All Forum Posts by: Scott Nipp

I just used a great guy for a house we almost bought for ourselves.  He was very thorough and knowledgeable.  He definitely works in West Fort Worth since that is where the house we had him inspect is located.

Chris Martin

Home 1 Inspection Service, PLLC

Cell: (817) 891 6774

Fax: (817) 636 0400

www.home1inspections.com

@John Hixon I've also met with both as well as Four Gents that @Hattie Dizmond recommends.  I haven't bought properties as of yet from any of them but I am definitely open if they can float something my way that looks good.

Right now I'm focused on a wholetail type of niche and doing the driving for dollars with direct mail to those found leads.  I only just started this last week but I have a mentor who has been doing this quite successfully for years now so I think it's just a matter of time.  Once I can pull down some of these deals I'll probably start branching out further into direct mail and plan to work with @Jerry Puckett for that part.

Just wondering about if/when the income from an owner financed property counts as income?  I've heard for rentals you generally get credit for the rental income as income after 6 months.  Is this the same on an owner finance deal?  Just wondering since we are about to put our current house on the market as owner financed.

Sounds good.  So, how many have you flipped to date?  What's your target price range and type of property?

Sounds like you must be out at the Joint Reserve Base.  We live just a few miles from there.  I love being in the flight path for the base.  We get to see some of our country's great hardware and pilots on approach on pretty much a daily basis, and it never gets old.  A couple of times a year I normally get to see some awesome flyovers from my front yard.  Very cool, especially when it's the Blue Angles buzzing my house.

Yeah.  We definitely learned that level of finish and other features can make a HUGE difference.  We looked Sunday at a couple of houses we are considering as a new home for ourselves.  There was a $15/sq ft difference on the higher end finish home and that is after a $25k price reduction.

Welcome @Keaton Sherman   I'm another Fort Worth investor though I'm new to the process myself.  Thankfully I might be on the track to my first part of a deal as I'm working on getting a bird-dog fee for a deal that I'm connecting a buyer with a seller.  Thanks to BP since I found that deal here in the marketplace.  Hopefully that comes together shortly and is a win for all involved.

Glad I happened to see this thread in the list of recommendations on a more current thread.  I didn't know about the 2 year rental landlording being needed to qualify rental income.  This helps to further define my early retirement criteria but I honestly don't think I'll have nearly enough rental income to replace my day job in less than 2 years so it doesn't matter that much anyway.

I'm actually looking to sell our current house with owner financing as opposed to renting it.  Based on a simple website calculation from our combined income we should more than qualify for the second house mortgage without needing to sell our current home.  I only hope that I'm not missing some key components here.

Any mortgage brokers out there that can shed some light on this?

We are still very new to REI and are still in pursuit of that elusive first deal. However, we are also in the market to upgrade our current living situation as we have pretty much outgrown the 3/2/2 that we are currently in. There are some 5/3/3 homes available in the area we want that we can make work within our current budget but I don't know about qualifying for the mortgage with our current mortgage. Does anyone have experience with this? What options might be available to us for this?

One option I THINK we may have is to sell our current house to our LLC. I think we could swing a 20% down payment from our LLC but I haven't actually applied for any mortgage financing with the LLC as of yet. Does anyone know of any good lender options that might provide us with a best shot at getting a mortgage for an investment property?

I know that people do this kind of thing all the time, I just don't know how.  We really want to keep our current house as an investment property though.  We don't want to just put it on the market if we can at all possibly avoid it.  In fact, we would be more apt to simply stay put until we can come up with enough capital to overcome any debt to income issues that might be the primary problem.

Here are some rough numbers...

Current house  retail ~$190k with a current mortgage payoff ~$165k and monthly payments about $1550 (tax and ins escrow included).

Target house listed $255k

I think I can use a VA loan on the new house and our credit scores currently are about 750. Our combined annual income is about $190k. This is where I'm not sure if we can qualify on the debt to income ratio?

Thank in advance for any thoughts, suggestions, or advice.