All Forum Posts by: Allen Collins

I'm also self employed and having issues. With my W2 income from my business I was approved for a $400k loan but when they factored in the write-offs from my businesses it basically has me at no income so they offered me the bank statement program. Only issue with this program is the interest rate is 6.5% with 2 points AND they won't allow me to refinance for 36 months. I can deal with the 6/5%/2 pts IF I am able to refinance once I get my income situated which would be in about a year but being locked in for 36 months doesn't sit well with me. Definitely interested in what everyone has to say in this post.

I'm newer at this so take my opinion with a grain of salt..

Depending on your credit and ability to finance properties, I'd go for multiple units if possible. Everything I've heard is to put as little cash as possible into each deal and keep as much on hand for other investments. Paying for something in cash in full seems like the right move to have no payment but you are tying up all your cash into one deal. The only way I see it making sense to pay for something full in cash is if you can buy one with a down payment plus financing and buy a second property with cash because you can't quality for another financed deal, this is my current situation. Of course there are many other ways to get funding other than conventional funding but to get two properties to start I feel is putting you well ahead of the game. Ideally you can BRRRR the one that you are financing so you can pull all your cash back out and finance a third or pay back your investor and get creative for your third.

First off, I think it's amazing at 16 you're interested in REI! I would recommend trying to find someone in your area that is in the business and work for them. Watch and listen to everything they do and that person can possibly be your partner on your first deal. Just like Nathan said, take some time everyday and educate yourself. When I first started researching this topic I obsessively consumed content like my life depended on it. Not even 6 months later I'm looking for my first investment. Good luck!!

Just wondering if anyone has done this and could offer some insight. I'm looking to purchase a piece of property (2.2 acres) and looking to place 5 small structures for STR. These will most likely be a combination or Yurts and tiny cabins. The reason for this post is to get some opinions on which direction I go in to power these units and hopefully learn from someone who has done something similar.

1. Be completely offgrid by installing a 2,000+ gallon water tank which will be filled by a company as needed, solar and wood burning stoves. I could use some advice on how to incorporate a bathroom and possibly a shower to this. If I decide to add a shower I imagine I might want to go with a larger water tank to avoid filling it so often.

2. Tie in to all city utilities. I'm a mountain man and hate this idea but it seems the most accommodating to guests.

This will be in the NW NJ area near Mountain Creek ski resort. Any input would be greatly appreciated!

Just wondering if anyone has been through this program and can provide me with any feedback

Hey guys, I'm in a situation that I feel some of you may be able to help me navigate through. I'll try to keep it short:

I have multiple LLC's and the loss the businesses took in 2021 basically negates all my W2 income which is primarily how I pay myself so I cannot get approved for anything off my personals. Off my 2020 W2's I was approved for $400k. My businesses combined generate a healthy amount of revenue so I was going to use the business to leverage a loan which I was approved. The rate is 6.5% with 2 points, not thrilled about that. The plan for the property is to live in it but also have a couple small airbnb structures (yurt or domes) in the wooded area as we are looking at multiple acre properties.

My question is, what other kind of financing can I look into and not get smoked on the rates? We are looking at homes in the $400k range and have 25% to put down. Based in NJ if that matters.

That's amazing! Here in NJ for $26k, we can purchase those downed branches lol. Good work :)

 Awesome thanks Rick! I'll shoot you a message

Thank you everyone for your input. I'm struggling to find a deal that makes sense to me in my current situation so I'm trying to get creative. After reading all this, I will move on.

I've been looking into doing some STR in the area I've narrowed in on. This area has multiple resorts near Mountain Creek in Sussex County NJ. The only downside is that I can't AIRBNB these units out, the resorts offer an option to enter your unit into what they call a rental pool. I have no experience with this and wondering if anyone can provide any input on how this works. I imagine they just book the rooms for you, clean and manage them.

My main question is, does anyone have any experience with this type of rental? Has it been lucrative? It seems like the resort has a built-in property management and cleaning team. Any input would be greatly appreciated, thanks!