All Forum Posts by: Nicholas L.

@Jack Macioce @Jessica Mayo were either of you able to submit the application yourself?  It seems like the Allegheny County program requires submission by the tenant, and then the landlord is contacted.  Any thoughts or tips would be appreciated - thanks!

@Joel Valdez the scope that you described is typically way beyond what a GC would do, especially if this actually is your first deal.  It sounds like you're mixing buying, selling, renovating, and ownership all up...

What is it that you want to accomplish?

@Conor Livingston I have to ask, do you have $200K?  Or are you just asking to understand how much you can make on that much?

@David Hollenberger What if your first investment goes totally wrong - what does that do to your financial situation?  Do you have reserves to weather it?

It can take a long time to start working with an agent, find your first property, purchase and close, get it ready to rent, have prospective tenants apply, etc.  If "buying now" means "starting the process," you are 60, 90 or more days out from actually having tenants.

@Naz Hossain a 203k loan will cover purchase + rehab with a property that needs work, for only 3.5% down.  Must be owner occupied.

@Chris Taylor this is a question for a lender, they can tell you what the requirements are for a "second home" vs. an investment property.  But when you say you don't want it to stay vacant for a year, are you worried from a security perspective?  Or that it's not generating cash for you?  Or both?

@James Wilson yes, typically "conventional financing" means a bank or a credit union.

@Adam Benenati you said "expenses," but it seems like you want estimates for utilities - is that correct?  This is going to be heavily dependent on age of property, geographic region, usage... are you looking in STL or somewhere else?

@Bear Geiger if your property is attractive and well priced, you will have lots of interest in it, and no tenant is going to decide not to move forward because of the length of your lease.  As others have said, generate interest and screen well, and they'll sign.

@James Wilson we are all assuming you are using a loan that requires the property to be your primary residence, but if you buy it using conventional financing as an investment property, you don't have to live there at all... it just requires more down.