All Forum Posts by: Jerry Padilla

@Alesha Rayford 

I see you are a new investor. Have you been pre-qualified? This is the first step and will give you a stronger offer, in addition to letting you know what price you can purchase up to. 

@Roger Smart 

It is a good idea to get your financing in order and not wait until the expiration. I am sure he would be glad to close early but if the lease expires you could lose the house. Is your job in the same line of work. 

@Adam Spencer 

Absolutely.... I would ask the seller to try and get one of the tenants out prior to closing. And yes as Rhondalette says you should get financing in order first. 

Great post @Curt Davis

I never thought of them needing to be licensed, but it makes sense. 

@Cynthia Rathbone 

You can use 75% of the lease agreements towards your income. 

@Adam Spencer 

Yes. You have to move in to one of the units..... So one of the tenants have to go. Hopefully a lease is expiring soon or they are on month to month or one is willing to move out.

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@Amber Koontz you can get traditional financing if the house is in livable condition. If not and you are new to this..... Keep in mid the rental loss and inexperience with real estate and rehabbing for your first property. Just don't get in over your head. If is great to start out with a house that you get for a great deal that just needs some cosmetics and build sweat equity. You can collect rent while learning as well, and not losing too much in the meantime. 

@Treven Jennice that is a great way to go! You may even be able to do it twice with your VA loan depending on the purchase price and the maximum loan for your area.

@Cade Marsh

This is a great way to get started with little money down. My wife and I still live in the FHA duplex we bought and my mother now rents the other unit. We are now refinancing into conventional after making many improvements. When we move, the house will cash flow nicely.