All Forum Posts by: Andrew Zannotti

It's already been said in the post about but just to reiterate, get a different lender. Just because you have a pre-approval from them does not obligate you to use thier product. I recommend calling every bank and credit union where you are to shop around for the best terms and a product that suites you.

I would recommend running your numbers right now at what current rent is and see how your cash flow goes from there in terms of whether the deal makes sense. Breaking even out the gate is not necessary a bad thing depending on how much money you have in the deal and if when you forecast down the road you can project that the deal will be alot better because sooner or later turnover is gonna happen and the opportunity to increase rents is gonna come. I know your thread is gonna fill up shortly with people telling you this is business but I believe karma comes in business also and I would very weary of buying with the plan of increasing rents on a 87 year of tentant on a fixed income regardless of whether they are on a month to month lease or not (not saying that is your plan).

@Arta Montero one is in Killeen Texas where I am and the other 2 are in Lawton Oklahoma about 4 hours away from me.

I can call around for a place next week and see what's available.

If we don't have a topic I can do a presentation on BRRRR and use a property that I can closing on tomorrow as the case study for it. I could cover the lead generation that found it, negotiating the deal, initial financing, rehab, and my refinance plan. Depending on who is coming it may be a good topic.

Safe Travels!!!

Can you post in the discussion where your property is located, maybe someone already has a recommendation for a bank that can complete this transaction. IE if you are near Killeen Texas I would have to local bank to refer you to that do exactly what you are asking for.

@Jennifer Schelkopf That is absolutely awesome to hear! I started to doing mail outs last week also. I'm going with smaller amounts because they are for properties that I am targeting that I haven't been able to skip trace or find the owner's phone number or email. I met someone on here that actually hand writes his letters to keep it more personal so I'm trying that. I've got one call back so far but it hasn't led to a signed contract yet.

I buy in Killeen, Texas and Lawton, Oklahoma because I am familiar with them. I want to eventually branch into Columbus, Ohio but haven't been successful there yet.

How long have you been working on getting into real estate?

@Joseph Chew nothing wrong with that. The first house I bought was a horrible investment because I didn't have anyone give me advice on it, I wish I had had something like this forum then. Keep saving and learning and you'll have your first property before you know it. Along with everyone else in the thread I would strongly advise against taking out a personal loan to make a down payment.

@Ethan Board gotcha, if you have the cash and you can get it at a discount it could work, as everyone above has said you just have to be prepared to work given the area the properties may be in. In terms of lending this may be challenging because from what I get out of your post the properties are on multiple lots so it may take some time to find a lender to work with you on it.