All Forum Posts by: Blake Dowe

I'm looking at a 3 unit turnkey that I am going to try to acquire through low/no money down options. I would like to try to assume the mortgage if the seller agrees and if the bank allows it. How can I find out if the loan has a due on sale clause? I've also been thinking about a lease option. 

I know there are other no/low money down options, I would love to hear everyone's thoughts.

Hey everyone,

I'm very new to REI and spend a good amount of time reading and learning as I am still a ways away from doing my first deal (A multi-unit owner occupied buy and hold). I'm finishing up college in spring 2016 and plan on making an investment shortly after, but my summer job for the past few years (and currently) is at a yacht club where I basically help people with their boats and make small talk. Over the years I have built some relationships here and am looking to ask some of the members of the yacht club to invest with me. I am 20 years old and most of the members are above 40, I have good standing with them but feel a little uncomfortable breaking the ice in terms of talking money. How should I approach them? What kinds of questions should I ask? Lastly, what is the process of paying back their investment with interest and how does that payment process work?

Thanks!

Thanks to everyone for the advice! I definitely have much more research to do and appreciate everyone pointing me in the right direction. 

@Colin Smith

 Thanks for the tip on looking into house hacking. I wanted to make this investment without a co-sign, but if that's what it takes then I might have to alter my strategy.

Thanks!

@Mark F. 

Thanks for the reply, I am planning on making it an owner occupied investment to fulfill the FHA requirements. Will the bank give me any leeway on a loan if I can show that on top of my income, the property will be rented out to help cover expenses? Or is it strictly based on standard income?

Thanks!

Hi everyone,

I'm working on the logistics of my first future deal, and I'm going to try to go with an FHA loan for a multi-family buy and hold. Most of the info I have found says that you need W-2 forms and tax returns from the past two years. I am soon to be a recent college graduate (May 2016), and I plan on investing as soon as I graduate and get a job (as a RE agent or property manager). But the problem is I haven't filed for any tax returns, ever (I don't make that much money at my summer job). Is there any way to get around this? If not, my back-up plan is to use private money to fund the deal because I don't want to wait two years after graduating to start investing. Does anyone have any experience or thoughts on this? Thanks!

Blake D.

Hey BP community,

I am a 21 year college student graduating in May 2016. As soon as I graduate I plan to begin a career in real estate investing. I'm from the Southern Maine area and will be investing here. Hopefully in a duplex/triplex that I will occupy so that I can get an FHA loan. While I don't currently have the capital and will not be (realistically) investing until I graduate, I am always looking to learn here on BP especially in the Creative Financing area!

- Blake

In my area, 2 BR units are the most common. Should I invest in 2BR or other more rare properties? How could I research vacancy rates for 2BR vs. others? What have you found to be most effective?

Hello,

I am a 2nd semester junior attending college in Newport, RI and would like to purchase a multi-family house to rent, as well as occupy one of the units myself. I understand that without a current stream of income it would be impossible for me to obtain a mortgage, but what can I do to allow myself to be in the best position possible for when that time arrives?