All Forum Posts by: Andrew Garcia

Hi @Shashank Viswanadha,

I would recommend a hybrid scenario.

You can get a HELOC or a second mortgage so that you can have the down payment while still being cash flow positive.

You get better pricing at 4 different levels if you are putting at least 20% down. 20%, 25%, 30%, and 40%. The difference between 20% down and 40% is a little less than .25%.

If you would like, I can run a payment analysis to see if it would be better to get a HELOC or second lien for the 20% or sell for the 40% down.

I would need more information, however.

Hope this helps! Let me know if I can be of any assistance.

Hi @Vaibhav Gedigeri, welcome to the community!

There are so many great people in the forums.

Definitely start building your team now. They will be your guiding voices on your out-of-state investing journey.

Hope this helps! Let me know if I can be of any assistance.

Hi @Garrett Swan, a great way to connect with local investors is by going to the "Network" tab.

You can find members in Savannah that have done STRs. 

Hope this helps! Let me know if I can be of any assistance.

Hi @William Manning, thank you for sharing your story and welcome to the community!

As Randy said, starting in your own backyard is a great place to start.

Thank you for your service. Since you were in the military, you have access to the VA home loan.

That is a great tool that investors use. They use it to do 1 of 3 things.

1. Buy a primary with no money down with a low rate and no MI allowing them to save more money for investments.

2. Buy a primary 2-4 units. Live in one unit and rent out the others.

3. Buy a property, live in it for a year and then move and rent it out.

Any of these would be good for you if you want to get started right away.

BRRRRs have a bit more of a learning curve so I would connect with some local flippers and BRRRRers in the area to pick their brain.

Hope this helps! Let me know if I can be of any assistance.

Hi @Alex Iverson, I might have a lender that can help you out.

They would need more information though.

Let's connect to see if they can help you out.

Hi @Esha Gangolli, having a ton of equity is not the worst problem to have.

A 1031 is a great way to go. There have been some great real estate agents that have commented on this thread so please connect with them for out-of-state help.

Since you have good savings and a stable job, conventional would probably be your best bet for financing.

If, for whatever reason, you are unable to qualify for conventional, there are other options that are more investor-friendly.

Hope this helps! Let me know if I can be of any assistance.

Hi @Casey Ferry, welcome to the community!

Glad to see you jumping into the world of REI!

There are a lot of good tools out there for BRRRRs. The best tools are the team that you are going to use. Your lender, agent, and contrator will be the best resources for you.

Other great tools include Flipperforce and Propstream. There really is no tool that covers the entire process but each are good for different stages.

Hope this helps! Let me know if I can be of any assistance.

Hi @Caleb Scott, I am assuming that by "multifamily", you mean 1-4 units.

In that case, you can do a 203k loan. The amount allocated is determined by a HUD consultant assigned to the property.

You can certainly do a BRRRR house hack. You would have to live in the property for one year, however. Then, if you want to refinance, you will be limited to 75% LTV on the cashout refinance so you will need to likely bring cash to the table unless the value add creates enough equity for you.

Hope this helps! Let me know if I can be of any assistance.

Hi @Marcus Jones, I would have the other investor create an LLC that you have an ownership interest in.

The distribution time frame can be whatever you decide. Some do monthly, some do quarterly, some do semi-annually, and some do annually. It is completely up to you and your partner.

BP has a ton of great resources for STRs. There is a plethora of great information on here.

In the future, once you get some experience under your belt, you can use your VA loan to buy a primary residence. Then, live in it for a year and move out. Turn that property into an STR.

Hope this helps! Let me know if I can be of any assistance.

Hi @Schneur Sanowicz, you are not in a bad situation. My questions are below:

1. What is the office job that you will be mentored at? Are you becoming an agent?

2. How ambitious are you? Do you want to build an empire or have a stable job?

3. Do you have anyone to support or can you handle a commision based job?

Answering these should help lead you in the right direction.