All Forum Posts by: Chelsey Hamill

@Account Closed haha that's not what I meant by being uncomfortable. I mean if something were to happen to him, so to speak, I wouldn't want his name to be the only one on the loan. It's not that I haven't considered the VA loan, because believe me 0% down sounds pretty great. I just haven't done enough research into it yet.

@Melissa Gittens no problem. I will update this post once I do eventually approach a broker. As much as I would like to know beforehand I can't tell until I try.

@Account Closed unfortunately we are not married yet, so I don't think I would be able to put my name on the loan.. Which isn't something I'm comfortable with in a worst case scenario.

@Jerry Padilla Yes, of course. Thank you!

@Jerry Padilla So it doesn't seem far fetched that we would be able to get one of these loans? We've spoken about CO, but property in WV is way cheaper. You can find a 3-unit that needs a little work for well under $200k. And unfortunately we need to stick around here for a while longer before moving out west. So I might as well get started looking at different loans and making connections around here asap.

Hello lenders of BP! I need your advice, and please don't sugar coat things. If you don't think I could qualify for a loan under my current circumstances, let me hear it.

I want to contact a mortgage broker to get preapproved for a loan but I don't know if my earned income, as well as other factors would allow me to qualify. I am a server at a restaurant and haven't really read a lot about people starting out investing on this type of income.

I want to invest in a multifamily with my boyfriend in my area. I'm aiming for a low down payment (3.5%) fha, owner occupancy loan. I don't have a property in mind, but I would like to know if I could even qualify before doing the hard work of finding something and then getting a big denial.

I've served and worked in restaurants for 3 years and same goes for my boyfriend (A little over 1 year at our current employer). He is also in the military.

Me:  2014 w-2 income: $12,100.                             2015 w-2 income: $15,100.

Him: 2014: $23,000.  (Server & military)                    2015: $20,000.  (Server & military)

I have $4k in savings. Not sure if I need to include expenses, but just in case.. I pay $85 for phone, $75 for auto insurance. no loans. We split our $820 rent 50/50. 

He has $500 in savings. Monthly he pays $260 for car payment, $50 for health insurance, $125 for phone, $75 for student loans. 

My credit score: 740                            His credit score: 670

Questions

-For the type of loan we want, can you count the income from the potential rentals as income. I know they would have to actually be rented out in order for that to work.

-When servers get a loan for a car they don't go by your W-2 income, because they know servers generally make a lot more money than they claim on their taxes. Is it the same for a mortgage? Because I really make closer to $20k a year, and my boyfriend makes even more.. (Please no lectures on the laws of claiming tips. You won't find a server that voluntarily claims 100% if its not required by management)

-Does getting property management training help when getting a loan, or is that only for properties that are 5+ units?

I think now you are required to have 6 months worth of payments set aside in savings for a property. We have someone willing to lend us some money for this and a down payment.

As of now, how do you think we stand? Maybe an idea of how much we can get approved for. Also, tell me anything we could do to improve our chances. If you say get a job with more income, feel free to say it, I won't cry haha. And last but most importantly, let me know if I seem misinformed about anything I've said.

As always, thanks in advanced!

@Jerry Padilla thank you! Very very helpful

@Logan Allec Ohhh, gotcha. I misunderstood what you meant about SFR's and duplexes.

@Kelly Sennholz Yes, I'm leaning towards the VA loan too.. The only down side, from my understanding, is that you have to be a veteran or spouse to be on the contract, so I wouldn't be able to sign. However, I could be wrong about that.

@Logan Allec Wow, that's thanks for the spreadsheet. I didn't even know that those loans didn't apply to duplexes. Again, I'm thinking I will have to start on the outskirts of somewhere near Denver. But for work, it would be way more practical for myself to live closer to the city (at least in the beginning). I don't doubt that I will make it work though.

@Mark Limke thank you for the motivation. I'd like to think that I generally keep a positive attitude for my goals. I may have to take you up on that offer in the coming months.