up for the task and also your market has plenty of rooming tenants. Check Craigslist and FB to understabd demand and post a test ad to confirm.

You have some leverage with the property being on market for so long. Perhaps work into the offer a discount or seller pay closing costs to offset repair costs.

Look at other platforms such as Craigslist or FB.

Also consider doing mother in law suite or ADU which is technically still single family but has benefits of duplex

Seems like a great turnout, congrats!

Yoh can put offer on the house contingent that 1 unit is vacant upon closing date.

Or like mentioned, ask when lease end is for tenants. Once property is yours, you can give a letter of lease non renewal to one of the tenants.

Make sure you get estoppel from tenants to ensure the rent they pay and lease info.

You can get best of both worlds with the first time home buyer 3% down conventional loan (for single family properties only). Call around to local lenders to see if they will do it. Conventional is stronger than FHA, and low down payment allows you to conserve cash for repairs or your next property.

Alot of people don't realize this is an option as everyone talks about FHA being the only low DP loan