All Forum Posts by: Cassi Justiz

I would definitely request a verification of funds. So bank statements, etc. I'd prefer for her to have at least 2 months rent in reserves, but that's asking a lot. A guarantor or co-signer would work too and might be more realistic for someone moving across the country. I wouldn't mess with putting anything in the lease with a deadline for her to get a job. I would rather just have a co-signer or make sure she has the cash to float a few months rent payment. 

I would be more open to a nurse in this position than some other professions. However, depending on the state, it can take several months to get a nursing license transferred over and approved. It shouldn't take that long, but it's not unheard of. Also, first month's rent isn't much of a buffer to move, get licensed in a new state, get a job, start the job and get a paycheck. I'd want to see that they had a significant cash reserve to consider them without a solid employment offer.

Hi @Garrett Finnell, 

Welcome back to BP! I'd love to connect with you. I'm an investor and Realtor in OKC. If there's ever anything I can help with, feel free to reach out! 

Definitely get plugged into some of the meetups. There are more posted on meetup.com than there are on here, but some of them do show up here as well. 

Hey @Adam Compton! Welcome to BP and congratulations on becoming a realtor! I would definitely recommend getting plugged into the local networking events. There are plenty to choose from and are a wealth of resources for both new agents and new investors. 

Almost certainly not. If you have good pictures and your rental is priced competitively you shouldn't have any issues getting traffic traffic. I just leased one out a few weeks ago that I advertised on Zillow without paying for the premium fee. I was getting blown up with showing requests within a few hours and had a great tenant approved and deposit paid within a few days. 

Look for areas with population and job growth, new industries, decent price/rent ratios and affordable starter homes. You'll also want to explore what the landlord/tenants laws look like. Find out what the average property taxes are and look at how much they've increased over the last 3-5 years. There are tons of "best places to invest" lists that can at least give you an idea of where to start your searches. 

I'd also try to define a few factors that you specifically care about. These are things that I've heard from different people. 

-Proximity to a 4 year university

-Public transportation availability

-Direct flight availability from home airport

-Proximity to military base

If I were starting from a blank slate, I'd look up the top 20ish metros that are gaining population. Find out average home prices and average rent prices in each metro and start filtering through that way. As you see some areas have better ratios than than others, you can dig into those metro areas a little further.   

One reason is that the FHA loan requires the home to meet certain criteria. Usually it's not anything major, but it can't be a "fixer upper." No peeling paint, windows must work, everything needs to be functional, etc. If that's not the case for the individual properties and you meet the other FHA criteria, it may be more about the market itself. In my area, multifamily homes are really competitive and most go into multiple offer situations if they are priced reasonably. So if you aren't offering cash or a conventional loan with excellent terms, you probably won't have a shot at it. So you theoretically *can* buy a multifamily using FHA financing, but it's not very likely.

Ask the lenders for specific reasons that they don't think FHA will work for your scenario. They can give you some great insights, but you need to ask them for details.

I would check with your local banks in the area and see what their options are for a cash out refinance. If you have a business account with a local bank, you can start there and see what they have to offer. If you don't have a relationship with your local bank, ask on your local forum or ask a few local investors who they are using for their cash out refinances. Some banks will have a specific waiting period before they will do a refinance, typically this is 6-12 months with 6 months being pretty common.
A few things to ask the bank will be what % of value will they loan on, do they have a minimum loan amount, and what are the seasoning requirements. 
Good luck!

Trying to buy with only $6k is going to be tough. It could be possible depending on the price of homes in the area. But you won't have much of an emergency cushion in case you need to do a make-ready or any kind of repairs. I would save up as much as possible now, start analyzing the deals that are out there and see what your options are. Get pre-approved with a lender, meet with an agent and start the process now. If you find a smoking deal later this fall and you can make the numbers work with the money you have, you can jump on it but if not then you can just keep saving and be ready to go as soon as you get back from deployment. 

If you do find a multifamily between now and January, it would be worth considering getting a roommate. That way they can cover some of the expenses of your unit but also keep things in order while you are gone. 

Congratulations! It sounds like this was a great opportunity. 
I'd love to know why you decided now was the time to sell and what are your plans for reinvesting the profits?