All Forum Posts by: Gerald Barron

Madeleine Duprez I think it would/will be very difficult to find someone to co-sign on your confidence in future income. I think your confidence is great and that fire will help you build your businesses. But from an investor standpoint co-signing your loans would be very risky. Anyways, here’s an option that might help. You could continue your businesses, get a paycheck/full benefits, and get help paying back your loans.You could possibly join the military as an officer too since you have your degree. http://www.military.com/Resources/ResourcesContent/0,13964,44245--,00.html

I had a similar thing happen with a VA loan. VA loans are much like FHA loans in that the property must be owner occupied. Specifically, intent to occupy after closing. If you had an FHA loan and you bought the house to live in, and you did, you did not commit mortgage fraud. Like VA loans the FHA program knows circumstances change and people have to move. I wouldn’t contact the mortgage company or worry about it.

Welcome to BP!

Congrats!! Awesome story as well I’m glad worked out and Happy holidays!

We have a rental in Southwest Florida that rents for 2800mo.. we require first month, security deposit, last month, non refundable pet deposit, all by lease signing. It’s comes in between 8-9k at signing.. never had a tenant question this. It’s par for the course in our area.

I just used Cozy for the first time and it definitely made the application/credit/background process easier. I also call all references, confirm income, and talk to former landlords. The more information you can get the better IMO.

We have a rule to not buy any of our buy/hold rentals in a flood zone. But for a flip I think hurricane damaged homes make sense. I actually just walked through two flood damaged homes in Bonita Springs.. they were more work than we could take on but the numbers worked on both of them.

My wife and I own a rental in Naples Park. It’s a hidden gem community in North Naples. It’s being gentrified these days but you can still find the “1%” deals there if you don’t mind doing some work. Also, there are no HOA fees. It’s a great area too! Two major public beach accesses (Vanderbilt and Wiggins) and Mercato shopping right across 41. Naples Park is on the top of our list for the next downturn.

Hey Tyler, I used a VA loan to purchase my second property. They are fairly strict about occupancy upon closing. You must certify the house will be used as your primary residence. They require this because the program is designed to help military members and families buy a home not to benefit investors. That being said, there is no set time for that occupancy. The VA understands people move or buy new houses (especially military people). It’s why you can have more than one VA loan at the same time. Individual lenders might have different requirements but the VA occupancy certification is intent to occupy upon closing. Now if you apply for another VA loan a couple months after the first they might have some questions for you. Beyond the occupancy certification the house itself has to meet certain requirements. Very similar to a FHA it has to be in good condition and livable (for obvious reasons). The VA home loan program is a powerful tool though. Used correctly it can be a great benefit to us as investors IF you work within the program’s rules.

Hi Paul, Like Kyle does, I also get applications and checks for all adults that are going to be in the house. My tenants pay for their credit/background checks. I use Cozy for this, it’s 40 dollars (I think) for both reports. I also require all adults to sign the lease with the understanding that they are ALL responsible for the lease. Gerald