All Forum Posts by: Jacob Willett

I am in the process of finding a property for my first deal, which I plan to be a house-hack. However, many of the prospect properties I come across have long-term tenants in all the units. I am prepared to inherit tenants, provided they pass a screening process, but I need one unit available for myself to live in.

Should I just cross any fully occupied properties off the list and continue searching? How have/would you handled a similar situation?

I am in the process of exploring financing options for my first deal and I came across the idea of government down payment assistance grants.

From what I read, these grants can be used to cover the down payment on a low money down loan such as FHA loan, which I was planning to utilize anyway since I will be an owner-occupant.

Has anyone used this in the past? What were your experiences with this program?

Super newbie question here but I want to make sure I have a developed understanding of the process that has worked for others. 

What is your step-by-step process for purchasing a property, from discovery to closing? 

Do you find the property first and then the financing or do you start with the financing and then find the property?

I am looking to obtain pre-approval so I can start really searching for my first deal. However, as I am a student with an inconsistent employment situation, I expect this will present a challenge. I am looking for a lender that offers FHA loans so I can take advantage of the low down payment as I will be living in part of the property.

Have you had a great/ terrible experience(s) with a mortgage lender in the southwest Ohio area? How did you find your lender? Do you prefer large banks or small banks/ credit unions?

@Ronald Allen Barney No worries, you have given me a good starting point for my unconventional financing situation, for which I am grateful.

@Ronald Allen Barney My credit score is currently in the mid 700s and my cash position should be good to cover the down payment and closing costs on the property I am looking at. I am not familiar with non-traditional mortgage originators, do you have any recommendations on where to begin looking for one?

I am working on my first deal and I have started working on getting a loan pre-approval. My concern is that I am currently a college student and my employment is based on co-op cycles within the college so I cannot provide 2 years of steady employment. I was planning to utilize an FHA loan to take advantage of the low down payment but I have hear the are more strict with the employment verification.

Has anyone had any experience getting loan approval / pre-approval with a similar employment situation? If so I would love to hear about your experience and what lender you used!

@Jaron Walling I am well aware of the work involved in owning and maintaining a rental property and I am prepared to dedicate the time needed to get it done. I don't expect financial freedom from one property that is the reason I am inclined to start building my portfolio as early as I can. As for location, I do not plan to live in the house hack for more than 1 year, after which I will most likely be looking to get my second. I will be working at least one more semester at my current co-op job next summer so I can be certain my location will remain the same for close to 2 years.

@Jaron Walling I am planning on my first property being a house hack so in the short term it helps alleviate the problem of financial strain from paying for housing. In the long term I want the flexibility provided by financial freedom. I don't want to be locked down, dependent on my W-2 job to survive.

I am currently a student in college preparing for my first deal. I am enrolled in a cooperative education program so my employment is based on the college's coop schedule which means I am not employed at the same place for more than a semester at a time. During the semesters I have classes I am self employed.

I am concerned that my unconventional employment situation will present a problem when trying to get financing for my first property.

Has anyone with a similarly in-consistent employment schedule been able to get financing? If so, what can I do to smooth the process?