All Forum Posts by: Paul Defngin

Bill Purifoy delayed financing. Search for "delayed financing" in the forum. Fannie Mae will allow you to get back what you paid in cash for the property within 6 months from purchased date However financing $29K might be difficult to do. Your best option is going with a local community bank.

Raimonds Lauzums if I understood your post, you have the means to pay cash for the property, live in it with the hope to convert to rental in a year or so, still have $50K left, and you previously owned a business that did not cash-flow, right? If all the above is accurate-then it is a no brainer. Do it! You are an entrepreneur - yes, while your last business did not pan out, you'll come up on top again and again. It's your mind that is the asset, and if you took a risk and courage to start a business before-I am confident that you will find another opportunity to create money. You belong in the small percentile of the population that creates opportunities and the source of income. Good luck.

David Grimm welcome to Maryland. Hope someone here can help get you into something in that time frame....if you have the means and the option, I'd also recommend looking into buying instead of rent especially for the areas that you are considering. Good luck.

For my $0.02, and I may be biased here, I would go with a local mortgage correspondent banker or local lender. Service wise and a little more control of the loan process, I think they will be more valuable to you than a broker.  

Good luck. 

***Full disclosure-I currently work at a local correspondent banker, but I first started my career with a local bank, then mortgage broker, and now correspondent banking. 

@Cason Cantrell, yes, you can use a co-borrower to help qualify for an FHA loan. The co-signor can be non-occupant, meaning they do not need to occupy the property with you as a principal residence.

Having said that, some questions before proceedings that should be asked.  Will your co-signor make the payment with you?

If not, how would you be able to afford the mortgage payment with your current earnings? 

I do want to commend you for being able to save over $10K. I think you are doing an awesome job saving money and if you continue to save money, I believe that you will be in even much better position to buy something. 

That is correct.

@Account Closed, the hope is that your tenants pay you more than your expenses each month including any mortgage obligations and leaves you a positive cash flow.  

I hope this is helpful and I've answered your question. Good luck.  

@Account Closed, the hope is that your tenants pay you more than your expenses each month including any mortgage obligations and leaves you a positive cash flow.  

I hope this is helpful and I've answered your question. Good luck.  

Jerryll Noorden well, I surely hope nothing happened to her. Good luck and all turns out well for the both of you.

Danny Jones just read this thread. I'm not a CPA, but as as I know, the IRS will not tax you for cash out proceeds taken out from real estate since you are paying it back to the lender. That being said I would definitely recommend speaking to your CPA on this. Good luck.