All Forum Posts by: Diane Andrews

Mirtis, do mortgage lenders usually require "proof" or a tenant in place for a few months (collecting rent from them) in order to establish that renter income for you in order to get the loan?  If so, then you have carrying costs for additional months also.  Correct?  unless of course you are preapproved first non including any equity the property may have once renovated.  

thank you

Thank you. 

Thanks so much for your reply.  I figured the requirements would vary.  So, either way, I am looking at about 20% down for each.  I am trying to get a general number on what I need to begin investing.  While there are alot of "ways" to get started, I haven't seen a really good list or estimate with an example as to what is really needed to get a deal done.  I also realize that every real estate transaction is different, but I need some good numbers to be prepared for how a deal's exit strategy may end up.  

At what point do I need to get qualified for PM or HM loans.  I plan to flip but what happens if that doesn't work out for some reason and I need to go with a conventional loan.  Does qualifying for PM or HM usually also qualify you for a conventional mortgage.  In this case, I will have to my own money and credit to keep the property to buy and hold it, not OPM.  Also, how much actual money is needed out of pocket for draws, etc.  to have on hand during the whole reno process.  Also, are there tips somewhere on finding and managing contractors?  Thanks for any comments on a clearer perspective on this.