All Forum Posts by: Jared Bouzek

@Nathan Poole Welcome to Bigger Pockets! You've found an excellent resource to get started in REI. If you haven't found it yet, I would recommend you check out the Ultimate Beginner's Guide. I'm sure as an insurance adjuster you've been pretty busy with the recent hail storm. :)

@Jon K. You also want to think about how the term length is going to impact your ability to qualify for financing down the road. By using a 15 year mortgage, that higher payment may wind up hurting your DTI. If you don't have a high income outside of REI, that may cause you issues with acquiring more properties down the road. Ideally it would be best to max out your 10 Conventional loans first so you can capture those low interest rates and lock them in for 30 years.

@Terry Lao I'm sorry to be contradictory again, but there is no requirement within Fannie Mae or Freddie Mac guidelines for a person to have 2 years of landlord experience. You also won't find any requirement for tenants to be in place with lease agreements. Both of those things are overlays on the Conventional guidelines or simply a lack of understanding of the guidelines by the loan officer.

@Allen Hua You live relatively close to @Chris Mason who commented above. He would be an excellent connection for you, and I know he would be able to use your rents as qualifying income without landlord experience.

Allen Hua I would have to disagree with Jeff B. and say that yes, rental income can be counted when purchasing a rental property and therefore help your DTI by offsetting the PITI of that mortgage. When your lender orders the appraisal, they will order a special addition to ask the appraiser to determine market rents for the investment property. The market rents determined by the appraiser are what will be used as "rental income" and therefore boost the income side of your DTI. You will be able to use 75% of the gross monthly rents.

Patrick Boutin You're looking for a Fannie Mae Homestyle loan. Single family can go up to 95% LTV if you occupy.

@Bryan Wilson You won't be able to accomplish this with Conventional financing so you wouldn't have access to the nice interest rates fixed for 30 years. I think the chances of finding somebody who would allow 100% financing is pretty slim, but your local community banks are probably going to be the ones more open to allowing an owner carryback scenario. 

@Jay T. Welcome to Bigger Pockets. It's always great to see more people joining from Colorado. I couldn't help but chuckle after reading your experiences with the HOA board. Good luck getting started. If you haven't already checked out the Ultimate Beginner's Guide that would be a great place to start. 

My impression of the front range is that Denver/Boulder is not the greatest cash flow market but cash flow seems to improve as you move north and south of Denver along the front range. If you're going to purchase from a wholesaler I think you will need to be prepared to move quickly and be comfortable with rehabbing properties.

If you have any questions on the financing side, feel free to reach out.

@Daniel Levine Have the lenders told you why you do not qualify to refinance? All of the factors you listed should greatly increase your likelihood of qualifying, so there must be something else that's keeping things from working.

@Jordan B. I'm sure @Upen Patel will step in to respond as well, but typically a lender will view your time in college as work experience if you are working in a field that aligns with your studies in school. So if you received an engineering degree and you are now working full-time as an engineer, you should be able to get financing now. Typically you'll need to provide transcripts to show you were in school.

@Dan Kelley You just replied to one of the more active real estate agents on our forum. @Matt M. has a great handle on the local investment real estate market from what I have seen. He would be a great contact for you.

On the financing side, you shouldn't have any issues transitioning here and qualifying, especially because you're sticking in the same industry.