All Forum Posts by: Gabriella Borukhov
Gabriella Borukhov has started 10 posts and replied 20 times.
Looking for a good loan officer to help me get a second house mortgage loan in Sarasota, Florida. Recommendations highly appreciated.
Post: Multi-Family Investment Groups in NY
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I am super interested in this. I am located in Long Island
Post: Getting approved for mortgage with untraditional income
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Originally posted by @Jesse Rivera:
Originally posted by @Gabriella Borukhov:
I am trying to buy my first property however, I do not have a traditional job.I do have enough to purchase my own property. What are my options that I can use to get approved for a mortgage?
Can you be more specific?
What is your job? How do you get paid? How often do you get paid? How long have you been at this job?
Non traditional income is not a deal breaker. Lender needs to know that the job and income is stable, even if averaged over the year. I did a loan for a woman that owned a Christmas tree lot, she made all her money in Nov and Dec, and didn't work the rest of the year. We averaged out her income over 12 months and we got it done.
That's awesome. So my current situation is a bit difficult. Long story short, I got injured and am unable to work but I received settlement money for my injuries. If I deposit one large sum. Would I be able to average that out for the year?
Post: Getting approved for mortgage with untraditional income
- New to Real Estate
- Posts 21
- Votes 14
I am trying to buy my first property however, I do not have a traditional job.I do have enough to purchase my own property. What are my options that I can use to get approved for a mortgage?
Post: Should I open business bank account?
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What are the requirements for opening a business account for real estate investing? Do I need to show proof of a business license. Any tips and advice will be greatly appreciated.
Post: How to find real estate consultant?
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Anybody have any recommendations for some knowledgable reliable real estate consultants and what the average price is to pay for one?
Post: Buying vacation home as your first property?
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What is your opinion on buying a vacation home as your first property?
I would like to eventually buy a fourplex with an FHA loan and house hack however, I am playing with the idea of buying a single family home as a vacation home and airbnb it to gain some experience and have a place to stay when traveling. I am concerned if this will ruin my chances of getting approved for an FHA loan since it will be my first property that I buy.
What are your thoughts?
Post: Buy Property or Build Property
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Originally posted by @Brendan Miller:
Hi @Gabriella Borukhov I'd say it really depends on cost of whether to buy an existing home versus build a new one. You should be able to check the MLS to find comps for the type of existing building you're looking for and then compare that to the cost to build. I would say that most beginners would not normally start with building their own investment property, however that doesn't mean it can't be done! I would start with researching what the full cost is to purchase the land, develop it and build and then let the numbers drive your decision. Good luck.
Thanks for the advice! So I've already went ahead and tried to compare. The only issue is that the area that I am searching in doesn't really have any modern buildings which area along the lines that I am interested in, so I am not worried about paying more because I know that there will be a demand for newer buildings. However, there is a concern that there will be hidden costs that I am unaware about. Would you happen to know if there are any hidden costs that I should be aware of?
Post: Buy Property or Build Property
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Hello everybody,
I am looking into buying quadplex property in a vacation area that I frequent however, there is a lack of properties and an excess of land. I am thinking about building a new 4plex however, I am unsure if this is the right decision since I am a beginner in the field. What are your opinions on building rather than buying?
Post: Newbie here and I just went PRO!
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Hello everybody!
Newbie here from NYC and am so excited for this journey. I am interested in house hacking and renting out multifamily properties. Currently using BiggerPockets to get educated on all the real estate terms and steps to take, however, I would love to know what others use BiggerPockets for and how they use this site to grow their empire. I am also at the point where I am trying to figure out where is the best market that I can see myself living in and renting out. NYC is a little pricey for me so I would love to know what steps others have taken to find the perfect location. Thank you!!