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All Forum Posts by: Andrew Ager

Andrew Ager has started 11 posts and replied 29 times.

Post: Scaling house hacking

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

@Rand Knutson thank you

Post: Scaling house hacking

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

@Kayla Govier my current property is conventional loan

Post: House hack - rinse and repeat?

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

@Greg Dorn question about the income /rent percentages.

I house hack my current property and receive 75% of the mortgage from those tenants leaving me responsible for the other 25 percent . If I want to buy another property , bring my current roommates to the next and turn that property into a full time rental , can I only use 75% of the mortgage as income to qualify for the new loan ?

For instance the mortgage is $1000 I am receiving $750 taxable income and $750 reportable income towards the new loan criteria?

Post: Scaling house hacking

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

So I recently bought my first house hack: townhouse rent by room .

My goal is to buy a new one every year with a FHA loan refinancing into a conventional then reusing the FHA loan for the new property taking my roommates with me to each property while turning the previous one into a full time rental .

I can save the down payment each year easily.

I guess my question is what kind of criteria is demanded by mortgage companies to allow me to do this ? And is there anything else I should know before trying to scale up in this way ?

Post: NO MONEY! How do I find funding for deals!?!!!

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

@Brent Paulthank you this was very helpful

Post: NO MONEY! How do I find funding for deals!?!!!

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

Sooo let's get right to it . I have no money have been studying all the no money investment strategies. But I can't seem to have any luck , started off wholesaling, didn't get a single deal . That strategy was far to competitive and border line illegal for a me as a rookie to come in and be successful. I've left that strategy alone to Focus strictly on BRRRR investing.

I know how the strategy works and have plenty of leads coming in and have basic skills on estimating rehab cost but HARD MONEY LENDERS are my problem. Every hard money lender I have spoke to wants you to either have a track record of deals you’ve done (I have none ), you to cover all the rehab( no money) and or to put a down payment on their loan to you. All of this at 15% or higher interest rates.

So to keep it simple as a newbie how do I find partners/ lenders to help fund my deal?

Post: Presenting your deal to potential partners and lenders

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

@William Tidd thanks man appreciate your input

Post: Presenting your deal to potential partners and lenders

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

When comprising a complete deal analysis and plan to preview to a potential partner or hard money lender. Is there a power point layout you typically use to easily plug in deal info to make presentation of your deal easy?

Post: Newbie here looking to help a investor for free!!

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

@Aaron K. Yes the property is currently under contract for a mortgage assumption deal. There’s roughly 85k of equity in the property currently. And the property is in decent condition. The owner has been renting the property out the past 10 years and has terrible luck doing so and has decided he just wanted it gone so I offered to take over the mortgage.

There's a bunch I am looking to learn from other investors but at the moment I think the main think I want to learn is evaluating rehab costs quickly and most importantly determining ARV . I would really hate to jump into my first deal and shoot my ARV to high and get discouraged and not want to continue.

Post: Newbie here looking to help a investor for free!!

Andrew AgerPosted
  • Rental Property Investor
  • Pasadena, MD
  • Posts 29
  • Votes 9

@Taghlub A. Nassar I would love to help! My father is the head of the painter apprenticeship at the IUPAT District Council 51 I’ve painted plenty of times !