All Forum Posts by: Brennen Thompson

Hey dude! 

Assuming you're heading to the minors? If so you might wanna try your hand at wholesaling. Could get ya $5K+ per deal and you could do it when you're not training/at practice/games/on the road/etc. Would be a great way to build your knowledge base without putting any sizable cash into the game 

Hey dude! 

Sounds like you need to start putting in some reps! 

My best advice - Find properties on Redfin, plug them into the rental property calculator on BP, see why it is or isn't a good deal, and repeat. This will help you identify the price ratios in your market and it will also get you familiar with analyzing deals. If you have any questions about the properties/reports just let me know and I'd be happy to help! 

Hi!

Couple thoughts to keep in mind:

1. Your sister would be the only one on the mortgage in LA if you're using FHA since it would not be your primary residence (as you live in NY)

2. Investing out of state with little experience is tough. To be honest, I've been investing for three years and I'm just starting to get comfortable with this. It's not impossible, and you can definitely do it. It's just going to take longer and cost more money than you would expect! 

3. My best suggestion is to start with an owner occupied loan (like FHA). It decreases your risk (since your down payment is so low) and keeps the home in your backyard while you get your feet under you (you can always move after a few months, just need proper cause)

Hey! 

It sounds to me like you're going to be in a solid position to scoop up some real estate! Few thoughts: 

1. I'd recommend purchasing the property as "owner occupied." This way you'll be able to use an owner occupied loan (like FHA) which will help you come to the table with a lower down payment (especially in OC lol). Although this loan 'requires' that you live in the property, since it sounds like you'll be in the area for a few months you can call it your primary residence and then move your parents in. I've never done anything like this, but so long as you have a reason for "moving out" (like moving out of the state) the bank isn't going to care very much (if they even care at all).

2. In  my experience, the banks simply want to know that you have a consistent paycheck. The whole two years of consistent income comes in when you have a 1099. For example, someone that earns most of their income as a car salesman. Since you're salaried, the bank will feel better about lending you money knowing that a paycheck comes every two weeks. 

Hey Rich! 

We're actually just finishing up a fix to Airbnb in PSL. Feel free to PM me on the side with any questions you have!

The market seems to have stayed pretty strong at the moment (can't say for how much longer)... I'll have more info for ya after our appraisal comes back haha. As a whole, the prices are fairly low in the area compared to it's surrounding markets and it's proximity to the beach makes it a solid Airbnb market

Hey! 

Similar to what @Nathan Gesner said, a lot of these properties aren't going to be in the best shape. If this is your first investment, I would be cautious of this route. We bought a home under similar circumstances when we first started out and ended up about $25K over budget and about 4 months over on the rehab. 

We've been seeing some solid deals on the MLS recently that have been on the market for 60+ days. These sellers are almost equally as motivated, probably kept the property in better condition, and are safer in terms of due-diligence/inspections/etc.

Hi! 

You could always take out a HELOC on the property to fund the rehab. After selling the property you'd then be able to pay off the HELOC and take the rest as profit. Think of it like a credit card that's secured by the home!

Hey dude,

Much respect! To keep it straight forward - first step in the process is going to be getting a pre-approval letter from a bank. If you wanna PM me on the side with any questions about this process let me know. From there, you're going to have to compare the prices/rents you think you can get. With high interest rates at the moment, cashflow might be a little tough unless the price point is pretty low. If this is the case, I'd do the rent by the room strat until you can refi in a year or two! 

Hey dude! 

I'm not a fix/flipper but we do a lot of fix/holding. We've gone the whole direct to seller route (sending mailers, texting, cold calling, etc.) and did see results with it. However, my warning is that you're going to dump a lot of cash into it before you see a return. 

My recommendation is to start cold calling agents with listings that have been on the MLS for over 30 days. There are plenty listings out there that meet that criteria right now (and at least you'll know that your efforts are hitting motivated property owners). If you'd like to spend some cash, I'd recommend checking out Ryan Dossey. He puts out a lot of great content on the direct to seller route... If it were me, I'd get my feet wet with some agent cold calling before spending a few grand on some learning lessons!

@Sanat Bhandari nailed it but I will add this: 

Earlier this year we were looking to scoop up a small multi-family in Miami using an FHA (this wasn't our first FHA) and in networking with a lot of the local investors many of them simply got their mail sent to the property and had an agreement with the tenant in case anyone came knocking on the door. Not something I did, nor could I recommend it, but there are people out there that do it.