All Forum Posts by: Samuel Nigbur

@Jacob Kovacevich

Thanks for taking the time to respond Jacob! Good luck to you as well!

My wife and I are looking to get approved for a duplex in West Allis WI and we have around $12K saved up. Talking with a lender to get a WHEDA loan they want us to have 6 months of rent worth of assets on top of the down payment. The lender said that based off our information we would have no problem getting a single family for the same price because we would not need the additional assets.

Are the additional assets mandatory, or is it up to the lender and can be negotiated?

@Guifre Mora

Thanks for that information that is huge help!

Hey everyone,

Using the template,

Our Story/Goals: I am a recent Graduate with a Civil Engineering degree and a job i have been at for about a year for a large asphalt laving contractor in the state of Wisconsin. Growing up i worked for a family friend who owned rental properties i did everything from demolition to drywall, plumbing, and painting. In college I helped out my landlord (an elderly lady) with her properties as well. Now I think it is time for me to start investing myself. My goal is to acquire enough properties to cover all of my wife and I's expenses so we can be to travel more. We plan on doing this through a series of flipping and rentals.

Type of Property: The property we are looking at is a 4 bed 2 bath single family home @ 1865SF.

Location of Property: WI

Purpose of Financing: Purchase-Renovate-Cashout Refinance

Type of Financing Sought: Note sure

Current or Prior Ownership of Realestate: None

Occupancy: Living with parents after graduating school to save money

Value of Property at Present/Offer Price: $100,000

ARV: $200,000

Anticipate or Actual Appraisal issues: Yes, currently vacant and winterized (wont know if water is working until purchase)

Current Rents per month: $0

Fair market rents per month: $1,750

Down Payment: available right now $5000

Source of Down Payment: own funds 

Income Source: Salaried

GMI: take home around $3600

Monthly Debt Obligations: student loans $1000

FICO: Good

Credit Issues: none really never late but student loans do suck

Hey all,

My wife and I have been on the look out for our first deal and we actually found a property way below market value but, there are some catches.

-The house has sat vacant for a little over a year

-It is bank owned and has been winterized meaning that upon purchase you wont know if the water works.

-It needs some renovations to the inside but not much to make it rentable

Fellow pocketers, does this seem like a good deal or am I letting excitement of a low price get the better of me?

@Justin Woodworth

Thanks after speaking with a couple lenders in my area ill be looking and analyzing more!

My wife and I are looking to get a 2-4 unit property in south east wisconsin and house hack. I have been looking into FHA loans so we can put down as little as possible however i have a couple questions.

For these loans, i have read that you usually cannot do a cash out refinance unless you currently have 20% equity. Is that true?

How long do banks, credit unions, etc. usually require you to live in the home before refinancing?

@Kathy Henley & @Brent Paul

Thank you for your advice I will definitely be talking to someone soon and also get some experience running the numbers for properties!

Hey everyone, ill just get straight to the point.

My main question is in respect to financing my first property. I have a credit score around 710 and was thinking about getting an FHA loan and putting 10k down for a 200k loan on a multifamily home. I would like to house hack but, i feel like i don't have enough saved up.

Does it seem like I could be in a good spot to move forward and start talking to lenders and realtors? Admittedly i am cheap and have avoided doing so but, im starting to think it's just my nerves.

Hello BP Community and happy holidays!

My name is Sam I am a young, married, soon to be father, and currently a project manager for a large general contractor in the transportation industry.

In regards to joining the BP Community i am primarily interested in buy and hold rental properties along with house hacking and the BRRRR strategy.

I look forward to connecting with people from all around the BP Community and again happy holidays!