All Forum Posts by: Augustin Tommy Jr.

Awesome stuff! Thanks!

@Ellie Perlman Awesome stuff! I’m actively looking to purchase my first investment in another market and these resources will definitely be of help!

@Kris L. Another thing you may want to consider, is to ask the seller to finance the other 15-20% to dramatically reduce the cash needed for the down payment.

@Robert Rodrigues With a new build you may have a warranty for major repairs but it’s still a good idea to save a bit just in case. Also need to take into account vacancies. Do you plan on managing the property yourself? If not then you would need to set more aside for the management aspect

@Danny Webber Thanks for the advice Danny, and when you mention that all rental income is calculated at .75%, are you referring to using the projected rents to qualify for a higher loan amount to get into these multifamily properties?

SN: I really need to make it to the next meetup!

@Kris Wong I felt like I had half of the team thusfar, was just having trouble finding the right properties to execute this strategy or feeling my numbers weren't accurate enough to give me supreme confidence due to other fees that would pop up once I tried to pull the trigger. Thanks for your advice!

@Michele B. Thanks for the advice. It's sounds more and more like that's the avenue I should be going down with my current situation

@Alina Trigub Yes I do believe I shouldn't have much trouble getting an FHA loan and was more specifically thinking about going the FHA 203k loan route since housing prices are still increasing in my market. Thanks for the advice!

Hey BP Forum, I have a question that I’m having a tough time answering and figured I’d ask you wonderful people so I could get out of my own way. So I’ve currently live in a hot market (Austin, TX) and have been trying to get started investing, mainly looking at out of state properties (In Augusta, GA) that I could buy and hold. Mainly trying to do the BRRRR strategy in that market to take full advantage of the limited funds I have. However! Life (and my wife and I) had different plans and decided to bless us with the opportunity of having our first child (yay!). I’m currently renting where I stay so on to my question. Should I remain steadfast using my limited funds to invest out of state to purchase a cash flowing property? Or should I be trying to use the funds I have to either house hack a small multifamily property in my market or 203k live in flip a property to actually own a property for that transition? I‘m mainly concerned about how the debt to income ratio and obtaining loans for the primary residence may be more difficult to obtain if I begin with the investment properties first.

@Ben McMahon That's great news! Looking forward to chatting with you as I'm currently working getting past the first few hurdles to purchase my first property.