All Forum Posts by: Christi Hawkins

Welcome to BiggerPockets!! You will love this website and learn so many things from so many people. 

HI Veronica,

Welcome!! You will learn so much from being a part of this website!!

John is absolutely correct about being able to get a conventional loan for an investment property based on your income and good credit. They will also require two years of landlord experience before they give you credit from the income on the property. That would the safest way to do the deal. I'm interested in what kind of terms your lender offered that makes you uneasy, or was it just the vibe you got from them. I always say go with your gut but maybe you need the terms explained a little better  Hard money lenders are expensive and not for everyone but do serve as a valuable tool, when necessary.

I hate that!! We have a few investors in my community who own several hundred rental properties and they don't take care of their homes either. When I have taken on the city about it their only response it to put it off until after the next election, they don't want to make them mad. I hope your new mayor cleans up the place and you sound awesome to be doing what you are doing. Keep making noise with city officials until they hear you.

@Kim Knox that's a fantastic idea!! I can't believe that never crossed my mind. I want to get into a different market and that would be a great way to learn it. Any chance you would send me that list as well?

Joshua,

Fight through the fear!!! This website is fabulous and it's a gift to have. I've spent 20 years in the real estate business as a Realtor and a lender but I don't know anything about investing in it. I've done 1 flip and planning my second in March 2018. In both, I have a partner who had the money to finance the property. My part is finding the deal and doing the renovations. I know my market, which is a rural county in Ohio so I make sure I know who the borrower will be on the other end. My plan is to be wrapping up my first flip on my own by this time next year. I want to start getting into the Columbus, OH market, which I don't really know that well yet. Focus on what kind of investor you want to be and then study just that side of it. Read every forum, take every webinar and read every blog in that area. Don't be intimated by all the people here, they started somewhere too and beginners like us are lucky to be able to learn from them. If you've decided this is what you want don't let anything stand in your way. I made a deal with my husband, who did NOT endorse this decision that if I could pay the utility bills somehow, he would be on board and take care of our mortgage and everything else. I've been picking up some freelance contract work and spend the rest of the day learning. Each day I'm more focused and sure this is what I want and have no doubts. Commit to it and use this website as the amazing tool it is. 

Hi Mitchell,

GO BUCKS!!!   Scott is right on the money with all his suggestions and you sure have a wonderful opportunity. My brother lives in Hilliard and I'm guessing there aren't many vacant lots left so that makes your lot even more valuable. Couple that with a good school system and you can't go wrong whatever you decide. The most important part will be to get with a title company or attorney and get those lots split before you do anything. Good Luck!!!

Hi Antonio,

It's correct that any Conventional lender will count that FHA loan as a debt. They usually hit both ways, the debt counts as yours because you are a co-signer but they won't allow to you to offset it with the income from the property because you are a co-signer. I think it's a great idea to partner with your friend and you both share the risk but I would also consider looking into a Hard Money Lender. I agree with Chris, there has to be one that would let you swipe a credit card for the down payment. I would do some research, make some calls and find one that fits your situation. I love that you are getting into investing at 22, I wish I had. Good Luck, if I can think of a lender I will let you

Hi Ryan,

You absolutely do not want to write an offer and a check on this property until you have your financing in place. If the listing is that hot you are going to need a letter of pre approval to submit it. One thing you might want to check out is an FHA loan. They will lend on a duplex if you are living in the property. The down payment is 3.5% and as long as your debt to income ratio can support it you should qualify. The one thing I'm not sure of is if FHA requires landlord experience. I would contact your local lender and they can give you the details on that. Sounds like a great opportunity Good Luck!!

Christi Hawkins