All Forum Posts by: Jef A.

This is great information and a great guideline to go by. Thanks for the advice.

I am interested in purchasing a single family unit but have concerns about dealing with a contractor to perform the work when i work full time. Any advice for finding a reliable/trustworthy contractor? The home needs Painting, Windows, Carpet, and a new Kitchen. The property is a 3/2 and ~1500sq ft. My end goal is to keep the property as a rental. This is my first project so i am a bit nervous dealing with a contractor and not being able to stay on top of him/her to make sure i dont have my money stolen and the job is getting done.

I am interested in purchasing a single family unit but have concerns about dealing with a contractor to perform the work when i work full time. Any advice for finding a reliable/trustworthy contractor? The home needs Painting, Windows, Carpet, and a new Kitchen. The property is a 3/2 and ~1500sq ft. My end goal is to keep the property as a rental. This is my first project so i am a bit nervous dealing with a contractor and not being able to stay on top of him/her to make sure i dont have my money stolen and the job is getting done.

@Albert Bui I am working through quicken loans and i have also contacted wellsfargo. With both i believe i believe i can do 20% but neither company has an option for less than 20%. The properties i have found are in good areas and are single family homes. Sounds like i need to do more research to find the 10% down option.

@Adam Petterson thanks i will reach out to them to see what other options they have.

@Albert Bui this is great information. I felt it would be an issue but wanted to bounce the idea around just confirm. I really appreciate the response. I guess i will continue to save my pennies so i can get that 25% down.

Thanks 

I recently paid off my home and i am interested in purchasing another home/duplex for the rental income. Banks are telling me that because i own a home i would have to pay 20-25% for the down payment because it would be considered a second home. Would it be possible for me to transfer the home to an LLC or a land trust that i own and then when i go to the bank i would technically no longer own a home and wouldn't have to do the 25%down payment? Is this legal/ethical?

I am not trying to break any rules i am just trying to think creatively to overcome obstacles. 

I recently paid off my home and i am interested in purchasing another home/duplex for the rental income. Banks are telling me that because i own a home i would have to pay 20-25% for the down payment because it would be considered a second home. Would it be possible for me to transfer the home to an LLC or a land trust that i own and then when i go to the bank i would technically no longer own a home and wouldn't have to do the 25%down payment? Is this legal/ethical?

I am not trying to break any rules i am just trying to think creatively to overcome obstacles. 

@Andrew Postell This is great information. I found another home closer to my job that is a bit of a fixer upper and was considering buying it and living in it while i rehab it. I have called a couple mortgage companies and heard that there are different terms for secondary homes versus a primary residence but it seemed to have been a grey area previously. I will go back to the bank have have them detail there terms explicitly so i am on the same page with them.

I thought initially that once i paid off my first home completely and if i wasn't using it as leverage to buy a second property they shouldnt care. I guess i was wrong about that.

Thanks Again

Ah ok, thanks