All Forum Posts by: Derek Brickley

Strong fan of a local lender as well!  They will be more likely to know good connections that will help you grow and scale.

Totally could put 20% down, but there really isn't any benefit to you to do so other than lower your payments from a finance side. Regardless of how much you put down, FHA, still mandates, MIP, or a mortgage insurance premium each month. The only benefit is once you put 10% down that MIP will drop off in 11 years. In this environment, though you are more likely to refinance out of it before then anyways.

In my eyes, that capital would be best used as reserves/repairs or put it towards another property!

Hi Tucker! You say you have a good job lined up, do you have an offer/employment letter? I am not licensed in Colorado, but having that letter will be good enough. In most cases, you will probably need to receive your first pay stub once you start working, but there is no reason you cannot start the process now. In certain circumstances, you may be able to close up to 45 days before you start, but you would need to talk details on what you’re goals and plans are. Hope this helps! Definitely reach out to a lender or a realtor who can recommend one. The company I work with, Gold Star mortgage, definitely has an office out there but I’m not sure how investor savvy they are

Absolutely agree with everyone else!  My personal recommendation is to charge the tenant a flat rate.  I think it would be the most convenient for you now and when you end up moving out, keeping things consistent.

FHA would definitely not allow you to wait 5 months before moving in. But maybe you could propose sub-leasing your current place for those 5 months with your current landlord. As long as they approve, that would probably be a good option to not break the lease but also move in as soon as possible.

Hi Brandon totally agree with everyone else.  I would definitely recommend using hard money for the initial purchase and renovations (if needed) if you're looking to do fix and flips.  If you're looking at doing a live in flip, then going with a lender will help minimize your up front costs!  Depends on what you're looking to do and your current situations!

That's great Jonathan!  Your network is your net worth!!  Sounds like you are well on your way to building a closely knit CORE 4

Hi Joseph!

In many cases HELOC's on investment properties are not doable for most lenders. They most likely are looking to refinance you out of your current mortgage. David mentioned it on the podcast a week ago or so, but it is very difficult to find a lender who will do that. My recommendation is to reach out to your local credit unions and ask, and don't let the first "No" stop you from looking!

Glad you're here!!  Persistence, patience, and determination will get you there!

Thanks Ryan! Very well explained. I think people too often overlook those situations and circumstances that allow people to move (and sometimes even get another FHA loan)!