All Forum Posts by: Ashley Kehr

Hi Dylan, I always like to tell the bank what I have as in the property, the value, why I want to refinance or purchase, etc. Then I ask what they have available for lending. I like them to offer me the options. I have been surprised before as to what is available. Give them as much information upfront about yourself and what you are trying to do. Ask for options. To give you an example I once had a bank offer me  an unsecured loan to purchase a property so it actually seemed like a cash offer. I've also had a line of credit put on the table as an option for an investment property. Also, go to multiple banks. See who has the best offer that suits your needs. Take note of how fast the loan officer responds because that will give you an idea of how fast your loan will close. Ask about prepayment penalties, interest rate, amortization, and closing costs. Good luck on your duplex!

Hi Grey, Welcome to BP! It is so awesome you are thinking about investing now while you are in college. If I could go back I would have started out house hacking. In my opinion, it is one of the best ways to get into real estate investing. Best of luck to you on your real estate investing journey!

Hi Carrie! BP has a great glossary section where you can look up common real estate terms and acronyms. Here is the link: https://www.biggerpockets.com/...

Hope this helps!

Hi Stanley, this is a great dilemma to have! Do you know what price point you want to buy your next BRRRR at? If you do run your numbers using both scenarios. If you purchase a house for $150k using the heloc how much interest, closing costs and refinance fees would you occur? If you purchase a house for $150K using cash out refi how much interest, closing costs, and refinance fee would you pay? You can run your numbers over the next 5 - 10 years too. This will give you an idea of how much you are paying upfront for this financing and what it would look like down the road.

Hi Chyniece, I love your goals! My goal this year is to start investing out of state. I've been comfortable in the area I am in but want to seek out properties with lower property taxes and laws that are landlord friendly. Best of luck to you on your goals!! 

Congratulations on your first deal Saxxon and I am very sorry to hear about your friend. I do love that you didn't just sell the property and saw it as an opportunity. Good luck on your next deal now that you've caught the bug!

Hi Amanda, That's great you want to start investing in real estate. Welcome to BP! House hacking is an amazing way to get started. You are on the right track. Look for local meetups in your area. Most are posted on BiggerPockets under Network then events or on meetup.com. Best of luck to you on finding your first deal!

@Matt McMacken Welcome to BP! Congrats on your fifth property, that’s awesome!

@Jarod Castaneda I currently purchase duplexes in rural areas. There is not a lot of competition from other investors. I’ve found the best tenants to be senior citizens who don’t want to maintain a house but want to stay in the community they’ve lived forever. I would search apartment listings and see if there is a lot available in that town to rent. If there are no apartments available for rent that could be a good sign that there is not enough supply. If possible drive around the community and look at how many houses have two electric or gas meters. This can give you an idea of how many houses are rentals. It won’t include single family obviously but you can browse the tax records to see how many houses have different mailing addresses than the property address. Since it’s a small town this won’t take too long but can give you an idea of how many rentals there already are. You could also create a fake ad for an apartment on Craigslist or Facebook marketplace and see how many responses you receive.

Great job Mac! Congrats on the rental. I checked out the photos too and it turned out so nice! How many houses have you rehabbed?