All Forum Posts by: Brian Walters

HI Taylor,

Thanks for the information I'll definitely apply it to my business plan.

What I do know is the house does have a new AC and hot water heater. It's a 5 bedroom 2-1/2 baths. 

On a positive note I'm 38 and already built and contracted two new homes in under five years. So I do have contacts and experience myself. I just don't want to make a bad decision on my approach. Just need advice on how I should purchase this property without using all my capital.

Thanks
BJ

HI Taylor,

Thanks for the information I'll definitely apply it to my business plan.

What I do know is the house does have a new AC and hot water heater. It's a 5 bedroom 2-1/2 baths. 

On a positive note I'm 38 and already built and contracted two new homes in under five years. So I do have contacts and experience myself. I just don't want to make a bad decision on my approach. Just need advice on how I should purchase this property without using all my capital.

Thanks
BJ

I have over $20,000 to invest in my first property. I have a friends dad who wants to get rid of an extra house for $24,000 just the pay off. However, it appraised for $50,000 some years back. I do believe the house is being trashed by his son who lives with bad living habits. That's not my worry though. He said he would owner finance until I made the repairs and then I could make the purchase but never was given a time line, he just needs to make the payment.

Realistically it would take me 2-1/2 years to pay this house off. I would probably like to finance $21,000 to $22,000 and not use my operation money, because I can't get a mortgage due to the price being so low. 

What is your recommendations? I would hate to throw all my money away and not be able to have operation money for future properties. 

The location is perfect for Section 8 and they already said they would give me up to $1000 for the rental.

Thanks

BJ

Thanks for the feedback guys.

So, upon buying my first rental property could someone explain to me how these (investment company's) work? I see that there is an (investors) tab on BP website dropdown menu, but not quite sure how they could help someone like me wanting to purchase my first Rental Property.

If anyone is at liberty to do so, what hard money lender, mortgage company, and or investor seems to be the most credible and hassle free with there service.

Thanks in advance

I'm currently seeking my first Rental Property. However, I more likely will not be able to produce the full down payment to make a purchase. I haven't found anything yet, but currently doing research.

(I have more than one question)

Wouldn't it be better for me to get preapproved before seeking out property for purchase?

Also, I have a few acres that's paid for, that could possibly be used as collateral for a down payment towards a purchase. Will the bank let me do this?

Is it recommended to use local banks or credit unions to make a purchase? If not who, or what's the best lenders that are easy to deal with and not high interest?

How do I convince the lender that this will be a business investment, and not another personal mortgage, since I have a primary mortgage already?

By the way my (credit) is good.

Okay, so I built a brand new home in 2013. Before I even broke ground my home was appraised at $161,000 on paper. I made some major modifications and some huge upgrades to my blueprint. I now have a new metal building with a driveway and a beautiful sidewalk. 

Since I am very familiar with appraisals and because I went to real estate appraisal school several years ago, I know my home is valued at around $200,000 to maybe $220,000 because of the comps in my area selling for that much and some even more. 

Now that I am in the process of making my home move and putting it on the market, instead of me taking my profit money and building bigger and better I want to invest in real estate. Either in flipping, wholesaling, rent to own, etc. I am a total newbie and amateur and never have done anything like this so I want to invest my money wisely and make residual income. I owe $127,000 to my house now.

What would you do? Of course, I am going to take some of my money and live in an RV for a timely season until I find somewhere I truly want to dwell.

Thanks

Brian