All Forum Posts by: Eric Matson

Is it a good idea to become a licensed agent first, to gain experience and save up money for investing later on?

Jeff Fruhwirth Anthony Dooley Sean Cassidy Steven Stokes Stanley Parsley I also was told that adding or switching a job would prolong the loan process until they see consistent income

Sean Cassidy Stanley Parsley Steven Stokes Jeff Fruhwirth Anthony Dooley Sorry guys, I was a little vague with my description. I don't really have any debt at all, just a few hundred out on a credit card which I've been paying off to help build my credit up even more, $125 car insurance every month, and a $31 phone payment every month. Other than those, I don't have any debt. I do work full time, just make ****** hourly wage. I was also looking to use this loan to buy my first multifamily property and rent it out. I was applying for an FHA loan through an individual mortgage broker, not through a bank or credit union.

So I was just denied my loan because my debt to income isn't the best. My credit is excellent, is there any lender who would approve me my loan? Or do I have to find a coborrower?

What I meant was, PM vs self managing

So I'm waiting on pre approval for an FHA loan, and then plan on buying my first property, which will be multifamily. I know with an FHA loan, you must occupy one of the units. Would it be worth hiring PM, or landlord myself?

Thank you very much. These are all very helpful and it definitely sounds like a business I want to enter.

So, I'm currently waiting on loan approval, and then plan on buying my first multifamily property. I'm all in on this plan, but can't shake some nerves when it comes to landlording. Is there anything I should know? Any tips, suggestions, ideas, this I should/shouldn't do? Any advice would help out a lot. Thanks!

good idea in theory indeed, although that is not my goal. Being new and all, I'd rather take things slow and steady as to not make any mistakes or run into any complications. All that being said, it sounds like FHA is the way to go. Thanks for all input!

Hey guys, thanks for all the responses. But I was planning on living in one of the units. Gets me out of my parents house as well, therefore I'd be looking for a triplex or quadplex, or just a great deal on a duplex. So still, is FHA the way to go, or are there any downsides which would point towards conventional? AND if I went FHA, how long would I have to occupy? I know of someone in my hometown who bought with FHA, lived there, moved out shortly after, and repeated the process a few times. Any set time limit on occupancy?