All Forum Posts by: Michelle Truong

@Bradford Ortlund

Hi Brad, wanted to know if you ever went through with the 203k loan in Los Angeles. I am in the middle of doing my research on lenders and contractors and would love to hear your experience with the whole process. 

@Paul Welden 

Great, thank you for the advice! 

I'd also like to know what happened as well! 

@David G. Did you ever end up goin through with the 203k loan? I'm trying to look for a contractor that would be willing to do this as well. 

@David Fawcett

Hey there, 

Did you ever continue looking for an agent in TN? Did you have any luck with rental properties out there? 

Also trying to get some advice on this topic! 

I'm currently under contract with a property and am surprised at the amount of work that needs to be done. Seeing as I am in the early stages of investing, I understand that inspections are to show you all the details of what needs to be fixed, big or small, but how concerned should I be with inspection reports? Is it keeping me from pulling the trigger because it looks like so much needs to be done? There is one major item that needs to be fixed which is the garage door,the garage ceiling is not completed (opens to the attic) and other things include rewiring, replacing smoke detectors, and a few other things. Anybody know how much a garage door would cost if it's a special size? Any advice would be appreciated! Don't want to miss out on a good deal, but also don't want to be in a deal that is a money pit waiting to happen. 

Thanks

I'm a newbie investor from CA. Would love if you guys can share any lenders that work with out of state investors! Thanks in advance! 

Hi everyone, 

5 years too late... First Home Mortgage still good to use? 

Thinking about using them in California.

@Larry Fried Thank you for the advice! Will definitely avoid low costing properties. We definitely would like the rent to be higher for a better cash flow. 

After doing more research in turnkey properties, my boyfriend and I have decided to shift to multifamily rental properties. 

@Dan Portka

Thank you for the advice! I'm turning away from Turnkey and now focusing more on multifamily. I will definitely look at the lists of books and start reading. My boyfriend just ordered a copy of  "The Book on Rental Property Investing". Looking forward to getting more educated. 

Hi everyone, 

My boyfriend and I have been trying to get pre-approved at our bank, but as of late it has been taking awhile. My boyfriend is a special education teacher and I am a freelance producer in television. We took a gap year last year to travel, but was able to start work again once we got back to the states. We both have great credit scores, have money in the bank, and want to kick start into REI. My boyfriend has had a stable income the last 6 months, however because of the nature of my job, (I get jobs from different companies 2/3 months at a time), it doesn't look great on paper. I sent in my older w2's and have tried to explain my job situation, but the bank has informed me that I would need a stable job that I've worked at for a consecutive 6 months. I'm still waiting to see if they approve, but now seems I might need to go to another bank, maybe local.

I'm quite ill informed on how the local banks work. I went on Costco and looked and these banks popped up. 

Lending.com

JG WENTWORTH

FIRST CHOICE BANK

NBKC BANK

STRONG HOME MORTGAGE

I looked up the reviews on these banks, and they seemed pretty good, but am still hesitant. I'll start calling and ask questions, but wanted to see what advice you all might have.  

Any advice on what I should do to get pre-approved in the Los Angeles with my job situation?

Thanks, 

M