All Forum Posts by: Mark V.

 Thanks Dustin,

I had a few questions.

- From a debt/income ratio would the mortgage payment be reflected on both of our credit reports?
- How would we purchase this via LLCs? I have my own LLC already. He would have to set one up. Long-term we plan on moving out and renting each unit out of AirBnb'ing them
- How do we manage to get another property in the future since we will both have a large mortgage on our credit report? We will likely each have 1 roommate because they are 3/2 units so we can have 2 BRs for ourselves.
- Can you still do a non-traditional bank statement or 1099 loan? I have a side business that makes significantly more than my full-time job, but I'm always poor on paper because I write off so much but I'm cash-flow rich because of it. I have the option of taking the hit this year on my taxes and not writing so much to boost my income. My friend is pure W-2.

@Jordan Moorhead in our case it makes a lot of sense to attempt to househack a duplex together. We are good friends and current roommates. A single family home in the area we are scoping out (South Austin) is just as much as a duplex. We might as well get a duplex since we can have separate units and pay less in total per unit and better long-term for investment.

If this method can work, I can purchase other multifamily properties with my brother and another friend of mine out of state who would be willing to manage the property. If I purchased a second property, it would be via my self directed IRA with a DCRA type of loan since I have the retirement funds to purchase DCRA with an investment property.

Hi There,

I was talking to a friend of mine who was wondering if it was possible to purchase a Duplex together where they would get one unit and I would get another. Is this something that is possible?

How does it work when it comes to your debt-income ratio? Would you both have separate mortgages for your half or do you have one mortgage and its reported on your credit report that you have a mortgage for the full amount of the duplex?

Figured getting a duplex in Austin for say $575K split in two is ~$287K per unit and way more affordable. If something like this works, I can probably do another deal with another friend I know out of state who would likely agree to manage the property for me. The 2nd property would likely be purchased via a self-direct IRA. The one in Austin would be purchased traditionally either via FHA or 5% down.

Hi There,

I’m looking into for apartments.

I've looked around and several property management companies do not allow for STR (e.g. - grey star). I'm trying to see what companies are flexible.

Is there an agent or apartment locator who specializes in my area who can point me in the right direction?

Was curious about this as some areas I’m looking at dont rent well compared to the home price. Also - do you have to drop 20% or can you do 5% and still qualify?

Hi all. I'm checking on a situation I know about a friend. They have the money for FHA but DTI would be too much to get a home. They can get the roommates to fill the home.

can you still house hack? There are not parents or friends who are willing to co-sign. Main issue is area is expensive so a SFH with roomies is the best househack.

Details - state of Texas

Borrow only makes about $40K a year but has down payment ready and no debt

home prices are high here - likely $350K min for a 3/2 here

Actually yes, most of the deals I've looked at will cash flow with a 20-25% down payment. My issue is getting financing due to debt/income ratio and the source of my 1099 income.

Okay - I'll reach out to you. My avg score from the 3 reporting agencies was 775. I should have the cash reserves

Hi All,

I'm feeling very stick right now as I'm having trouble getting approved for loans.

Here is my situation. I am trying to do a cash out refi to get funds to invest --- that part went well I'll have $100K in cash to start out. However, I'm running into roadblocks getting approved for financing for an investment property.

The problem I have is high debt/income ratio. I also have issues with my secondary income. I have a website that grosses over $7500 a month, but most lenders do not want to include that because they want to see my tax returns (which show this at a low profit because in the past I invested back). Going with gross 1099s would double my income.

I'm trying to make a shift here, and maybe even sell my website in the future (it would like sell for about $400K+ at some point) and start jumping into real estate.

Unfortunately, I cannot house hack. I have a family with young kids. I can't move because of the school district and the current area (Austin) is too expensive to invest in. I could do SA, Fort Worth, etc --- but again getting approved is getting difficult. I feel like I'm just getting $100K in cash with nothing to invest in. Has anyone experienced this before? How do you get out of this when you can't house hack your way through it.

I really like to jump into a multiplex, but the loan amount is way too high to get approved. Most multiplexes I'm looking at in these areas are going for over $350K. I'll be lucky to get approved for $200K - $225K 

Hi All,

My name is Mark. I'm in a position now where I can start investing in real estate. I have a home with about $250K equity and a cash flowing website that could sell for about $350K. I also have a 401K I could pull from for down payments.

I'm thinking of using my equity and possibly my website to fund real estate expansion. I don't have an idea to start. I have looked at several markets like San Antonio, Ok City, and even parts of Alabama. I'm hoping to drop 20% down payments on each property thinking they would purchase at $250K each and maybe cash flow $500 a month to start.

I'm hoping to get some guidance on this process. I looked in Morris and actually have a call with them Friday. I looked up reviews and ended up on this website. Now I'm super skeptical about working with them seeing the posts on this site. I don't want to go to those RE seminars to get help (most seem shady to me). I want to find guidance or a genuine service who can work with me.

My why is my youngest son, he was born with dual microtia. Corrective surgery for him is $100K+ for both ears. I want to be in the position in about 5-6 years to tell him he can get the surgery. I was born with a similar condition that I live with now because my parents weren't able to afford it --- I don't want my son to be in the same position as me.

I have cash flow right now, but a lot of debt (due to student debt). I'm looking at creative financing options. I'm happy to discuss in detail with anyone who can help. My biggest hurdle is getting approved for my first investment property since I likely have to do a cash out refi and also still qualify for the mortgage on the investment property. 

Thanks,

Mark