doctorhousingbubble.com
Live in shitbox house. House next store goes up for sale after being derelict for years. Would love to buy it and run it as a rental. Have no capital. Ask all around. Can't find anyone who knows anyone who does this for a job. Is there not serious added value to having me as a effectively live-in super? Live in central Maryland. Where do I find someone to invest as this level?
>Where do I find someone to invest as this level?
if they wanted to be a landlord, why the fuck would they need you?
Owner ocupied fha loan with 5% down.
You can roll 5k in repair expenses into the loan.
Fix it up. Live in it for a year. Save money from work.
Rent it out ay end of year
Use money you have saved to buy another OwnOcu shit box and repeat.
Cause I'm a warm body who will work for nothing to clean up the lot as it was lived in by who filled it with trash. Call me anytime with a problem with the renter, and I will respond. Did you miss the "live-in super" bit?
Wow actual interesting advice. Thank you so very much. I will look into this.
It's actually 3.5% down and you can do much more than 5k, as long as it's within the appraised value of the property after repairs.
I have 100k house with 80k of repairs on an FHA 203k loan.
God I'm scraping pennies to save 20k by the end of 2017 I should have it. I want to buy a 100k house and rent it out, I know next to nothing right now.
So if I get a 5% down I can also get a loan for repairs at the same time? So correct me if I'm wrong, I'm retarded. If an additional 10k for repairs the mortgage is now 110k?
What are the particulars on qualifying for the loan? Again thank you for your help. Also great to see other people asking. As you can imagine, you do searches about this stuff and get THE INTERNET.
>Make sure you have a steady income.
>Call some friends in the banking sector.
>Make a deal with said friends, allowing you to borrow every penny needed to make the buy.
>Loan 100% at the best rates possible.
>Rent out the house to pay it off.
>After 10 years, sell the house.
>Make sure you pay off the loan properly and not prematurely.
>Repeat with more projects.
This is how you accumulate large capitals.
Welcome to the banking mafia!
yes, 100 + 10 = 110.
>>Make sure you pay off the loan properly and not prematurely
Do you know if his repair costs simply get added to the amount of the loan, or if they are put into a separate account?
from what I've read, it sounds like it is a possibility to factor repair costs in before you even purchase the home. What said confuses me a little bit.
Since the home was priced at 100k, why would you get a loan for 203k? Did he say "This house will need 80k worth of repairs, so put that in the loan before I sign it" ??
At current intrest rates, you can do other things with the money instead.
I went through the Carlton Sheets shit years ago, and the only thing I remember was him saying take out a CD and close it late or some shit. And the bank will practically blow you, and you'll instantly have good credit.
I would think paying off a loan early would have the same effect. Please forgive me for my ignorance.
"call some friends in the banking sector"
I called everyone I knew in real estate, big muckers kind of, and shockingly no one knew anyone who ran at this entry level. EVEN PERIPHERALLY.
How do you make these bank friends? Are there bank bars for bank-o-sexuals?
SORRY, stupid question. I figured it out the moment I posted. Of course they don't want you pay it of early, they want to lend out your steady stream of payments, to other people as though it was theirs'. I magine giving them the money early fucks up their formulas or some shit.
Exactly how pleb are you?
How are you guys even in business?
Have some connections for Christ sake!
I even know a guy in the ECB!
What is the ECB?
Credit score, income, etc. Call a loan officer. I worked with Tom Smith at Banc of California and doubt you could find someone more professional or helpful.
That is just it if we are talking about connections. How do I find a good loan officer locally? Cold calls and trial and error. It's still good advice, and I appreciate it though. How did you find Tom Smith?
The internet. 203k loans are pretty specialized and not everyone does them. I just googled and started calling people, in addition to networking through my realtor. Mortgages aren't some secret club. Lenders are always looking for business and are eager to help you.
Nigga banks make money by loaning out their cash to poor fucks like you. Literally just call a bank, ask to speak to their loan officer, and schedule an appointment. If the loan officer can't help you, ask them to refer you to someone who can. It isn't like the loan officers are locked up in a back room with no phone and only personal acquaintances are allowed in.
They can also answer any and all questions you may have (and any questions you don't know to ask). Just take everything they say with a grain of salt, and shop around for a few weeks before you find an arrangement that seems good and is completely understandable from your end.
Yeah um....no shit? And "their" money...cute. Also to mention a individual by name implies they are special...above the fray. Anyone can grind for entry level connections like a average nobody, ty on the advice brah.
Pasadena! I know that house!