All Forum Posts by: Jay Len

Hi all, in the market for my first home and have a few prospects in sight. Hoping to close on one within the next coming weeks. I’m a 23M earning ~75k and approved for 400k. I’m planning on buying close to my approval amount and living in the property for the first year then planning on renting it out. My question lies in acquiring my second property. Will it be difficult to qualify for another mortgage if my income only increases roughly ~5%? How much time will I need to rent out the property for in order to show the mortgage company I’m trust worthy enough for another mortgage? 
Also is my plan too advantageous to buy a second property within the next 1.5 years after the first one given I can save enough for a down payment? Thanks 

Thank you Scott and Alex!

Hello BP community! First post here. To keep it short, I am going to be purchasing a buy and hold property with a partner in the next few weeks. We verbally agreed that he will buy the house in cash and i will pay for all rehab costs and take care of property maintenance. It would be a 50/50 partnership. What would everyone recommend for how we declare ownership? should we go the llc route, do a partnership agreement, etc. I would prefer for his name to be on the title because he has higher income and credit which will help with the refi process but it would be great to have my name included if possible.

Thanks! 

Also is it possible to negotiate a short sale with the bank? i wouldn't have enough captial to buy the property at auction.

Hi everyone, 

I started renting a house two months ago thats $2,500 a month. I recently have been seeing mail to the landlord that is notifying him that the house is under foreclosure and going up for a sheriffs sale in the near future. The house was purchased in 2010 for 650k and I'm really interested in trying to purchase the property. Any advice on steps to take?