All Forum Posts by: Matthew Roder

Congrats Marlon!  Very inspirational!

Originally posted by @Omar Khan:

@Jay Helms If I had to pick one, then I'd go for a mentor. But these days there are too many mentors/coaches. Seems like anyone who didn't make it in investing is a mentor/coach. 

Great point.  So how do you know if you're choosing a qualified mentor then?  Interview their mentees?  Find a mentor based on qualified referrals?  I would think a qualified mentor would be diligent about keeping statistics on their successes as a mentor.  For instance, when Bob came to me he was here, after 24 months of mentorship, he's now here.  So on and so forth.  If they call themselves a mentor and they can't show evidence of their success as a mentor, then move on.

@Justin Oliver Welcome Justin!

@Nicholas Landiak Thanks for sharing your experience! What type of financing did you use? How much did you put down?

@David Rutledge Fannie Mae doesn’t allow this, but Freddie Mac only requires that you occupy the property for some portion of the year to qualify as a second home. It must be a 1-unit and cannot count any rental income from the subject property to qualify.

@Kevin Wareham If 2018 will be the fifth year of the companies existence, then a lender should be able to qualify you by just using your most recent (2018) tax return for income calculation.

@Tiffany Milan Pick a niche you might want to start with, read a book about it, listen to a few podcasts, and jump in and swim! You’ll never be truly ready until you’re already in it. Good luck!

@Nick Tebo like @John Warren said, the 5% down conventional loan may have income limits, depending on the property. You can check at this website to see if the property could qualify without income limits: http://www.freddiemac.com/homepossible/eligibility_lg.html If conventional won’t work, maybe try FHA.

@David Triplo If you are aware that there is a 75 day kick out clause, then you can’t really ‘intend’ to occupy the unit within 60 days, because legally you can’t. My assumption is the response you received from your lender was from the loan officer, not an underwriter. If the underwriter does request a copy of the lease, this probably won’t fly. If they don’t request it, you’ll still sign an owner occ affidavit at closing stating you intend to occupy within 60, and since you know that’s not legally possible, it’s basically mortgage fraud. To be on the safe side, protect yourself and have the seller handle this prior to closing, so that you can occupy the property within 60 days.

@Jonathan Soto Yes. Here is the link. http://www.freddiemac.com/singlefamily/news/2018/1029_combined_home_possible.html