All Forum Posts by: Ryan Zimmerman
Ryan Zimmerman has started 4 posts and replied 13 times.
Post: Renting out a property with a conventional loan.
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@Jay Thomas I would love to honor the current tenants lease but the conventional loans states that this property must be my primary residence. Which loan would you suggest that will allow me to keep this a rental property from the beginning?
Post: Renting out a property with a conventional loan.
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@Joe Norman What would be an example of the rate/terms I would get on a conventional loan to buy an investment property?
Post: Renting out a property with a conventional loan.
- New to Real Estate
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- Votes 5
@Account Closed My loan officer said when using a conventional loan on a property it must become your primary residence. Do you know if it’s possible to buy the property and honor the current tenants lease and not make it your primary residence?
Post: Renting out a property with a conventional loan.
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@Derek Brickley The plan was to buy the property as an investment property and honor the current tenants lease.
My loan officer told me that since this is a conventional loan this property needs to be my primary residence and I will have to move in within 60 days after closing.
Is it possible to buy the property with a conventional loan and not make it my primary residence?
Post: Renting out a property with a conventional loan.
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I am looking at purchasing a property with a conventional loan. The property is currently being rented by a couple who’s lease doesn’t end until late 2024.
Is it possible to purchase this home with a conventional loan and honor the current tenants lease with the possibility to renew their lease for another year?
I do not have enough capital for the investment loan down payment.
Thank you!
Post: Can I qualify for a FHA loan?
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Quote from @Sylvia H.:
Quote from @Ryan Zimmerman:
I recently graduated college and have been working for a year and a half now. I bought a house back in May with a conventional loan, but my parents are co-borrowers because I did not have 2 years of employment. I am wondering if I can still qualify for a FHA loan? Thank you in advance!
Hi Ryan,
Not sure why you would want an FHA loan. The mortgage insurance is higher than conventional financing. Also rates are higher today than they were in May, so you might get sticker shock no matter what you do. If your parents want off the loan that would be a reason but I would go with conventional again rather than FHA. FHA is primarily used for people who have very little money to put down. If you have a conventional you have at least 5 percent into it. Sometimes FHA might have lower rates however the difference in the mortgage insurance premium might eat that up. Speak to your lender and see what they suggest. Good luck.
Thanks @Sylvia H.
Post: Can I qualify for a FHA loan?
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Quote from @Dave Skow:
@Ryan Zimmerman- if you plan to live in the new property - you can use the FHA loan for qualifying .....if not -you cant .....do you plan to rent out the presetn home
@Dave Skow Yes
Post: Best Real Estate Investing Books
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Quote from @Charles Carillo:
Here are my favorite books:
Multifamily Millions by Dave Lindahl
The ABCs of Real Estate Investing by Ken McElroy
The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges
Commercial Real Estate Investing by Dolf De Roos
Trump: The Best Real Estate Advice I Ever Received by Donald Trump
Tax Free Wealth by Tom Wheelwright
Commercial Real Estate 101: How Small Investors Can Get Started and Make It Big by David Lindahl
Raising Private Capital: Building Your Real Estate Empire Using Other People’s Money by Matt Faircloth
The Definitive Guide to Apartment Marketing by Josh Grillo
Investing in Apartment Building by Matthew Martinez
Crushing It in Apartments and Commercial Real Estate by Brian H Murray
The 7 Secrets to Successful Apartment Leasing by Eric Cumley
2 Years to a Million in Real Estate by Matthew Martinez
Burn Zones: Playing Life’s Bad Hands by Jorge Newbery
Commercial Mortgages 101: Everything You Need to Know to Create a Winning Loan Request by Michael Reinhard
It’s a Whole New Business!: The how-to book of syndicated investment real estate by Gene Trowbridge
Thanks for the recommendations @Charles Carillo!
Post: Best Real Estate Investing Books
- New to Real Estate
- Posts 13
- Votes 5
Hey everyone,
I am new to real estate investing and looking to buy my first rental property. I would like to learn as much as I can so please let me know what your favorite real estate investing books are!
Thanks
-Ryan
Post: Can I qualify for a FHA loan?
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- Votes 5
Quote from @Jason Wray:
Ryan, On the surface Yes. You have a total of (2) years of employment if you include the college and all you need to provide is the transcripts. You would just need to apply and fill out an application with a bank/lender so your DTI - Debt to income ratios can be reviewed.
Some lenders have overlays so ask up front about your income and job seasoing. Most Banks especially if they are Fully Delegated "Full Eagle" will not have those over lays.
Thank you @Jason Wray,
I appreciate the reply!
-Ryan