All Forum Posts by: Mara Witt

@Account Closed Thanks for the tough love! I guess that is kind of what I'm looking for, at least tell me "NO, you can't do this right now" So, maybe I should shift my focus to wholesaling or flipping right now?  Scary, I don't know nearly as much about it, but I'm thinking if I had a partner that knows the ropes to help walk me through.... so, I'll be on the lookout for that, and keep soaking up all the info on my own as well.  This site is such a great resource, Thanks for all your help!

@Matthew Porcaro Awesome, advice, just looked into my local REIA and looks like the meeting was last night. I will be in touch with them, and try to hit the next one :)

@Krystal Grubbs Yes! I am absolutely interested in any aspect of real estate that could make me money!!!  I love taking run down houses and making them beautiful. Love it. Flipping houses seems like kind of a dream carrier.  However, I don't feel like I know enough about it to just jump into it. Trying to learn all I can on here, but thinking I would like a mentor or a partner to help walk me through on the first deal... I have bought two houses and have been a landlord for two years so I feel confident that that is something I can be successful at. But yes I am interested! 

I don't have a property in mind, I think I need to get a better handle on financing first. My first choice would be to buy a low priced $100,000-$175,000 range 2 or 3 family in a fair neighborhood, that needs some minor fixing up. However, if my only option is house hacking, and I'm moving in with my whole family that changes the properties I would be looking at, I would need at least a 3 bedroom for myself and the neighborhood would matter a lot more. Peeking around it looks like I'd need to be in the $230,000-$300,000 range. I don't have much of a down payment right now, I have been pumping $1200-$1600 a month to pay down credit cards to get my credit score up and not saving anything. But my debt to credit ratio is at 31% !now so I can start to save some. I have some retirement money, but was advised not to use it for a down payment. I owe around $219,000 on my current property and have lived here for two and a half years. Don't think I have enough equity to borrow (I did talk to my Bank about it, but not really sure how that works)

I'm trying to just get some info. I currently own a 3 family and would like to get into renting more properties. I don't have a large down payment so am beginning to look seriously at house hacking. So, refinancing my current mortgage to a conventional loan, and going FHA on another two or three family. I just want to talk to someone about it, and see if the numbers would work and if its something I could really do. I've contacted 3 mortgage guys, 2 that I have worked with before, and I keep getting blown off. Do they know something I don't know? I get that not really having money isn't a big draw when looking for someone to work with, but I'm really just looking for info right now, tell me what I need to do to get there. Is this something I could figure out myself? I've messed around with some of the calculators on line, but it seems like the amounts can vary pretty widely. I have a lot of questions. I'm serious about doing this, I just want someone to take me seriously...

This is all great info!  I looked around a little and doesn't look like there are a lot of properties that will work for me right now, However I'm meeting with my mortgage guy tomorrow to go over the numbers and see what I could do, that way I'm ready to pounce if something comes along!  

I am pretty hardcore;)

I might be down for that for the the right property.  Definitely something to look into. Thanks.

I thought FHA was a one time deal no? Is this legal?

I was not planning on moving. I have kind of a sweet deal as 3 family's go. I have a stand alone 5 bedroom house with a duplex in the back that I rent out. The multi-family's I'm looking at are between $180000 and $220000. But this is something to consider. If I could find a deal that would be comfortable for me to live in I'd definitely consider it.