All Forum Posts by: William Allen

@Gary Fischer

When do you close and get started?

I agree, you need to find an inspector who will appeal to your needs as an investor. I recently spoke to a few here in hopes of getting them to do a walk through with me, no report required, at a discounted rate. This is exactly what I had going in MD and I loved it. Since I was buying as-is I don't need them to spend so much time writing a report, just walk the property with me and we can look together. I found one at the local REIA who will do it but I haven't used him yet. PM me if you want his information.

@Adrian Goram

Please add me to your list, my contact information is in my signature below. If you have anything that comes along in the $200k+ ARV let me know. I'm looking for a couple of rehab projects now. Will you be at the REIA meeting next week? If so, I will look for you.

if I could do it all over again at your age I would buy a house to live in and rent the rooms out while going through college. Just make sure the house will be a good rental when you get done. 

Glad to hear you are saving instead of spending, that is rare these days. If you are going to UWF, that is a good area for a rental.

@Todd Heitner  Thanks for checking out my site and giving some feedback.  I wanted a red and black color scheme so it was a red "black" or "jack" and I don't think I could have gone red "black."  Not sure that even makes sense but maybe you get the idea.  Funny to think you are the first person to point that out to me....  

I learned a ton making the site and I'm glad I went that route.  

I'm posting to see if there would be any interest in a Pensacola / Pace / Milton meet up.  I would like to get together with other like minded folks to just BS about real estate and network outside of the local REIAs.  Nothing formal, just once a month to get together and talk about what deals people have going on and how we can help each other.  I am happy to set it up if there is enough interest.  

The date, time and location are just a placeholder for now.  I will work out all the details after I see if there is enough interest.  

where is the property? Like Wayne says, if it's a good deal you may be able to pass it on to another buyer at the same price. 

They called me a day or two after the auction ended

After 10 go the commercial route like others are saying.  By then you will have a lot of experience and be able to present them with your history.  I made up a package which included my current rentals, past history and performance of the rentals, and the flips we have done.  I also provided my personal and business financials laid out for them to see.  It was no problem getting them to approve commercial loans for the business after that, even when all the previous history was in my personal name.  The terms aren't as good as the 30 year fixed but they will fund flip projects as well.  This is a local portfolio lender...  If I am going to buy another investment property as a rental I will likely use another 30 year fixed conventional loan as there is longer amortization and no points.  

I don't know the specific answer for FHA loans but I suggest you contact a lender directly to find out. My online lender will use recently rented out houses as income for me even though they haven't shown up on tax returns yet. I provide the lease and they use a portion of the rents to offset my DTI ratio. These are for conventional and FHA loans though (no experience with FHA). Also, she uses my projected rent on investment properties when I am getting financing on them.