All Forum Posts by: Jacob Sloop

So you are moving to one of these markets?

You will be required to live in the property for FHA is why I'm verifying ..

I think the First step is reach out to a lender when you decide and get pre approved . Find a good mortgage broker, You need to know your budget and get an idea of monthly payments

First off congrats on making a purchase!!

There is a mid term rental group local run by @Mel Volland that would be a great source of info


For a residential loan they are going to use the sales comparison approach for value most likely so income is not a factor..     I have gotten a commercial loan product for a duplex that used income for the appraisal and it was very favorable outcome

I’m in Virginia Beach/Hampton Roads market.  If anything pops up I will let you know !

Absolutely but that is something you have to figure out for you situation.


Contact a lender / mortgage broker preferably 

They will get you an idea of what you can afford and what payments will be

Then find a local agent to guide you with that info 

That’s a little broad but I will share my buying criteria for single families in my area..

3+ bedrooms

2+ bathrooms

1000-2000 sqft

Built after 1960 preferably after 1980

Not crazy at all!!

This is a great way to build some extra income /equity / offset expenses for your son.  Tax deductions for depreciation ..  Benefits are many!

And your right, with it being owner occupied you have a bit of an edge on the “competition” being you have better rates and could pay a little more

So you have this under contract but don't have a lender lined up?

Have you gotten quotes or a term sheet at least?   Without knowing your cost of money that is a risky maneuver..  

Also 100k rehab is a large rehab for your first deal..

Im only saying these things to try and help your awareness not scare you !

There is a HML directory on here but I suggest finding someone local that can advise you of someone they have personally dealt with. Not all lenders are alike, some just plain suck or are borderline predatory so be careful

Welcome Tyler and good luck!

Start reading and listening to podcasts

12% average annual return seems to be a common stat.

@Joe Ko

Welcome!

I'm in Virginia as well, Hampton Roads area /Norfolk/ Virginia Beach.  Its a much easier market to invest in down here!  If you have any questions feel free to reach out