All Forum Posts by: Qwee Parker

Hello,

I am working on using a HELOC in the near future for investing purposes. I went through some unforeseen circumstances last year that resulted in some late payments on my credit report. Since then, I have been back on track and keep all credit balances low or paid off. My question is, how long do I or should I wait before trying to apply for a HELOC?

Thanks in advance.

I am contemplating putting in an offer using seller financing. I am new to this type of financing. I am very early in the process, but I am wondering, what should I be thinking about/looking into/putting in place into with seller financing? pros and cons? Anything to know is appreciated!

Hi Rachel and all, 

I’m late to the post but boy was it invigorating to hear from women in my boat.

I currently one 2 properties, 3 doors. My husband and I are hoping to look into buying this spring. I am a teacher and my husband works in construction. I have a 14 month old, 2 year old, and 10 year old. I have been in thoughts on how to connect with other investor women and here came this thread! I would love to connect, if that’s a possibility. 

@Elias Halvorson thanks for answering my question!

I'm looking to use my VA loan again for my 3rd home, after learning I still have some entitlement left. I recently went back to school and racked up student loans onto my already high balance. I plan to get on an income driven repayment (IDR) plan once I graduate this spring. From my understanding, the IDR plan will factor in my income and family size, making it more affordable.

My question: does anyone know how VA looks at student loans? Will my IDR plan amount be what is factored into my DTI versus a percentage of my loans?

Thanks in advance. 

Quote from @Chris Seveney:

@Qwee Parker

Are you back to current on your payments with your existing mortgage?

Do you have significant reserves set aside in case you neeed major repairs or have lengthy vacancy?

I would make sure you are first setup for success before expanding as you will just get right back to where you were as life happens and never goes as planned

@Chris Seveney thanks for your thoughts. Reserves are definitely not where they should be. I by no means plan to think about buying at this point. I guess I’m looking at alternatives options, if this is to hinder me acquiring in the future 

@Jonathan Greene Thanks for your response. The plan definitely isn't to acquire any more property. Lots of rebuilding to do at this point. I am not sure if my VA has been entirely used. Are there options there?

Hello, 

I am looking for some thoughts on my recently crumbling real estate journey. My partner and I own 2 properties. We bought our most recent property in May 2023. In October 2023, I had a baby. Within the same month, my partner hurt his back at work. This put is substantially behind on bills and our mortgage. Unfortunately, this scored us 2 late mortgage payments, tanking my score that I worked my tail to get where it was. 

Fast forward to April 2024; we are both back working and would like to start setting ourselves up for more opportunities. Our goal was to 1. Use the equity in our current home to build a kitchen in the basement and convert said home to a duplex. Another option was using equity to buy a 3rd home with FHA (the first 2 loans were under VA). I am understanding that securing financing may be hard or near impossible with those late payments. We obviously are in no rush and are in the rebuilding stage. We want to continue to acquire property, just not sure how to proceed after such a big road block.

Hey, coming to you all for a bit of advice: After 4 months of searching for a duplex, I finally got an offer accepted! It is a 2 bedroom upper and 3 bedroom lower unit.... Beautiful home and this is super exciting, but I also have some concerns that I'm not sure I should let fly or am over-analyzing. 1. it is a older home (1924). With that said, it does have more wear and tear. After my inspection, I learned that there is significant damage with the roof, the chimney is in disrepair, the furnace and water heater are just at their life expectancy, and their were rodent droppings found in the upper unit furnace (inspector is guessing it is from the attic). Also, There has been signs of moisture through the home (water staining on the basement floor and upper unit ceiling). These are the major issues to note, though there are other minor ones that I'm not as hung up on. The seller has agreed to pay for a new roof and put the home under warranty for 1 year. He will not include fixing the chimney. My fear is that after 1 year and a day, the furnace and/or water heater go out....and I'm left with a huge bill to replace those. Should I remain stuck to my guns on him replacing the furnace and water heater? Should I care about the rodent droppings as much as I do? Is the warranty something I should find comforting in this situation? I am trying to keep in mind it is an older home, but I also do not know how much I should give or take for this older home. Any advice or thoughts would be greatly appreciated!

Hey, coming to you all for a bit of advice: After 4 months of searching for a duplex, I finally got an offer accepted! It is a 2 bedroom upper and 3 bedroom lower unit.... Beautiful home and this is super exciting, but I also have some concerns that I'm not sure I should let fly or am over-analyzing. 1. it is a older home (1924). With that said, it does have more wear and tear. After my inspection, I learned that there is significant damage with the roof, the chimney is in disrepair, the furnace and water heater are just at their life expectancy, and their were rodent droppings found in the upper unit furnace (inspector is guessing it is from the attic). Also, There has been signs of moisture through the home (water staining on the basement floor and upper unit ceiling). These are the major issues to note, though there are other minor ones that I'm not as hung up on. The seller has agreed to pay for a new roof and put the home under warranty for 1 year. He will not include fixing the chimney. My fear is that after 1 year and a day, the furnace and/or water heater go out....and I'm left with a huge bill to replace those. Should I remain stuck to my guns on him replacing the furnace and water heater? Should I care about the rodent droppings as much as I do? Is the warranty something I should find comforting in this situation? I am trying to keep in mind it is an older home, but I also do not know how much I should give or take for this older home. Any advice or thoughts would be greatly appreciated!