All Forum Posts by: Apinya Patterson

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@Jake Tovey 

Thank you, Jake. That sounds like a good plan. I don’t understand the debt coverage radio part. Can you explain a little more about “1.2-1.25”? 

@Frank Wong Ok, I’ll keep looking. Thank you. 

Thank you for taking your time to answer, Frank. I thought no one would answer my question. I kind of figured but your answer has clarified it. I went to look at the quadplex last week. There is nothing like what they got on pictures on MLS. It needs a lot or renovation and potentially has structure damage. At this point I'm not sure if I will be able to take on that big of renovations. I talked to the bank about this property and 203k loan he said he has no problem lending but he only seen fake pictures from the MLS. Again thank you for the answer. I'm sorry It took me long time to reply because I don't know how to navigate website and I didn't even notice someone answered my question until just now.

Hi everyone, I'm trying to buy my first rental and this will be my first home as well. I have no idea what I'm doing. I got pre-approved with FHA loan for 250k. I'm looking at a quadplex consists of 4 /2 beds 1.5 bath that seems to need a little bit of cosmetic work on the outside and it's newly renovated inside listed for tip top price for the area - in my opinion- at 249k. Current gross income is 2390/ month- average rent in the area is 850 for a 2 Bed room. I wonder if is this a good deal? Will BRRRR work with FHA loans? If yes, how and how long do I have to wait until I can refinance? If not, is there any other creative way to maximize the deal?

Thank you in advance