OfflineI HAVE A QUESTION REGARDING A PRE APPROVAL I GOT. I was planning to buy a home for me and my family to move into since we are currently renting an apartment for $800 a nonth! so i got pre approved for 80k. i dont know weather i should use that for my primary residence or for and investment property?
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I don't know what area (State) you're in, try finding a multi-family at that price or house with an efficiency or 1 bed room apartment in the basement. So that your family has a place of their own and you have a tenant paying a portion or all of your mortgage. God Bless with your REI.
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thanks for the advise! It sounds like a great idea, by the way I live in central california. Il look into multi family properties.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
You may want to try to find the best home you can for your own residence. The key is to find a great deal, such as a home with as much equity as possible. The goal being that you may be able to get a home equity line of credit that could then help you purchase an investment property in the future as the market improves. That way you may be able to take advantage of certain programs now that can beenfit you the most. I hope this helps. Good luck with invetsing. Believe and Achieve!
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so i shouldnt worry to much about using my loan for investment properties? Is it possible to use the 80k loan on my own home and then still recieve a investment loan for a rental? or a rehabber? if so would i be able to get a hardmoney loan/investor loan and then refi it for a conventional loan? or will my primary house be in the way? Thanks once again for all the help!
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
ok so can i use my loan to make offers and then pass them off to another investor for a fee? or will that be against bank laws?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
When purchasing property there will be a difference between a loan for your personal residence and an investment property. With an investment property loan you will need to have a 20% down payment at least. That preapproval is base on you buying the home for your personal residence, to do something else would change the qualification process. In order to use a hard money lender and that do a refi, you would have to get qualified based you what your current situation is. If you do have your own mortgage that will be taken into account.
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thank you for the knowledge i have a better understanding of this loan now.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"