All Forum Posts by: Jason Hubbard

Thanks Chris.  Would I be able to project that for a lender based off of the other units in the complex that are being rented?  This unit does not have a rental history, although the others that do are identical.  

Jason

It can definately be used as a vacation rental, there are others in the complex being used as such.  Thank you for the heads up!  Let me know on the referral.  

Thank you for answering Aaron.  If it is necessary I will wait another year, but I would like to get started sooner if possible.  My idea with a partner is to put more money towards the principle out of our pockets, in an effort to get it paid off and use the income to fund another deal.  

Hi Roman,

    Does the town that it is in affect how I will be able to get it financed?  Thanks for your help.

Jason

Hello All,

      I am new to investing and trying to fund my first property.  I have found a condo that I would like to purchase as an investment property and rent out as a vacation rental.  The asking price for the property is 84,900.  It is located in florida and I am in Georgia.  

      I have decent credit, over 700.  I had a job that was W2, but switched to another and now I am self employed.  I have only been so for one year.  I have inquired with a mortgage broker about financing this property but he is saying it may be difficult due to changing to self employment as the banks are looking for at least two years self employed for tax purposes.  So I am starting to wonder about feasibility and if I should look elsewhere for a mortgage?

     Additionally I have a potential partner on this that has his own set of issues for financing, specifically he does not show enough to qualify with the debt he currently has.  We are all married and we all have similar credit.  Everyone is self employed except for one.  My wife and I don't have excessive debt and will have the income to debt ratio.  

     Ok so go easy on me since this is my first stab at investing.  Any ideas with regards to how to get it financed?  We could easily put 10% down and probably get 15 to 20 percent down with a little time, although I am anxious to miss the deal as they do not come up for sale often at this property.  I appreciate any and all ideas and criticism.

Best Regards,

Jason Hubbard

Thank  you sir for the post!  Read the article.  Very clear!  Looking forward to contributing.

Jay

Jason Hubbard here.  New investor, here on the forum to network, learn, read and process.  Happy to make friends along the way as well.  I have been following John Fedro at mobilehomeinvesting.net.  I am interested mainly in mobile homes and parks.

Thanks, see you on the inside,

Jason