All Forum Posts by: Brandon Brown

I'm enjoying this thread!

Well, I am an electrical engineer that builds batteries for electric vehicles.  My career has brought me to Japan where I am researching and developing the next generation of electric vehicles.  I absolutely love my day job!  My goal is to use real estate to become wealthy and travel the world.

As for my investments, I own one duplex that cash flows well.  I plan to purchase my next deal when I return to the States in 2019.  

No I actually moved out of the country for my job.  I plan to get another when I return to the US.

You can only have one FHA loan at a time. To use FHA again I would have to refinance to conventional.

@Tavaris Little I lived there for about 18 months but my lender said I only needed to live there for a year to fulfill the FHA requirement.

A side note: no lender has ever mentioned to me I need 2 years landlord experience to use my rental income to offset my debt ratio.  Both lenders I use only require a lease agreement and from that they consider 75% as income.

Hope this helps.

@Tiana O.  

I currently have 2 units in the hot Nashville market. I acquired an excellent deal (house hacked a duplex using FHA) and added value. After improvements these units cash flow very well (~$400/door). Before my first deal the goal was ____ units/year (fill in the blank). With the Nashville market appreciating rapidly, I was priced out of some so called "deals". During this time I have had time to assess and clarify my investment strategy. Now my goals are in terms of money and time. I am now strictly focused on value add opportunities in places where people want to live, deals that have a higher intrinsic value.  Since I'm not jumping on every "deal" available I have been able to save a good 20% down payment.  My market is pretty high right now but I live here and this where I feel comfortable investing.  Hope this helps.

I think a reoccurring meeting would be great.  I'll be out of the country on business for a couple weeks, so I may miss the first one if it's in the near future. 

Nice work!  How does the closing process work on owner financed deals?  Did you get an attorney or use a title company?  Any info on the whole process would be much appreciated.

@Ben Phillips I'm sure you know deals are getting more and more rare.  I'm here so I have an upper hand.  I'm currently working on a triplex that's not on mls.  I'll be sure to give details once it's done.

@Nechole Thompson I am a buy hold investor in the nashville and antioch area. I'm looking for 3/2 SFH and MFH. Market value 100-200K with 25%-15% discount. Welcome to bigger pockets!

I did.  I am using 75% of my rental income to qualify.  Only thing is I am looking at buying a single family home.  But it shouldn't matter if your looking at something with 4 units or less.  Also the Nashville market is hot and banks are wanting the business.

@Joseph Schriever

Hey bro, I'm in a similar situation.  I live in a duplex and rent the other side out.  I'm currently looking for my next property.  I have spoken to two mortgage brokers and because I plan to owner occupy they have said I can put 5% down. I would talk to some other lenders and stress the point you will occupy the residence.  Good luck!