All Forum Posts by: John Morgan

Michael Cohen Yes this will be an investment property that will be rented out. I have a meeting with my lender this Friday so I will discuss my best options then. Thank you again!

Michael Cohen Thanks for that info!!! Yes you are correct about that name, it's funny even reading it lol. But I will look into all of these options. Question... did you list these types of Loans 1-5 in order of which is best or these are just what came to mind?

Bob Okenwa Wow that's very informative and helpful! Thanks! Question.... if my plans were to rent this property out would you still suggest an FHA? It's an inherent property that doesn't have a remaining balance and I have owned it over a year now.

@Melvin To be honest that is still TBD, but on the surface it's looking as if it will be a little of both. Specifically a bad water line into the property, a old furnace and maybe some old piping that needs updated. The rest should be strictly cosmetic. But I will find out for sure by the end of the week once the property is professionally inspected

Thank you Michael! Unfortunately and fortunately this won't be my first home purchase so if I'm not mistaken the FHA first time home loan is out of the question. Now I will be sure to look into this rehab loan that you mentioned. This sounds like it could be exactly what I need for this property since I will be renting it out. Thanks again for the feedback! John

I recently did my first discussion here on bigger pockets regarding whether I should use my own capital and cash to rehab a current property that I own or apply for a loan with a bank. The consensus response was to apply for a loan which I agree with and will do, but I am taking it step further and asking for wisdom and guidance from the bugger pockets community... Are there any "specific" loans or banks I should be looking towards with retrieving this loan? Please help! Thanks John

Thank you Patti! This article looks great! Appreciate your feedback!

Thanks so much for the feedback! I appreciate that more than you know. It sounds like there is a common consensus to take the bank loan route as opposed to using my cash. Are there any specific loans that you all suggest I apply for? 

Matt,

Yes I am vaguely familiar with section 8 from what other investors have told me about. Yes you do have to pass inspections and codes in order for your property to be rented out. But from what I have been told it is a great way to assure tenant payments and cash flow coming up. Does this make sense?

Hello, I am new to the forum. I have a inherited property from a relative in a semi bad location. The house is in need of some cosmetic work as well as a completely damaged water line that needs replaced. I have a small amount of liquid money to use. My thoughts are to use to my liquid money to get this property in good standards in order to rent it out to section 8 tenants. I am conflicted whether or not to utilize my liquid money or find creative ways to have a bank loan to get this house back in better conditions to rent it out. What should I do? PLEASE HELP!