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Looking forward to this! I'm most likely going to be investing out of state
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I would love to hear more stories of people who did it without a partner.
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Okay I'll try to compile something after I finish my work today.
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Hey BHZMAFIA congrats on the crib man. Looks really nice. Can't wait for when it's my time to start looking..
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bhzmafia14
ALL MY YEARS ON NT (THIS IS MY 2nd name also long time lurker before that) THAT IS THE BEST PICK UP I HAVE EVER SEEN ON THIS FORUM
I understand you live in TN so that makes a ton of sense, I'm a big fan of HGTV and that was one of the states that blew me away as far as home prices along with TX. Or is that house in MS? I have a ton of family in that state on my mothers side. SO cheap, I'd never live there but damn.......
That house is $300K+ in my area.....especially because it is brick. 100% positive on that.....
Thanks man. Its in Horn Lake, MS, which is literally right at the borderline of Memphis. I work in downtown Memphis, so the commute is about 15-18 minutes from there. My parents live about 10 minutes away from the house as well. Horn Lake is more close to South Memphis / Downtown, while Olive Branch, MS is more far East (away from downtown Memphis).
I was considering moving downtown, but the prices were more north for what I wanted. Just saw much better value living in MS and I didn't want to move too far East from work or where I like to go for nightlife (downtown/midtown).
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I know for an FHA loan it has to be used as your primary residence but would it be a problem to use it for an investment property and you out of state? Let's say you dont work in the same state where the property is, do they see that as a problem?
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Like you said, FHA has to be your primary residence. Legally, you have to live in the property. There are other loan options available for investment/rentals
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Attending an NACA Workshop next Saturday, one small step towards home ownership. 
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Yes it would be a problem. It's considered fraud and can get you in a lot of trouble.
There are some exceptions if you follow the FHA guidelines. If I'm not mistaken, the borrower can rent out an FHA insured home after occupying the home for at least 12 months.
Also with an FHA loan, you're allowed to purchase up to a 4 unit property, but the borrower must occupy one of the units. You can then rent out the other 3 units and pay your mortgage with the rents collected.
Please double check with your lender or someone who has better knowledge about FHA loans. I've never personally applied for one.
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Chico you got it right. You must live in your FHA home for 12 months. Max unit size is 4 and you must occupy one unit.
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Thanks, was just trying to see if there was a way around it
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What's the best way to shop for a mortgage ?
Do I go around visiting banks and dropping off copies of my documents ?
Any other tips ? I read about looking out for fees.
I'm ready to start the process but I'm leaving early next month for vacation for a week so ill probably wait until then.
Do I go around visiting banks and dropping off copies of my documents ?
Any other tips ? I read about looking out for fees.
I'm ready to start the process but I'm leaving early next month for vacation for a week so ill probably wait until then.
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Has anyone ever used a 203k loan for a renovation?
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Do you know your FICO score? Hit up Bankrate.com and they got a list of different lenders and their rates based on the info you plug in. Those rates are just rough estimates but you get the idea.
My broker does mortgages but I'd have to see if they are licensed in New York. If you have any questions, feel free to DM me.
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Man, trying to invest in Dallas is stressful.
These damn California investors are cashing out before someone new like myself can flourish.
It's looking like Detroit and Atlanta for me until I can get my portolio strong enough.
These damn California investors are cashing out before someone new like myself can flourish.
It's looking like Detroit and Atlanta for me until I can get my portolio strong enough.
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My scores range from 755-786. My CPA mentioned mortgage brokers when I did my taxes yesterday, but once he mentioned they add a small percentage to my loan it seem like too much money.
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Small percentage?
Typically with brokers, our fees are a little higher compared to big name banks like Wells Fargo, b of a, etc...but our interest rates are lower because we have access to different lenders and able to get certain situations approved for our clients. My friend got pre approved by Wells Fargo for a 4.25% rate and I got him a 3.5%. Our fees were a little higher but in the long run, he's going to save a good amount of money compared to what the fees were.
It's been like 8 years since I've done a loan in New York but I remember them having one of the highest closing costs due to them being an attorney state.
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I guess it doesn't hurt to check them out.
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So theres a house that came off the market today that we were interested in. It was a short sale, I was told the family decided to try and work it out. Should I hold out hope ? I feel like crap for asking. 
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So theres a house that came off the market today that we were interested in. It was a short sale, I was told the family decided to try and work it out. Should I hold out hope ? I feel like crap for asking.
Continue your search, but keep it on your radar. There is always another home.
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So theres a house that came off the market today that we were interested in. It was a short sale, I was told the family decided to try and work it out. Should I hold out hope ? I feel like crap for asking.
Contact the selling agent and tell them if the sellers change their minds again, to give you a call. Since it was a short sale, the process is lengthy so continue your search. in real estate, things always happen for a reason. Once you find your perfect home, those other homes will be forgotten.
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So the house is now back up on trulia at $295k, the short sale price was $260k. What's the deal ? I'm guessing the bank didn't want to work things out with the family and decided to foreclose ?
EDIT: I'm dealing with an agent that works for C21 who are the ones who put up the house on Trulia . She said she doesn't see it on the MLS, it might be a scam. :\
EDIT: I'm dealing with an agent that works for C21 who are the ones who put up the house on Trulia . She said she doesn't see it on the MLS, it might be a scam. :\
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If it isn't on MLS, it's not legit. That's the big gripe with all these website like Redfin, Zillow, trulia, etc...agents feel like they are being discredited because of what people see on those sites.
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Finished demo on my other project. Now the fun begins of designing the layout.
Floors are done at my other project. Cabinets should be installed this week. We are maybe 1-2 weeks out on completing this one.
Floors are done at my other project. Cabinets should be installed this week. We are maybe 1-2 weeks out on completing this one.
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So I'm putting my house on the market. (I don't like the direction of the township) I'd encourage going to council meetings you learn a lot. The town hasn't recovered from the bubble and has a fair amount of short sales. So we'll see how this goes bought it 3 years ago.
