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All Forum Posts by: Aaron Hale

Aaron Hale has started 26 posts and replied 170 times.

Post: Hi guys! Victor from Melbourne.

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

@Victor GohWelcome! While you are reading, listening, and learning, you can also start getting familiar with your target market from an investor’s perspective. What neighborhoods do you want to investing? Who are some key players that can help you locally such as agents, contractors, etc.?

A good way to learn these things as well as make new connections and learn the REI trade in general is to attend a local meet-up. Try the events section here to find out if any BP members have one going near you. If not, you can start one of your own. There's no rule saying that you have to have experience to host a meet-up. The whole point is to connect and to learn from each other.

Best of luck! 

Post: Part rehab, part occupied... Will it qualify for a mortgage?

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

...even if the other units are occupied. I forgot to add.

Post: Part rehab, part occupied... Will it qualify for a mortgage?

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63
Originally posted by @Chris Mason:
Originally posted by @Aaron Hale:

Hey BP,

I’ve located a triplex that has some potential but am wondering about financing. It is 33% occupied and the one unit puts it over the 1% rent to price ratio. However, the other two units and the exterior need swork to make rent ready .

In general terms, would this property still qualify for an agency loan because it is occupied?

Thanks for the input! 

 In general for a traditional loan, it needs to be a complete and functional home absent safety hazards. 

Example of a no-go: Missing an oven. Can't cook food = not a kitchen = not a house, in Fannie Mae's eyes.

Example of a go: 1970s gross yellow wallpaper stained with cigarette smoke, fridge from the 1980s in that yellow color. But everything in that kitchen functions.

 Thanks, I am pretty sure I’ve got it down, but just to be clear... If, in this case, there are three units, that means three working ovens, three working refrigerators,, etc? The whole thing is a no-go if one unit is still missing a toilet. 

Post: Part rehab, part occupied... Will it qualify for a mortgage?

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

Hey BP,

I’ve located a triplex that has some potential but am wondering about financing. It is 33% occupied and the one unit puts it over the 1% rent to price ratio. However, the other two units and the exterior need swork to make rent ready .

In general terms, would this property still qualify for an agency loan because it is occupied?

Thanks for the input! 

Post: Hello everyone I'm to the site.

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

Welcome @Scott Slocum. I’m sure your expertise in your tradecraft will come in handy here. One of the quickest ways to grow your network is to offer your knowhow to others seeking advice. As you read the forums, blogs, and books and listen to the podcast episodes, give the gift of your wisdom to the tribe. You will learn and grow all the faster! Congratulations on taking the first steps to financial freedom! 

Post: Just Starting Out Investor!

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

It sounds like you're right on track to crush it in REI. Keep stoking the fire. When you get to your meet-ups, go with the intention of adding value to others in the group, at least the ones you'd like to emulate. The more you give it away; your time, your motivation, your elbow grease; the more you're going to learn from them and the more they are going to want to do business with you.

Go crush it! 

Post: Here in Central Florida

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

...and, did you want to let us in on the big plan? After 5yrs have you homed in on an investment strategy? Have you located your niche market or even found a property to acquire? Fill us in! 

Post: Hello im a newbie, Intro

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

Welcome, Alvaro. Thank you for your service and congratulations on taking the first steps towards REI and financial freedom.

While CA can be a tough market, you have a few powerful tools at your disposal many do not. While still on active duty, you have BAH which can be put towards a mortgage just as easily as rent. 

You also have access to and qualitative for a 0% down and 3.5% interest VA loan.

If you put that towards the purchase of a 3-4 unit building you intend on living in and renting out the other apartments, California real estate investing is well within your reach.

I regret putting these terrific benefits to work while I was in the Army. Best of luck! 

Post: Introduction to the group

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

@Joshua LindsayWelcome to BP! Congratulations on taking the first steps. Getting your license means you have some knowledge and an inside look into the MLS which will come in handy. One of the best ways to get a foothold in this field is to add value to others' quest for financial freedom. ...and it sounds to me like that's what you are trying to accomplish.

Keep reading, listening to the podcasts, and jump over to the events page to find local meet-ups for the PCB area to find like minded investors.

In fact, why don’t you send me a PM with your contact info? I am just down the road and have some questions about your stomping ground.

Best of luck! Keep that fire alive! 

Post: Reading : How to Invest in Real Estate

Aaron HalePosted
  • Rental Property Investor
  • Santa Rosa Beach, FL
  • Posts 182
  • Votes 63

Welcome Congratulations on taking the leap.You’re taking the first step by educating yourself. 

Next, you’ll want to consider the type of investing strategy you wish to use; buy and hold, fix n’ flip, wholesale, house hacking, and so on. Many investors utilize different strategies in different markets and different times in the market cycle, but it’s good to nail down one key skill at a time and get strong at it. Many choose wholesaling or flipping because they offer the investor a boots-on-the—ground education in finding and rehabbing great deals. this isn’t for everyone and is more of a job than investing. However, you can learn important skills and earn some investing capital along the  way if done right.

You’ll also want to start building your “team” for whatever strategy you employ. Most start with an agent(s), general contractor, property manager, attorney, and others that have specialized skills you’ll need but don’t have the time to learn because you’ll be finding and closing on great deals.

Find your local meet-ups to network in your general area. If you find someone you’d like to earn from, they will be more inclined to help you out if you can find a way to add value to their business. Often this can come in the form of simple elbow grease.

Keep reading, listen to the podcast, network here, and find your local meet-ups. Good luck!