All Forum Posts by: Latasha Griffin

@Mindy Jensen Agreed. And I wanted to present him with a perspective he hadn't heard on this thread yet, so I did. Of course, he can do what he wishes with all this info. So may landlords are quick to restrict dogs from their properties, but they cut off a good chunk of the market that way. Just wanted him to know other ways he could assess the situation.

@Mark S. Do you own pitbulls? I'd venture to guess, no. Only people who dont own them have these strong, negative opinions of them. All dogs have the propensity to bite. If it was 5 German shepherds would you feel the same? Because they are responsible for more serious dog bites than "pitbulls" but those stories dont get sensationalized in the media.

I plan to prioritize my units to rent to pitbull owners because they will pay a premium for the security of being able to have their dogs on the lease. I run a page on facebook of hundreds of local pitbull owners who are in need of housing for their families. This is an underserved market that I intend to cater to. I also plan to over-engineer my units to be dog resistant (washable walls, tile or laminate flooring throughout, dog friendly fenced in backyards if possible, etc). I'll also require a non-refundable pet deposit, all dogs be spayed/neutered, up to date on vaccines at time of lease execution, and renter's insurance that includes pet liability coverage. State Farm offers it regardless of breed.

@Mitchlyn D. As a responsible pitbull owner of 4 plus a chihuahua, dont assume these dogs are inherently dangerous from all the people who simply hate these dogs or are just afraid of dogs or have just fed into the media hype.

First, find out what the city or county ordinances are for number of dogs a person can own. Some municipalities state a specific number of dogs, some just say a "reasonable" amount -- meaning if they are able to care for them (e.g. they are not starving or critically I'll, have shelter from the elements, etc). Also, in most states, to sell dogs, you are limited to one litter per year, per dog, or you are required to have a license to breed. Also, they might just not have money to spay their dogs so the females keep getting pregnant. There are free spay/neuter clinics if you look to suggest for the owners. Try local humane society for free or low cost spay/neuter clinics.

Also, note that theres a severe lack of housing options for ppl who have pitbulls so chances are if you get the owner in trouble, they may have to surrender dogs to animal control which is a death sentence. Why not try talking to them first to see what the situation is?

@Derek Greene have you tried a local community bank that does portfolio loans? I think you need some investment experience to qualify but I havent done enough research to be sure.

@Kennedy Saunders actually you are free to refinance out into a conventional loan. However, wait at least 6 months so your lender doesn't get hit with a hefty penalty for selling your loan (this is how they make money) without enough debt service. Assuming that you're trying to build a relationship with your lender. With the 203k product, it's very possible at add value with the reno project to be in a position to refinance after the reno is completed. Not so much with the normal fha loan. The fha loan, including the 203k, can be used over and over but you can only have one fha at a time (two technically but the properties must be 100 miles apart). Its a great way to get into a multifamily with low money down. The seller can also contribute up to 6% of the purchase price towards your closing costs so you could possibly have zero closing costs if the contract is written right.

@Ortavia Allen Hi there! I'm an investor in Norcross looking for quads along the 285 corridor between I-75 and hwy 78. Willing to consider other areas as well. There's a great free wholesaling meet up at 3400 W Hospital Ave, Chamblee, GA 30341 on the 2nd Thursday of each month. You should check it out! I'll probably be there this week.

@Manoucheka Guillaume fha loans require 3.5% down with credit of 580 or better. Credit from 500-580 is 10% down. This product allows financing for 1-4 unit properties. If the property needs renovations, even if uninhabitable currently, the fha 203k loan that allows you to finance the reno budget and purchase together. The 203k has all the requirements of the normal fha loan, and some extra requirements around the reno project. 203k is much more complicated so do extensive research if you think you might use that product.

@Russell Brazil is correct! If you're willing to live in one unit, use an FHA loan to purchase a duplex, triplex or quad with only 3.5% down. Credit score needs to be 580 or better and DTI ratios should be 31% / 45%, including the mtg for the current SFR if it's not currently rented. If one unit has a stable tenant already, you can use a portion of their provable rent payments towards your DTI qualification. After about 6 months, you can refi into a conventional loan and use the fha loan product again.

@Minh Bui I'm currently preparing for buying a 4plex using an FHA 203K loan. I'd have to live in one of the units for at least 6 months after the reno escrow closes before refinancing so that I dont burn a bridge with my lender. But it's a great way to get into an investment property with the low down payment (3.5%) fha offers. But I am using wholesaling techniques to find the distressed properties. I'm also in the Atlanta market.

@Jacob Sampson the FHA 203K loan product does provide financing for purchase + rehab for a total loan amount up to 96.5%. Borrower will need to put down 3.5% of total loan amount, but seller can contribute up to 6% towards buyer's closing costs. Rate is also slightly higher for 203k vs 203b (regular fha loan) due to the increased risk.