All Forum Posts by: Brandon Rush

Hey Sarah,

Welcome to the BP community. Analysis paralysis is real! and I was stuck in it going through my first year in REI. I was finally able to make a decision and move forward on a property. While I still consider myself a newbie I have learned a lot of this past year. If you have any questions, feel free to reach out.

Aidan,

Congrats on the new property and good luck on future additions to the portfolio! I am pretty new myself and would love to connect and learn a little more about yourself and your goals. I will send you a private message.

Nice update William! Would love the opportunity to chat with you personally about your experience building this portfolio with your partner if you are available. I am just starting out and hopefully closing on my first property soon. I will send you a private message.

Hey Jonathan,

If you are looking to get into REI, option one probably your worst. Having that much equity and locking it up in a new (assuming) single family residence, in this expensive market will most likely set you back a bit, unless you have other funds ready to deploy for investments. While you may get good money for your current property, if you remain in Fairfield County you will be paying a premium+ for your new property.

Have you considered house hacking in any way? Maybe purchasing a 2-3 family and living in one of the units? While the Fairfield multi family market is hot, it is possible. Obviously this is decision is based on what you and your family are willing to commit to.

Another option if you and your wife are ok with staying in the condo is refinancing and using that re-captured cash to purchase a multi family rental property. This is really based on your REI goals.

Just my 2 cents for options. Good luck!

Hey Joe, welcome to the squad. Rich Dad Poor Dad is the foundation for many of us and a great book to get your mindset right. I am a newbie myself and will hopefully be closing on my first property at the end of the month. If you have any questions please reach out. Good luck and enjoy the ride.

Hello My Friends,

I am in the process of developing my first lease. I am trying to make it as bullet proof as possible. I have a lot of the standard stuff you would typically have in a lease agreement. My question to you is after building your first lease or re-developing your leases a few times, what are some of the not so obvious items you added to help cover all of your bases?

I am sure I will learn a lot of this with experience, but I figure why not get ahead of it. 

Any input is appreciated and thanks in advance!

That's where you need to dig a bit deeper to see what works best for your situation, I would not be able to recommend one or the other. The benefit of FHA is the low down payment but you will have PMI which adds .085% of your total balance to your payments annually.

Going conventional, 20%-25%, will not have any pmi but will require significant funds for the down payment. 

If this is your first time ever purchasing a property you may be able to get the best of both worlds with a low down payment (5%-10%) conventional loan. You will have PMI but it will most likely expire after you reach 78%-80% loan to value.

You may want to speak with a lender or mortgage broker in your area to give you guidance on what works best for your situation.  

Welcome @David Alvarez,

In today's market you are most likely going FHA which is typically 3.5%-10% down payment based on credit score. Or, conventional with 20% down. The FHA will require private mortgage insurance (PMI) while the conventional will not.

How much toput down will be up to you. As @Jaysen Medhurst said, take some time to do some research. Lots of information out there regarding this question.

Hey everyone. What are some processes you have for tracking who you are sending your mailing campaigns out to and regularly updating the status for each of them?

I have done a few mailing campaigns but trying to keep track of who I mailed to and how many times. I am also looking to document bad leads and sellers who ask me not to reach out to them anymore. I am working off of a Google sheet but it can get a bit crazy to manage when mailing a few hundred property owners.

Any suggestions? As always, thank you.