All Forum Posts by: Jake Vice

Hello BP members thank you for taking the time out to read this! I am going to be in the market in the next 6-8 months to buy a property to live in and I am trying to figure out exactly what banks would like to see for a FHA loan for someone who owns there own business (sole prop). The property's value that I am looking at is $400K looking to put 3.5% down. Just wondering if they look at strictly what the business income has been for past two years? Does the income I collect play a role or just business? With a FHA how many months of reserves do they like to see? Any barriers that are pretty common that keep someone from getting a FHA loan that I can try to correct now before getting pre approved in the next few months?

Hi Lin I definitely considered that but with current market conditions they are tough to find and are pushing $800K- to over a million in Orange County. Just not realistic for my income. Thank you for the input I appreciate you.

Hey Joe! Thanks so much for your reply and knowledge. My girlfriend is on board with the house hacking idea of one room. So that part is good to go. Thanks for clearing up the down payment as well. Taking advantage of the FHA loan sounds alot better then the $80K down at 20%. Since you are local to my market do you attend or know of any investor/ real estate meetings locally? Thanks again!

Hello BP members! Thank you for taking the time out to read this! So here's the situation. I'm 24 years old, self employed with a business that brings me $85K take home live in Orange County, CA currently renting a 1 bedroom apartment for $1850 with my girlfriend not including utilities. I was considering buying a 2-3 bed 2 bath condo in my area for around $400K is the going rate at the moment with my fha loan option 1 or just put the 20% down to avoid the $170 buyer insurance for FHA loan. I would rent out one bedroom for $1000 which is market rent for 1 room in my area. Looking around $1900-2100 Overhead for mortgage, insurance etc. If I rent the room that would put me at $1000 plus utilities my overhead split between my girlfriend and I. Deciding if it's a good move to buy or just to keep renting and save my money for another investment and not have to worry about maintenance, HOA fees etc. Also I know the market is high right now but it would be a long term hold and wouldn't mind to lock in the low interest rate. I just hate that I'm giving this investor $1850 a month for a one bedroom LOL. Anything helps thank you!

Hey Aaron that’s great to hear how well you are doing so quick! Keep it up! Would love to know how you found your deals in the early stages? Also any challenges with the loans that taught any lessons?

Hello my name is Jake and I am located in Southern California. I am wanting to start a property management company. I have a general idea of what a real estate investor is looking for in a property management company. I am hoping someone on this forum could point me to someone or a company who would be willing to answer some of my questions. Asking someone with experience is always the fast track. I need a better understanding on the systems that are used for a succesful property management company and in general what its going to take to build one to a decent size to start landing multi family apartments. If you are a real estate investor or have had experience with property management companies please list what you loved about them and what you didnt love about the company. Thanks so much!