All Forum Posts by: Ashton Patterson

Just want to kickstart an investment discussion about Real Estate v.s Cryptocurrency that takes into consideration ROI, Risk/Reward, Cost of Entry, Headache, Time Horizons, and maybe even ethics if you want to get crazy with it. Learning macro-economics led me into real estate and crypto, as they are both potential life rafts in this sinking financial system. However, my perspective is limited, so I thought it'd be fun to start a conversation comparing the tried and true with the new kid on the block in this changing world.

The obvious winner when it comes to financing a house hack seems to be an FHA loan. However, my friend and I are having a hard time qualifying for enough to get a duplex in our area with an FHA because my tip income doesn't qualify. After talking with a local bank, it sounds like we would have no problem getting a loan, but the terms would be less attractive with a higher down payment and a slightly higher adjustable rate.

I was wondering if anyone on here has financed any house hack scenarios with local banks, or even used other forms of creative financing to fund their first property? 

My friend and I are trying to find the best way to finance a house hack, and FHA seems to be the ideal loan type. However, the restrictions that go along with it are presenting a problem. We would like to go in 50/50 on a property and both live there, but FHA rules seem to dictate that that scenario may not be possible. Any advice on House Hacking with an unrelated business partner would be greatly appreciated.

Thanks!

I recently dropped out of college, as I felt I could find far better use of my time and money in today's world. After months of reading, listening, and watching, I have decided on real-estate investing. However, I currently have a job as a waiter, and I know that even if my investments go according to plan, they will not bear enough fruit in the short term for me to quit my job. This has led me to consider the possibility of becoming a real-estate agent, as I think it will allow me to get hands on in the industry, gain confidence with the process, become better at sales, network, have access to the MLS, and hopefully make more than I currently do. I am fairly personable and love the idea of having my pay being directly related by my work ethic. With that being said, I have a few questions for those of you that have experience in the industry:

1. The combined cost of the 60 hour course and test in Arkansas appears to be less than $500. Are there any hidden or recurring fees that I should know about?

2. Are there any issues that may arise from being a realtor and investor at the same time? 

3. Are there other jobs in the industry that could pay my bills in the short term and give me experience that may be better than being a realtor?

4. Anything else I should know before going down that path?

Thank you!

I am brand new to real estate and have spent the past few weeks reading, watching, and listening to everything real-estate (mostly from Bigger Pockets and Brandon Turner's books). I am excited to say the least, and I'm ready to start practicing analyzing some properties in my area. I started analyzing an example property that would require some work (cabinets, paint, fixtures, floors) as I am planning on doing short term rentals, but want to analyze for long term rentals first to insure a good backup plan. However, I had a hard time estimating the rent I would charge and how to get comps to estimate the ARV. I know that accessing the MLS is a good way to gather comps, but I don't have a real estate license, nor do I want to bother a realtor with every property I want to analyze. Any advice on how to estimate this information when first starting out would be greatly appreciated!