All Forum Posts by: Brandon Rush

@Aj Antony

Not quite full time, but part time and with a full time job, yes. Currently finishing up my masters online and closing on my first property as well.

My recommendation would be to focus on finding good tenants, that may be your biggest time sucker. Do not settle for anyone, especially if you value your time. The acquisition of the property itself will actually was the easier part.

Also, are you planning to stop working? If so be careful as that will throw a flag up for lenders making it harder to get a mortgage.

Good luck and enjoy the ride!

Alejandro,

Welcome to BP, maybe start by looking in the "Network" menu, followed by "Events". If you do not see any meetups there, then start one yourself. You will be surprised how many people like you are thinking of it in your local market. Its a good way to get your name out there and offer value to other investors. 

Just do it! and good luck on your journey.

Hey Logan,

I envy you for finding this REI bug early in life! Getting started, my suggestion would be to surround yourself immediately with those already succeeding in the real estate game. You are the average of the 5 people you hang around the most.

Don't get discouraged by those who doubt you, you will get that a lot, especially starting out. First they will laugh at you, then they will later applaud you. Again, stay away from those who do not understand or care to understand.

Personally, I would say your best point of entry will be a house hack, especially at such a young age. A house hack will bring you multiple benefits such as owning an investment property, allowing for a first time homebuyer program, learning to deal with tenants, and allowing you to decrease your living expenses. 

Lastly when it comes to lenders, my suggesting would be to start attending meetups in your local area ASAP. You will either find lenders there or people who can refer you to one. Be honest and tell them you are a new real estate investor looking to obtain your first property and you are looking for a lender who can help someone in your situation.

Stay persistent and never give up, because if you do, what is the alternative...

Good luck and reach out if you have any questions. You got this!

Chafic,

I have heard of this being done by an investor in my local market. The key to them getting it was a good lender. I would network some in your area with local investors and see if they can recommend a lender for you. A good lender will make it happen. Good luck!

Hey Freeman,

My advice would be to be very specific in your lease. Make them identify their cars in the lease and only allow those cars to park on the property. Maybe allow for a guest to park (if space permits) for a specific period of time (ex. 1 or 2 nights). Good luck. 

Lance, this is a great idea. Just picked up my first house hack in New Britain, CT. I will message you. Thanks.

Brandon!

For your first question, I think it all depends on the deal. If its a great deal and will produce good cashflow and have some equity with the low down payment, then save your cash and go with the low down payment. Having that cash will be important if other opportunities present themselves.

If its an overpriced deal and you are going with a low down payment, then it may not be worth it. You run the risk of being underwater on your loan for a while and probably not cash flowing very well.  

My suggestion would be to find some deals, draw out the various scenarios such as 20% down owner occupied with no PMI, 3.5% down FHA with PMI, or 5% down conventional first time home buyer. See what makes the most sense. Low down payment is not always the right answer.

As for your second question, I am not 100% sure about that. I know many people have done it without a problem. It may be something you want to ask your lender in advance of purchasing your property. 

Good luck and let me know if you have any questions.

Hey Teresa, 

I am not an educator but have been working in education for the past 10ish years in technology. I am currently the Director of Tech for a K-12 school district. I started my REI journey a little less than a year ago and just picked up my first house hack this past month. If you have any questions let me know!

Hey Jordan,

In a appreciating market, it may be tougher to find house hacks that cover your mortgage  and other reserves. What I think you need to focus more on is what happens after you leave the property. If you house hack for a year or two, your mortgage is mostly paid off and you have good cashflow after you move out, that's not a bad deal. But if you move into a duplex, the mortgage is offset some by your tenant, and you just break even or have negative cashflow after moving out, that may not be the best deal. 

Don't put yourself on hold worrying about covering your mortgage for too long. If your property covers a lot of it, then that may be good enough to start. Just take action and get the ball rolling. Also, you may want to consider purchasing a larger unit (3-4) which will give you better chances at covering your mortgage.

Good Luck!

Hey Jaren,

It will be tough to get hard money due to your age, and more importantly inexperience. My suggestions would be 1) Find someone with experience to partner up with on a deal. Even if you get nothing out of it, it will add to your REI resume 2) Wait until you pick up your first property with your FHA loan and try again then 3)Network hard in your local meetups and through BP. You will eventually connect with someone who could serve as a private lender.

Good luck, you are going to do big things!