All Forum Posts by: Austin Bright

Hey all,

Are there any Meetups/Networking opportunities in DFW this weekend? I'm primarily interested in networking with lenders or investors who have had experience starting with little capital, since that seems to be my challenge now.

Thanks!

@Bruce Lynn When your talking about appraisals, are you saying the seller is asking for a price higher than the appraisal, so the bank won't issue the loan? What is makes it hard to get around this? Can't negotiations on price just continue until you come to the appraised valye?

I would definitely be interested in this meetup!

@Mike Cumbie My reasoning in going for the 203K loan is that I only have 10-13K for a down payment and closing. Are there ways I can mitigate the risks you mentioned? Or is there alternative financing routes I can take? This would be my first home. Thanks! 

@John Warren It looks like the rental income must cover the mortgage....Do you know what problems a 203K loan will not cover?? What about a property could cause this financing to fall through?

Hi BP Community....

I've had my eyes of a duplex in DFW for a while. Two offers have fallen through due to financing. I know that it has something to do with the inspection or appraisal. But I don't know what specifically. I have two questions. 

1) Short of knowing the buyer/seller, is it possible to get a copy of the inspection report so I know where things can go wrong getting financing for my first home?

2) My realtor is concerned about my desire to go through the FHA for a loan... given that they have strict property condition requires in order for the loan to be secured by the government. Isn't this what a 203k loan is for? What problems will a 203k loan not cover. Buying my first home this early in life definetly hinges on getting a 203k loan. I do not want a deal to fall through because I find out last min. that the FHA doesn't like the condition of the house?

Any advice appreciated!

What pieces of a mortgage are included in "debt" for purposes of D/I ratio? P&I? Or the full PITI? Don't taxes hit the P&L? Not the B/S? So why would taxes and home owners insurance be calculated in debt to income?

Thanks!

@Matt Powell Thanks for the  idea!

@Lucia Rushton Yea I see multifamily homes pop up every now and then! I'll keep looking! What do you all think is the profile of someone who might rent 1/2 a duplex?

@Ronald Rohde That was my thinking too... I've spent many hours on Zillow and a SFH really just doesn't rent for that much.

@Roland BrownThanks for the help! I would like to be connected to someone if possible. However, due to personal circumstances, I will likely not go through with a purchase untill late 2020. If your contact is ok with my timeline, I would be happy to be connected.

@Andrew Postell Part of the reason I am so interested in a duplex/multifamily is due to the fact that I would need total monthly revenue of around 2300 to cash flow on 3.5% down on a 200k loan (My max price right now). That's a lot easier when I can rent each side for 1150, rather than one SFH @ 2300. If you are familiar with any areas where 200K SFHs can rent for $2300, I'd be happy to learn which areas!