All Forum Posts by: Andrew Flora

Mortgage fraud is a felony, I wouldn't recommend the risk. Although he would likely get away with it, I would never recommend it.

Best route is to pitch the financial benefits to his girlfriend and actually live in the 4-plex. If she refuses to acknowledge the benefits that are clearly best for their future maybe he should consider finding a new girlfriend and moving to the 4-plex himself.

Dont do it.

My advice is my opinion and it is very extreme but if you're serious about real estate and retiring at 30 this is what you do.

Dont go to that university(unless you have a full ride scholarship). The student loan debt will cost you years of retirement. If you must go to school go to trade school or community college.

Never finance a car for any reason.

Work two jobs for a few years to try to save your first 20-30k or more. Consider working for a contractor to learn handyman skills, that will be very valuable when you start investing.

When you buy your first home you must buy a multi family with an FHA loan and house hack.

Avoid debt on anything other than rental properties and live very frugally.

Dont date until you are 25. By then you will know what you truly need as a partner, find someone with the same drive and frugal discipline. If you marry someone that wants a big fancy house and always needs a brand new car you will forever be trying to make up for those debts.

If you do all this and stay focused you will be financially free no later than 30.

The best thing to do here is to fix the walls, and give the rest of the house a facelift and sell for ~$300k but it might cost you $50k upfront to do this.  Use a home equity loan to fund the repairs.  Good Luck!

Welcome to the community Josh!  

My quick tips/advice:

Get a HELOC on your home before you move if you have some equity established in it. This is much easier to get while it is still your primary residence. You can use this HELOC to fund future investments.

Before you go buy that big, fancy, expensive "forever home" consider buying a 2-4 multi-family property with an FHA loan or some Live in flips. Getting tied down by their primary home mortgage is a mistake many people make that hinders their ability to invest in the future. It can throw your income to debt ratio off and make it harder to get financing for the next several years.

Good luck with your real estate journey, reach out if you have any questions.

-Andrew

My biggest problem is finding and keeping a reliable handyman. I invest in rural markets so there's not many available, they say they want the work but then dont show up and stop answering my calls. My skillset is very amateur, I plan to get better at doing things myself but I will still at some point need a good handyman.

I think you all are missing the point here. She isn't trying to sell the house so whether it's worth $5 or $5 million it doesn't matter. The bank appraisal came in at $200k so when she does a cash out refi this will be a major success with the brrrr method and will fund her next few deals and will provide good cashflow. If it's not for sale the market value doesn't currently matter.

You probably have a friend or family member that has a great job but not a lot of spare cash to invest. You have the money but no job, they have a job but no cash and they are probably looking for ways to ditch the job and someday have extra cash. Partner up. They help get financing and you help grow their wealth, grow richer together.

Hey Roberto, I’m a real estate investor in south central Indiana.  I’m happy to help answer any questions you might have about this area.  All markets can be good markets if you find the right deals, connect with the right people in these areas to find those deals.

Try he way I see it you have 2 options. Option 1: stay in Portland, Find a your $270k house that needs work but buy it in a desirable neighborhood. Live in it for 2 years while rehabbing and then sell it and take the gains tax free. With those gains and an additional 2 years of aggressive savings you should now be in the ballpark for that 2-4 unit you need to house hack. Option 2: Invest outside of Portland but do a LOT of due diligence on your property manager. With a $300k budget in the midwest you can very easily be cashflow positive $500-1,000 from the start. But its so important to fly out to see the property and meet the PM. With the right boots on the ground and you consistantly managing your PM there's tons of potential