All Forum Posts by: Chris Gillins

@Donna Thomas we recently got pre-approval through our lender for the guaranteed USDA loan, and are now looking for a duplex, or home with a basement rental to get started. From what we've seen, I'd recommend staying away from the Direct Loans (IE just dealing with the Govmnet) they can tack on subsidies to those loans and they will sell this as a great benefit to you to lower your payment, but you'll have to pay those back when you sell and maybe incur pre-payoff penalties if you flip the property. Other than that, looping the closing costs into the loan and buying a first income property with very little of your own money is great, but again these are owner occupied properties, so you're looking at a year minimum living there. Good luck!

David Galvan there are two types of loans, direct and guaranteed. Direct, you are securing a loan from the USDA, guaranteed the loan is from a traditional lender, but backed or guaranteed by the USDA. With direct there is a waiting list, depending on the state you live in, you could be waiting for a while for money to come down from congress. From what I've heard, you have to live in the home as your primary residence for 1-2 years before you can sell. With the direct loans, if your income qualifies the USDA sometimes will pay a subsidy on the interest, which can lower the monthly payment, but I've heard that having that on the loan can make things very difficult when going to resell. Just make sure you go over the loan with a mortgage broker you trust and secure a loan with no pre-payoff penalties.

@Michele Fisher, Thanks for the welcome! I am truly amazed at the kindness and generosity shown here at BP! We are actually in a weird situation right now in that we have been renting for the last year, but now our current landlord is selling all of her properties and moving to the coast with her fiance. Good for her, bad for us. So we are now trying to locate some temporary housing up towards where you are (work is located in Woodland). Have any advice, thoughts, rentals open?

Also, anyone have tips on how to convince my wife that buying a duplex is a good idea? She would prefer an SFR with a basement/overhead garage rental, but I see that as a larger investment, longer time for us to get into, harder to rent out once we do decide to move on.....Thanks!

@Eric Belgau, wow! I have not heard that one and I gotta say, pretty darn close! I had no idea that was the direction this beard was taking me......Might have to rethink keeping it around! (Especially since the wife is not a huge fan......)

@Zach Schwarzmiller let me know where to get some dogs! Maybe we could meet up~

Hello All!

I stumbled across Biggerpockets whilst looking online for "investing". As a father of 2+1 (next June!) I realized that the rat race I was in and had been sold from parents with great intentions (go to school, get a good job, etc) was not going to be the future for me, especially after reading Rich Dad. I am a Project Engineer for a Heavy Civil Contractor and spent my time working through school building houses and light commercial properties.

We just recently got approved for a USDA loan and are looking for our first place, preferably a duplex or something with an unfinished basement I can finish out and out a rental in. I have enjoyed the podcasts and am still working my way through the archives.

Big thank you to all of those who have contributed to this site, I think that it is great to give back, and I hope and pray that I too, will one day be able to give generously. I will be looking into the local NW REIA's and would love any opportunities to provide muscle/rehab assistance/construction know-how to any other local investors who are on this same path.

Thank you!