All Forum Posts by: Kenny Sibrian

so my current situation is i have fair credit around 700 from what creditkarma states but with to many hard inquiries. my total debt adds up  to 27 thousands. im making monthly 2,144 a month before tax and in my savings i just reached 1,000. i want to get a rental property but with very little funds or not the right partner to work with. i have tried with private/hard money lenders but i don't have their upfront fee cost and repairs or any experience in to game so they wouldn't loan to me. i have tried with a traditional bank for fha but they say my dti (debt to income ratio) is to high and again not enough money for a downpayment/repairs.  what would you do in my situation to get your first rental property?  to me it sounds like i need to have a good chunk of money and to have 10 years experience to start investing. 

I was planning on getting a single family home live in it for a year or so, and then move out and rent the whole house.

is there a way to see how much house I can afford with the income that I make? What I would like to do is purchase a house that I can live in through FHA for a year then rent it out and move to a different house but would need to know first with the income that I make is there a price limit on a house I can get? any feedback is greatly appreciated. Thanks for all your information.

im looking at doing a few buy and holds this year and i have gone to a bank and a hard money lender locally but they both said the same thing; that i would need either more capital than what i have or have a partner fund the deal. My mom works for someone who from what she tells me is currently doing the brrrr strategy, but my question is what should i be prepared for when i ask if he wants to partner on a deal? in the role i'm considering he is the one funding the deal, but does that mean he pays for the whole purchase price or the down payment for the loan? if he were to pay the down payment/closing cost and then when i refinance the property would i pay him back the money he put in and then a little interest? who determines what the interest is? how would i bring that i want to borrow money from him with out it sounding weird or that i am just using him for his money? 

@Russell Brazil but with most loans that are owner occupied, is there a time limit you have to live there? from the BiggerPocket podcast i heard a few times mention that with the fha loan you would have to live there for about a year? im looking at getting loans with a loan down payment if possible, what should i be on the lookout for? 

the reason i ask this question is because next year i plan to purchase 3 property with the third  being my main residence but i plan to live in the first property while rehabbing for a few months. 

@Account Closed what other avenues do you mean? 

hello everyone, i was wondering when using conventional financing who determines what percent down payment should be? is the down payment percentage negotiable? 

I have a family member who is thinking about selling their single family house in eugene, Oregon and  im considering purchasing it and renting it to them or if they want to live there then rent it to someone else. I have run the cashflow numbers and it looks like a good investment. What advice would you have about renting to family and buying their house? also would anyone know about dowpayment assistance programs would have an issue with it being buisness between family? 

Hi my name is Kenny and I'm in eugene, oregion. This is my first post. I have a few questions  that I haven't been able to get any clear answers. 

1. with repairs, when looking at an investment property, how have you learned to know what needs to be repaired or do you have an inspector go to every property your interested in and give a rough quote without charging? 

2. if attempting to house hack how would you calculate if it is going to generate income while living there and when renting both sides?

3. how would i pick my team if im not sure where to start out? 

My main goal is to be financial free and flexible if needed. i want to start with a duplex  ( maybe a triplex) and live in one side then later down the road purchase  another property with the intention of buy and hold. any information on this will be great. thanks in advance