All Forum Posts by: Austin Youmans

I am wanting to build a long term relationship with a lender that offers a lot of products such as comercial loans, lines of credit and portfolio loans. 

Does anyone have a recommendation for a lender that offers these things in Vancouver, WA?

Hi @Thomas Burnett I always recommend a house hack for your first deal if you can swing it. 
Find a good deal on a 2 to 4 unit place with a FHA loan and live in one unit while renting out the others.

This is what I did for my first deal and I think it works out great. 

Let me know if you have any questions.

@Jack Jones, sounds like you are a perfect candidate for house hacking. Since you are able to get a VA loan you can buy up to a 4 unit building with no money down except for fees. Live in one and rent the others out. This is what I did for my first purchase except I used a FHA loan.

You could do a lease option on the property. 

You basically rent the property from the owner and buy and option to buy at a certain price in the future. 

go over the contract with someone so it has everything you need but this would give you control of the property then once it is rehabbed you could buy it with the appraisal.

@Sunny Hande, did they tell you how many people were going to move in when they applied?

Check the portland code but in vancouver, wa max occupancy is 2 per bedroom plus 1 extra person.

Hey @Nick Wusz, I am also a engineer turned investor/agent.

Deals are hard to find on the MLS right now but there are some out there.

Let me know if you have any questions.

I plan to but have not re-invested the money yet.

@Patricia K., I actually just did this. 

I just refinanced my residence to pull money out to reinvest. 

You can also look into a home equity line of credit. 
Either way works and both have there advantages. 

Let me know if you have any questions.

Welcome @Alex Paul Xander

How is your current flip going?

@Melissa Dorman, I don't know if you have the square footage but if you can add an extra bedroom that would be ideal. Since it is a duplex you can try to get top dollar for rent which will look good against comparable properties. other than that just make sure everything is clean and manicured not that it raises the value but if the appraiser likes walking through the property they are likely to be more generous but it really depends on the appraiser you end up with. 

What are you going to get for rent once it is fixed up?