All Forum Posts by: Anthony Trujillo

Putting this on my calendar!

Originally posted by @David Faulkner:

Welcome. Please note that FHA loans are for owner occupied residences, 1-4 units. You will not be able to take on partners on that deal, nor will you be able to take on a major fixer as FHA inspection guidelines are quite strict. The only way to get a fixer with low money down would be the FHA 203k loan, which will again be for owner occupied residence only, but then you will need to do the rehab by the book, with full permits, using only licensed bonded contractors for the work, not so much of your own sweat equity. Other "creative financing" approaches involving options, owner financing, or other non coventional methods may also be possible, but unlikely and VERY difficult to find in a hot market like this one.

These are the rules as I understand them, but would encourage you to do your own independent research to confirm. Most other flippers that buy more distressed properties pay cash from their personal funds, hELOC from other properties, or via hard money lender, but such a lender will likely want to see some flipping/rehab experience and investor/flipper "skin in the game" in the form of a hefty down payment. Don't mean to burst your bubble, but also want you aware of the limitations and guidelines to help inform your strategy. You are wise to invest in areas you know and I would stay physically close to your flip to work there every day. Good luck!

 Hi David,

Thank you for that information. I knew the rules were strict with FHA but didn't know all of that! I don't think I will be taking that route. I know I will be out of cash after the down payment if I use a traditional home loan, so going in with a partner seems like the best idea to me. I just wish I knew area other than California so I would have the ability to do more with the money I have! Time to start getting creative...

I've finally made the decision to start investing with a flip. I want my first flip to be in an area I know well. So, for me that will be the East Bay in NorCal or in the Long Beach area in SoCal. (Two tough places to start, I know!) I am interested in SFH. This will be my first home purchase so I hopefully I am able to use an FHA loan. I am open to partnering with other investors who can bring funding to the table. Depending on the down payment, finances might be tight when it becomes rehab time, but obviously this all depends on the deal. I would like to connect with investor friendly agents in both the East Bay and Long Beach to find deals. If you're interested in working with a new investor on flips in these areas or can make any recommendations, please reach out so we can connect!

Hi BP, I've finally made the decision to start investing with a flip. I want my first flip to be in an area I know well. So, for me that will be the East Bay in NorCal or in the Long Beach area in SoCal. (Two tough places to start, I know!) I would like to connect with experienced investors and investor friendly agents in both areas. If you're interested in working with a new investor on flips in these areas, please reach out so we can connect! Thank you!

Originally posted by @Shawnee McGee:

Nice to meet you Anthony.  I tool have recently made the big decision to start investing in real estate. We have several things in common except the "becoming a full time investor by the time I'm 35"...I've missed that train for a bit but that's ok, I'm still going to get to the "full time investor" regardless! :)  I have spent a few days trying to devour all the information available in this community.  I am still in awe of all that is here and the support I've seen so many providing.   Looking forward to getting to know you.  Take care. 

 Hi Shawnee,

Glad we could connect! I look forward to becoming an investor along with you. Stay in touch! 

Originally posted by @Jo-Ann Lapin:

Welcome to BP. Have checked out he guide to real estate investing in BP? Have looked at the deal calculator they have. Have looked through the of casts. There is so much. Great use of the forum . You will find an mentor in your area. Happy to have to the community

 Hi Jo-Ann,

I appreciate you reaching out. I've read the guide and played with the rental property calc a bit, but had some trouble figuring out good numbers to plug in. I plan on listening to the podcasts while I'm wasting my life at work haha. Thanks for your suggestions!

Hi BiggerPockets,

I've recently made the big decision to start investing in real estate. I currently work a 9 to 5 as an Analyst, but my goal is to become a full time investor by the time I am 35. At this time, I am focused on finding a mentor who I can provide services to in exchange for investing knowledge. I've had a hard time deciding whether to start off flipping or with buy and hold. I am interested in multi-family and SFH, either in my area or out of state. I am excited to connect with and learn from the group here at BP. Thank you all in advance for sharing your knowledge with me!

- Anthony