All Forum Posts by: Matt Turner

Someone i work with is telling me he got approved for 150k on a home in our area.  this is is first home.  the home is a foreclosure.  He told me the loan office said it should not be a problem getting this loan with 0 down and and have credit scores in mid 600's.

Is this even possible or does this guy just not know what he is talking about.  

@Christian Morrison the loan you are mentioning is called a FHA Loan. with the FHA loan you are required to live at the property for at least a year.

I have found a property that i am interested in in my area.  I have talked to a loan officer and she says i would be able to get a conventional loan with 5% down.  The house does need some improvements (carpet out and in with laminate, and also needs new indoor paint). the house is listed for 79,900 and in the area it is in i can rent this house out for around 975$/ month.  Is this an investment i should be considering?

thanks

I have come across a property that is bank owned in my area. It is also a foreclosure also. does anyone have experience with buying a VA owned home? Or a VA owned foreclosure?

thanks

I've read mixed reactions to the real estate auction site hubzu.com.  I am interested in a house in my area that has a few days left for auction.  What i don't get is the house has a starting price of 87 K.  when i check it out on Zillow i see it as a foreclosure for 127 K.  The listing on hubzu says if reserve is no met the bank is willing to negotiate.  what are the chances of me getting this house for the 87 K listed on hubzu?

i am wanting to build up a portfolio of investment properties.  I read all the time how these people are buying properties all the time.  i have my first house under contract currently.  Money is the problem.  How are all these people buying multiple properties per month?  I am only 24 years old and work a full time job.  did these people struggle in the begging to build up their portfolios?  What can i do or be doing to help purchase additional properties?

Thanks guys.  I have not received any deposits from these tenants. 

Needing some desperate help! I did background checks on my tenants and everything looked good. sent them the contract with everything in detail that they will pay the rent amount stated in the contract from June 1st 2016 to May 31st 2017. Both people signed and returned it with no problems. i just received a message from the tenant that the job her husband had upon his return has fallen through and will no longer be financially able to move in.  they have not payed me any money yet.

I am currently living in the house and will stay in it as long a i need to till it rents out.

Is there something legally i need to do about this situation?

Needing some desperate help!  I did background checks on these people as you saw in my previous post.  Everything looked good.  sent them the contract with everything in detail that they will pay the rent amount specified in the contract from June 1st 2016 to May 31st 2017.  Both people signed and returned it with no problems.  i just received a message from the tenant that the job her husband had upon his return has fallen through and will no longer be financially able to move in.

I am currently living in the house and will stay in it as long a i need to till it rents out.

Is there something legally i need to do about this situation?

I have found some great people to move into my rental.  they are signing a lease today and it starts June 1st.  They are not moving into it till August though.  They have agreed to pay half the rent the first 2 months and pay an additional 50$ / month for the other 10 months to make up for my lose.  I will be living in the unit till they move in on August 1st.  what i am wanting to know is, what should i do with the half rent they will be paying for the first two months.  should i keep paying my mortgage completely out of my pocket and save up the half rent they pay?  Or should i put the half rent towards my mortgage and my my payment out or my pocket less?

thanks