All Forum Posts by: Ashley Kehr

@Matthew Irish-Jones haha not for other people!! I’d go crazy. I can barely handle “myself” and one other investor as clients!

I’d recommend Towne Housing in Buffalo NY. I’m hoping to switch out of managing two apartment complexes and switching to them before the end of the year.

Hi Andrew! Welcome to BP and congrats on wanting to get started in real estate! Sounds like you already have some great mentors right at your fingertips. Your grandmother made a great suggestion to get your real estate license. You could also look into working for a property management company. It seems there are several hiring leasing agents and maintenance techs in the area. There is also a meetup in Buffalo every month. I've only been able to attend once but it was really great. I highly recommend it. @Eric Winstanley will post the location at the beginning of each month. 

The first question I would ask is if you have any experience? 

To see what your numbers need to look like I would contact a pm firm and investment firm to see what their costs are. You can run your number based off their estimates. For rehab you could do a per unit cost estimate to get an idea of the total rehab cost.

Hi Kris. So awesome you are already thinking about getting into real estate at 18! My sister was able to get approved for an fha loan with only a job offer right out of college. She worked part time in college but it was only around $10,000 she made for the year. I think its worth a try to get pre-approved. It won't cost you anything to get pre-approved from a bank. 

I agree with @Dion McNeeley that you should be cautious to do a joint loan with a friend. I'd recommend you each saving to get a duplex on your own.  That way you can take advantage of two fha loans and get two duplexes between the two of you. 

Best of luck!

When you become 50/50 on the deed look into if you want to be tenant's in common or have joint tenancy. In joint tenancy upon death of one of the partners the surviving partner would retain 100% ownership. In tenants in common the deceased's ownership will be transferred to their heirs. Morbid, but important to think about if you put the property in your personal names. 

I've had good luck with Axos Bank being investor friendly. I do agree with @Tashina Taylor though. Go with a smaller bank if you can. 

Thanks @Wayne Brooks that's really interesting to know! We are far off from doing that but I guess it will be a refi. We did the loan in 2018.

HI Adam. I did this with my sister and it worked very well for us. We purchased a duplex with an fha loan. I gifted her the 3.5% down and she is on the mortgage. We are 50/50 on the deed. She won't owe me the down payment back but when the house sells we will split the profit. Right now she pays $45 to her mortgage while the tenants pay the rest. When we rent out both units and she moves out we will use the cashflow to pay down mortgage to rid of pmi then split the cashflow. Make sure you can trust your friend. Even though you are not on the mortgage if he defaults you'll lose the house too and never see your deposit money. 

I’ve also used bar keep and it has worked really well!