All Forum Posts by: Connor Anderson

Can you do formal credit report and background check on the seller and then get him to sign a 12 month lease? If the reports come back looking good and the owner signs a lease then I could see this property working out well.

Hi Frank - I am in a similar boat as you. There are a couple of options for you. 1. You can wait 1 year (meet the minimum requirements of your loan on your current property) and use another low down payment owner occupied loan to get your next property. 2. You can call your small local banks to see if they offer low down payment rental loans. I have a local bank in Michigan that offers 15% down payment rental property loans. 3. Private Lending, you could find an individual with lots of money that is willing to lend it out to you if you find a smoking deal. You should put some skin in the game though so maybe you bring 10% to the deal. Best of luck!

Hi @Ondrej Brown yes this should help! The key thing those is to actually talk with the employees at your credit union. Even though these banks are smaller than Chase you still likely are just an account number until you shake hands and become friendly with the clerks, managers, lenders, and underwriters. Best of luck!

Hi Jason - You should be fine. You can only have 1 FHA loan out at a time, and since you have 0 out I do not see you running into an issue related to that. Best thing to do is to call up a good lender and ask them what you can do.

Welcome Darius! What are some of your goals for investing this year?

My favorite strategy to get started is a house hack! Buy a duplex, live in half and rent out the other half. You provide yourself with a cheap or maybe even free place to live, while also learning the ropes of rental property management! It's very affective and not very capital intensive.

Best of luck!

@louis hamric Sounds like you are in a great position because you have multiple options to choose from, likely all of them will work out well. My suggestion would be to evaluate what leads to a greater long term cash on cash return. Paying off a mortgage at 4-5% may be nice since it will increase cash flow on that property, but likely a fixer up rental will bring you much higher returns over the long run. My vote would be to purchase another rental!

Thank you for posting details about your first deal! It sounds like it has the potential to work out well and bring in some nice cash flow. Please update us when it is all finished.

Hi Patrice - What neighborhood in GR did you pick this up in and what to you plan to get for rent? I am planning on buying a rental in GR this summer and would love to hear more about this deal!

I would be interested!