All Forum Posts by: Andrew Wilkins

My wife and I found a property we want to buy yesterday. We are planning on going to view it formally tomorrow. We did drive by the neighborhood to check it out, it's definitely a low income area but has potential. The Tri-plex is a 2-1, 1-1 and studio set up. Market rents here is about 1100-1200 for a 2-1, 1k for a 1-1, and 800 for a studio. We have a SFH that we've been house hacking in and has appreciated by about 70k already. Our plan is to take a hard money loan for the tri-plex, pay off all our CC debt (about 30k, yes we were stupid in the past but we have learned better) and have about 30k left for a down payment for a mortgage to replace the hard money loan. The tri-plex is a cash only sell. We are planning on living in the 1-1 unit for a year then move in with my wife's mother to support her in her old age. Cashflow will be very low for the first year, but will cover expenses, then will be about 700-800 per month moving forward.

Is this strategy viable? How difficult will it be to get the deal funded through hard/private lending. Do yall think the mortgage process will be difficult? Any pitfalls to watch out for? any advice welcome and thank you in advance.

Can you take the seller financing and save up to put a mortgage on the property within 5 years?

@Cameron Lam

Definitely an inspirational story, my wife and I are trying to jump in on a new construction 4plex I found today. I'm past the analysis paralysis and hope to work out a deal. Congratulations on your success and hopefully more deals to come

My wonderful wife and I bought our house for 181k two years ago, since we have made some terrible financial choices that leave us blocked from conventional loans (large CC debt, being fixed but two years till in the green). Our house is now going for 230k and is on track to hit 250k next year. Today we find out that two of our neighbors are moving away and selling.We are just getting started on REI and house hacking but this opportunity is something we would like to jump on.

How would you finance one or both deals if you had bad credit (in repair) or low cash on hand?

@Jake Kain

I live near downtown Phoenix but I'm often traveling to Mesa, Chandler and Tempe for school stuff

@Kobe Xin

Ah ok well that solves that conundrum fore me 😂🤣

@Kobe Xin

Hey thanks for the reply, I should have mentioned I am in Arizona. I will update my post with that info. I'm unsure if AZ has a similar requirement to Texas.

a bit of background info is required for this one. I'm 30, married and own a house that is cash flowing about $340 dollars a month through house hacking. I'm in college for cyber security but I've always felt like that would be more of a fallback if things go south. This upcoming summer I've found that I have time to take the pre-license real estate classes needed to get my license. My wife makes enough to support both of us while I am in school and getting started as an agent. I see myself as an investor first and foremost, but in order to really get the ball rolling so I can start BRRRRing properties I need to build up some extra money faster than my dividend growth account can support. I am connected with my local real estate investor's association and want to work primarily with other investors to grow my network. My plan is to provide value as an agent until I can start funding my own deals and grow a network within my community. 

In regards to my plan, should I focus more on going solo and working on creating value for others as much as I can while I learn on my own, or would it be more efficient to attempt to join a team or brokerage to learn the ropes. Am I just putting the cart before the horse or am I on the right track with trying to build a plan for success early?