All Forum Posts by: Amber Koontz

@Rita Bautista I'm looking to buy a multi family 2-4 as wel as a single family house around there same time. 

@Darren Eady I would like to purchase the MF with an FHA loan and use private money lenders to purchase the SFH. With everything that I've been viewing, I think I'll find both around the same time. As a first time investor thing both close together may not be the best idea, but I'm just working through my thoughts and trying to prepare a plan. Along the way some things may get crossed off of the list using all of the resources BP has to offer.

@Darrell Shepherd Thanks for the breakdown. I will be able to squeeze my parents (hopefully). I've been telling them all that I've learned so far in just one month on here. Those rates are pretty over the top for hard money lenders. I am just trying to work on creative financing to use while I stay in the MFH for a year. My credit is pretty good and my only dept right now is on a student loan which is fairly small now. I plan on getting on the game after a few more months of saving and learning. I see so much potential, I just do not have the foundation (knowledge and contacts from networking) that I want to have yet.  One month down! 

Thank you all for the comments. Sorry for the delay. I posted before the Rockets game started. #RED NATION!! Lolz 

Hello all

I'm working on a checklist for approvals for FHA loans and Private Money Loans. I think I have researched enough on FHA. What would you say are things I need to make sure of for successfully obtaining private money lender's help?

@Assaf Furman Great share, this site is pretty good!

Please add me.

@Boliver Allmon  First use the search bar and type in wholesaling. I've been listening to all of the podcasts associated with wholesaling and it's pretty informative. It's helping me to formulate a better plan. Next I would say to attend local BP meetups and network. Everyone directs me to do such and I think it's great advice. I'll be attending my first one this month. This may be to far for you, but here's a link just in case.

http://www.biggerpockets.com/forums/521/topics/191...

I plan on purchasing my first investment property, MF, and during that first year wholesaling while gaining experience in real estate. 

I also use the networking tool on here to reach out and find like minded individuals. You can't go wrong here! Good luck and I'm sure you'll find everything that you need here!

That is great advice. I'm currently factoring that into the equation. On the surface we just see extra income, but you must think about vacancy and possibly taking on all expenses. I'm still undecided on duplex or triplex for my first investment. I figure running the numbers will help me make that decision. Good Luck!

@Michael Morin Thanks, that makes sense. I'm workin on saving up things like that.👍🏼

@Jeff Morelock That was a win win situation. 👍🏼

@Paul Timmins Thanks for the input as well!👍🏼

Great information that I will take with me.

@Paul Timmins That was great information, thank you! I will add this to my notes as well as your name for reference. Maybe you could add some priceless input to my post on Duplexes, Triplexes, and Fourplexes? I'm trying to learn about people's experiences in MFs to help prepare as best I can for my future endeavor. HAPPY MOTHER'S DAY to the wonderful women in your life!

@Jeff Morelock Thanks for the feedback. How extensive was your tenate screening? That can make all the difference after the fact. 

@Matthew Schroeder Thank you for the feedback. Using a PM could definitely save on the constant hassle when things are hectic. I was thinking of obtaining a PM for triplexes on up, but it could be just as useful for a duplex. 

@Eric Munson Thank you as well for the feedback. I will be sure to work within the 75% LTV. PMI so far is the only downfall to using an FHA loan. I will research what a reserve fund is, that's new thus far in my educational experience. (All of 4weeks! Lolz)

@Jason Hairston I believe the parents take ownership for their children. Detailed by contract however you make the arrangement. Any damages the parents are liable for as well as payments. I came across this information some time ago and just made a note of adding parents in the deal for security purposes. Hopefully someone will read this and expound on this option. I should have saved her name at least. I'll start doing that from now on.👍🏻