All Forum Posts by: Derrick Dill

Is it your credit? is it your debt to income? Need more information to give you a more specific answer.. Can work on either of these issues though.

It seems you want to use FHA again, you'll have to refinance out of your current FHA to do that. Having 20%+ in equity will eliminate your PMI simultaneously. Can use your retirement accounts as reserves

Get a new realtor.

When I was putting in offers with my investor-minded realtor, I would go 20%+ below listed price OFTEN. If seller is serious, they would put in a counter-offer and our negotiations would start there. I've got some great deals this way. We never know what kind of situation sellers are in.

This agent doesn't want your business? Fine, there are several (here on BP even) who do want it.

Thank you all for your comments. 

@Dave Foster 

How long would I have to wait to change my intent to convert the property into primary residence?

I'm interested in doing a 1031 exchange, but the answers I've found online have been murky for my specific question:

I want to 1031 exchange my investment property in Ohio for a primary residence in California. Is this possible? I've seen conflicting information regarding whether it is eligible for primary homes.

Any insight is appreciated

I just did cash out refinance this month at my credit union.

Do you have a retirement account? You can include retirement as reserves from a lending perspective. 

Good credit will help you get most competitive rates when getting a loan/mortgage. Half a percent can amount to several thousands of dollars. Now, is a good time to start. Get some credit cards and start making on-time payments to build credit

I bought a turnkey in KS, MO 2017 for 100k. Rents for 1150$, mortgage impound account 700$. Refinanced it last month to 2.875%, it appraised for 139k. I don't plan to sell it. I plan to enjoy the cash flow and use it for my retirement in 15 years. My exit strategy is being financially free

Refinance out of your first property (FHA), get rid of PMI. Then, go FHA again on new property.

Take out HELOC for one (or both) of your properties, use HELOC for down payment/ purchase