All Forum Posts by: Brianna Jackson

@matt k. Looks like a possibility. I haven't dug deep into it but basically I should expect to pay higher down payments and interest rates in exchange for not having to verify my income. I noticed 1 article said they do verify your employment they just don't need to see w2s or tax documents...would that be standard across the board for most lenders that lend these types of loans? That still would leave a hiccup for me until I recieved at least an offer. Also it seems there's a snafoo with owner occupancy...so you'r unable to house hack? Or use the avenue to purchase a personal home? I'm going to dig more into it...thanks for the heads up!

@tim millazo It's great you mentioned that first point because I was thinking that staying in the house (6 unit 1 house) would take away a good chunk of what I could be making and you're reasoning is sound...thanks for mentioning that! I will keep my options open and probably scale back into residential until I build my pockets some for a heftier downpayment  

I'm in a similar situation and I'm not finding any of these responses helpful :( Yes you can qualify for a va loan due to your military experience buuuuttt if you don't have continued income coming in once you're finished....who is going to loan to you? I was told by a lender that I would at least need a job offer in order for anyone to lend to me so that they know I will have income coming in once my contract is up which it will be soon.....do you at least have a job offer? Maybe that will help with talking to lenders.

WOOT WOOT! Congrats on putting in the offer. I actually did not grow up in a rough area; however, while in college (predom white private catholic institution) the school INSISTED that we stay out of the area above the school. While I will admit...it had it's moments that some folks would say NOOOOO....I decided to move in the area because the apartment complexes being built were nice and affrodable (esp for college students) I lived there for 5 years (obviously after going against my schools judgement and announcements to the entire campus that the area was dangerous and ghetto) and I had no problems at all. I paid my rent on time every month, my neighbors were great, I ran and walked my dog in the neighborhood, and I'm alive to write this post....I'm glad you went with YOUR gut. YOU know what works for you and what may work for someone else...good luck!!

https://howtostartanllc.com/texas-llc#maintain

I used the above link...LITERALLY...step by stop to tell me exactly what I needed to do to form my LLC in Texas and I did it all while overseas. Super easy. I have also heard about TX having a series LLC which allows you to own multiple properties under the same LLC, but with none of them being connected (if you were to be sued, the LLC would be sued and the properties under the LLC may not be up for collection...YES!). Once I get back stateside I will walk through my LLC with a professional to ensure everything is in order, but I was able to set my LLC, purchase my domain (if I ever want to make a website), acquire my EIN, open my business checking account (NFCU if you have an account or can get one) and get approved for a credit card and a CLOC to start building business credit for it...all from a distance.

Thanks fellas! @Juan Vargas @Omar Khan I'm aware that the 203k is for residential which is why I said LIKE a 203k......it would be awesome if 1 day (hopefully soon) there was a loan for mid sized multiunit properties or perhaps an extension to the mixed use 203k (small residential and commercial combined)  where you could house hack and reap the benefits that come along with it.....in the mean time (I'm really hoping this pops up some day LOL) I'll check out the banks.......do either of your recommend any bank in particular that is medium size multi unit friendly? Big bank, small bank, credit union?

I have, but because it is a commercial sized building it does not qualify for an FHA loan

I've been watching a property from a distance (I am not currently in the area) and it has kept my attention. This is looking like a great deal if I could get it for an ideal price (it has been on the market for over 2 mos and I just received word that the condition is considered "poor" as there haven't been any upgrades in a decade and it's looking to be in a B-/C area...so I'm hoping to knock the price down significantly...any advice on this would be appreciated as well!). Can't use my va loan to house hack so now I am moving into the commercial loan play area. Any suggestions on the best way to navigate and finance this deal? I still wouldn't mind house hacking it....but how does that work when it's a commercial size property? Are there any loans where I could claim primary residence (and possibly receive fixer upper funding like a 203k) of a commercial sized property? Any advice would be appreciated :) 

I definitely plan to use my va loan...and was planning to use it for my 1st property...but if I can get this property in the position that I want it....I'll go for it....I have the downpayment...really just want to see what the best loan option may be for it. Sucks that their aren't any loans similar to a 203k for medium sized residential buildings :( We're not talking 20+....just a few more than 4. But it is what it is for now...perhaps they'll extend it in the future. As for my va loan it will will always be there (hopefully!) and I'm definitely looking forward to using it when I can (perhaps my next multiunit :) ) 

So I've been watching a property from a distance (I am not currently in the area) and it has kept my attention. My initial plan was to house hack with my va loan; however, this is looking like a great deal if I could get it for an ideal price (it has been on the market for over 2 mos and I just received word that the condition is considered "poor" as there haven't been any upgrades in a decade and it's looking to be in a B-/C area...so I'm hoping to knock the price down significantly...any advice on this would be appreciated as well!). The snag I'm running into now is that I obviously can't use my va loan because it's more than 4 units (It's actually several units and a house) so now I am moving into the commercial loan play area. Any suggestions on the best way to navigate and finance this deal? I still wouldn't mind house hacking it....but how does that work when it's a commercial size property? Are there any loans where I could claim primary residence (and possibly receive fixer upper funding like a 203k) of a commercial sized property? Any advice would be appreciated :)