All Forum Posts by: Account Closed

 Yea my lawyer and probation officer both said I can get the charge expunged after 3 years.... It's still pretty fresh however.

 It was an F3. I didn't do jail time or anything. Just probation.

@David Hunter It was Marijuana trafficking. Long story short, I was used to transport a large sum of Marijuana.

I've been thinking about possibly trying to obtain my real estate license, but I have a felony record unfortunately... I've contacted the Ohio Division of Real Estate Licensing to see if I could get licensed with a felony conviction and they pretty much said that I would just have to take the required courses and submit an application to be reviewed. They couldn't give me an exact answer because I guess it has to be reviewed by the commissioner. I just don't want to waste $1500 on the required courses if I'm not able to get licensed for sure. Have any of you guys ever known anybody with a felony conviction who was able to get licensed, preferably in Ohio?

So I looked up the highest rated loan officers on Zillow in my area and I sent them all emails asking what the general requirements are for purchasing a 4 plex; I got quite different answers from all of them!

First, for non owner occupied rental property, they all pretty much said the same thing. Conventional loan will require 25% down with 6 months reserves saved for each financed property I own.

Second, I asked them, what if I planned on occupying the unit? One guy told me I would only need a 5% down payment, several others said 15% down, and several others still said 25%.

Then, I asked what about FHA? One guy told me 3.5%, another told me 5%, and others said it would still be 25%!!!

What's with all these different answers??!! Does anybody here actually know the correct answer?

 But how is private/hard money even feasible for buy and hold investments with such short loan terms and high interest rates???

Today I've been in contact with several different loan officers. I asked them all if I planned on buying a 4 plex and living at the property, what my down payment would be. Two of the bankers said that it would be 15% down and two other bankers said it would still be 25% down. If the guidelines are set by Fannie Mae/Freddie Mac, then why am I getting different answers from these loan officers and also seeing here that people were able to get 5% down? I don't get it.....

Wow that is good to know! I was just under the impression that was for FHA and VA loans.

Thank you for the advice guys! What if I were to just keep moving into each rental property I plan to purchase? If it is owner occupied, doesn't that typically lower the down payment amount or is that only for VA/FHA loans, not conventional?

After doing some digging around and speaking with several lenders, it seems that the normal guidelines for banks to fund an investment buy and hold property is a 25% down payment, plus 6 months worth of mortgage payments saved up for each financed property. I am just so confused how all of you are able to save this much money for multiple properties!! Do you guys all have 6 figure jobs or something??? I am starting to get very discouraged with this.