All Forum Posts by: Megan Phillips

You don't need to be 40 to understand that! 

Congrats on getting out of the rat race!

I wouldn't close them unless they have annual fees that are not worth paying. Length of credit impacts your score as I'm sure you know - or at least don't close your oldest card.

I'm under the impression that the ability to get conventional loans is about your DTI and your credit score (depending on what type of property you are purchasing), so it seems logical that if you have high percentage of DTI, you wouldn't get a loan... I've never heard about income equaling a hard and fast value of loans/credit availability besides DTI.

What if you make 70k, have 170k in equity on a 250k home, owe 10k on a 30k car, and have multiple credit card lines equaling >50k but are paid off, and a 790 credit score - you'll get a loan for whatever you want even though you have well over 200k in credit/loans in comparison to your income of 70k.

Good on your for asking about something that was potentially a huge financial mistake. BP is definitely the place to gain some insight.

Could you potentially get some comps from a few agents for the buildings and renegotiate off of that? Maybe an honest conversation is enough, I'm assuming they don't think they're hosing you. Perhaps they were just off of the mark and don't really know fair market value either.

Not a book - but I second YouTube - you would not believe what they have dozens of videos on. Watch a few different ones about what you're trying to do, figure out the basics, and go for it. I also have the Rehab and Flipping books mentioned but haven't read them yet.

I'm not familiar with insurance companies billing tenants after an owner makes a claim... I thought that was the point of insurance? Good to know.

But, I agree about tenant negligence - not knowing the specifics, but if the owner was not informed of the slow draining tub/water leak and it caused damage, that is on the tenant. Does renter's insurance help the tenant (if they have it)?

The only rule I'm aware of is that you can only have one FHA loan at a time. If you wait the 1 year residency requirement before refi-ing out and getting a conventional loan, I think it's okay to get repeat FHA loans.

I saw that... 

My question was: Has any information about restrictions or limitations for using this loan type? Or is essentially anybody going to be able to get 5% down loans regardless of current property ownership if they fall below the income requirement for whatever area they are investing?

Have any restrictions or limitations about using this program come out yet? Is there a link to the original post of info to look at?

Not in Texas, but you need to contact the zoning admin and verify what the property is officially listed as with the city. If it's single family, they won't just make it a multi even though there are multiple units.  You have to see what they say and go from there.

Thanks everyone for coming to hang out last night, the meeting was almost entirely new faces from the first meeting at 14th Star last February, which is awesome.

Oh - and about my window issue - I spoke to the owner, and the rot was planned to be removed all along and fixed up, it just hadn't been communicated to me or started yet -- I officially redact my sh*tting on Window World... well, maybe I'll wait until it is officially completed.

@Martha Nowlan - I do seriously need a roofer/someone to remove a skylight and replace with roof in the Franklin County area if you've got some connections!

Whose got ideas for the next location?