All Forum Posts by: Rae Edwards

John Humphries Great tip about rentals being in high demand for the summer, hadn't thought about that. Thanks for the article as well!

Congrats on your first deal! Would you be willing to recommend the realtor you used? I am from that area as well and have been looking for realtors who are experienced with duplex/triplexes.

It didnt cross my mind to buy a property with pre-existing tenants. Thank you for your input Jacob Pereira !

Thank you for your input Jill Forsythe . I see that having an emergency savings is the smartest way to go.

Andrew Johnson thank you for that! Speaking of month to month leases - is it my job to come out with paperwork for tenants (such as creating it, stating the terms, etc) or is paperwork provided through my realtor or if I am using a project management company?

Greg S. Makes sense!

Marlon Wilson glad to be here!

BP community, I am currently reading through the BP blog and ran across the post titled "60 day newbie action plan". One major point of the article is that you should have funds available in the event that your property is slow to rent out. My curiosity comes in to play when I think about success stories I've heard via podcast of how people were broke but still managed to buy their first property. I'm wondering were they ever in a position to where their property was slow to rent and how did they keep up the payments if so? I myself am hoping to have my first investment be a multifamily unit and I plan on living in one of the units myself. Should I be worried that I may not be able to find renters in the first few months? Thoughts such as these give me cold feet :(

Thanks so much Bryant Schur your answers were extremely helpful. Being nervous about whether or not I'll be obtain financing given my situation has definitely resulted in giving me cold feet with starting my investing journey. I feel more optimistic now. With that being said, if anyone here can share who they've worked with as far as CU's and getting approved for FHA/203k loans in the Hampton Roads area of Virginia, please let me know!

Hey Bryant Schur thanks for taking the time out to help us newbies, greatly appreciated. Here are my questions: 1. Im looking to buy my first property as a duplex or triplex while living in one of the units, so using an FHA loan. I saw you say that you'd go with a small bank for lending. So would a credit union suffice? Would I have to have a bank acct with the CU or would they be willing to give advice even if I am not a member (I'd probably would become one eventually of course). 2. I believe I saw that FHA requires 2 years proof of income? I am a recent grad who did not have time to work in college due to athletics. I did work odd jobs on campus each summer, and after graduation I worked for 7 months before signing my pro bball contract. However, technically I will be unemployed for 3 months during the offseason when this season is over in July up until the next season. Will this affect me being able to obtain financing? 3. Lastly, I know that when using an FHA I have to live in the residence for 1 before renting it out. Seeing as how I would only be living in the unit during my offseason does this disqualify me from FHA guidelines? Or am I okay since it will still be my primary address (I live abroad during my bball season, currently in Morocco at this exact moment).