All Forum Posts by: Brian Lybert

If she does not intend to move in and owner occupy within 60 days, and then live there long enough to be consistent with this intention, your lender is suggesting mortgage fraud. That will be stated in black and white in the 100 pages of paperwork you get to esign once you go into contract.

Please ensure you build the very unlikely, but possible, possibility of prison into your risk premium calculations. Your lender does not want that because you can't pay your mortgage if you or your wife are in prison, so it's fairly unlikely.

The more plausible possible negative consequence (you're going to say that you didn't know, didn't read the paperwork, and your predatory lender pressured you into it) would be that the lender calls the note due, forcing you to refinance into investment property financing, meaning you'd have to come in with 20%-3.5% = 16.5% during a refinance (25%-3.5% if multi unit).

In the event that the 16.5% means you have insufficient PITI reserves that the lender will require, you will be forced to use a hard money lender at 10%+ and now your cash flow situation will be all jacked up.

Thanks everybody for the advice. I am glad I posted to the forum first. I will look for other ways of financing it! Did not know all this! (Newbie!)

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So I am picking out my first buy and hold investment property. I bought our primary home under my name (she is not on the lease). Talked to a lender, and he suggested we put a 2nd mortgage on the investment property in her name as the primary so we can do an FHA loan it as we only have the 3.5% down payment. We would have to hold it for 60 or 90 days (not sure which) then we can rent it out. Was hoping to get some thoughts/advice on this strategy. Thanks in advance!

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thanks for all the info! I plan on going to the next prei meeting next month. I don't think I would be able to do the fha loan and live since I just bought my primary residence to live in last year (only put 5% down). Don't think my wife would want to move already. :)

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New to BP, and looking to acquire my first investment property in the Hampton roads (Va) area. I am meeting with agents in the area to help me try to find a good first property to either flip, or hold and rent out. Not sure which one I want to start with. Anyways, the agents say the first and hardest part of the process is getting financing. I won't have the 20% to put down. Any advice on where to start looking or who to contact?

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Originally posted by @Mark Nolan:

@Brian Lybert

Welcome to the Bigger Pockets community. It is a great place to learn about real estate.

Thanks mark! Looking forward to it!

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I am 26 years old looking for some help before I purchase my first investment property . I am eager to learn am ready to take action!

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All Forum Posts by: Brian Lybert

Brian Lybert has started 6 posts and replied 16 times.

Post: FHA Loan for first investment in my wife's name

Post: FHA Loan for first investment in my wife's name

Post: Financing advice for 1st investment property

Post: Financing advice for 1st investment property

Post: New member from Hampton roads

Post: New member from Hampton roads