All Forum Posts by: Account Closed

@Account Closed

I would start with figuring out what your plan is .  If you want to house hack and stay forever you will be looking at different homes that if you wanted to house hack and move out in 1 year and make cash flow.  What I would start with is running the numbers of local houses on BiggerPockets buy and hold calculator to see what makes money and what doesn't in your area.  Once I plugged in a ton of homes I would most likely start looking at ones that are attractive and start to talk with an MLO at a local bank about my plan .  They will be able to assist from that point forward .

The main point is make a plan , learn to run numbers , take action. 

@Kevin Branin

@Clayton Plank could most likely answer this better as seems to be very knowledge with flips !

@Ryan Luby 

Having reserves is important because things can go wrong when you first by a rental . You do not want to put yourself in a poor position. I would check your area REIA and see if you can't find a partner that will help with the financial side of the deal. This will take a ton of pressure and risk off of the deal. Also ask around your family and friends . It seems the more I talk and get excited about real estate people who want to do a deal with me come out of the wood work.

Hey all ! Some people have been helping out on my post! hopefully some more people can hop on and help I can't keep up with it and also my inbox is blowing up !

Clayton Plank thank you so much for the help and great responses ! Everyone I am currently at my day job and will continue responding to unanswered questions this afternoon !

Hey all I have had a post that has gotten so many responses I literally can't keep up. I am looking for some other experienced investors to chime in and help me answer everyone's questions . The link https://www.biggerpockets.com/forums/12/topics/398912-looking-to-help-beginners--investing-financing-managing I was bored one night and wanted to help a new investor or two with some basic questions and the response has blown my mind ! Thank you in advance to anyone who jumps on this posts and helps out .

Joseph F. Wow that would be a pretty intense first deal ! But crazier things have worked . Let me see if I can't get a more experienced flipper to answer it better . Hold tight I will keep you posted

Alan Ferrara I am a little Familiar with the area because I have family in Enfield . The first thing I always look at is : Price of listing Taxes Rental income Those are the three things you will need to even begin breaking down some cash flow . 3000k income is a ton for a 80-100k property but my be tight for a 300k property . Once you get the mortgage and taxes use bigger pockets calc to help you really see if the property cash flows . No joke not just because we are on BP that's the best calculator I have ever used . https://www.biggerpockets.com/buy-and-hold-calculator

Jerry Poon This may sound crazy but I can tell a good MLO as soon as I talk to them . Usually I look for hustle and how confident they are in my loan . That being said I would scrub local banks by positive reviews and BBB score and then call the top 5-10 banks , ask for an MLO and then ask what type of loans they are currently looking for as a company . Hopefully you can find 2-3 that are currently motivated to work with investors . These banks are out there you just need to find them . I have 2 MLOS I recently found that both have closed deals for me in the last 4 months that did not even flinch when I told them what I'm doing and the amount of leverage I have . Another MLO I called while searching for these MLOs said the bank they are in will not allow me to use rental income as income so I should probably find another bank . I am not even sure she legally can do that but either way you can usually tell who is willing to go to bat for you and help you push a loan through and they know what the underwriters will and won't like to see !

Francys Crevier when you talk about assistance programs are you talking about seller assist / seller concessions ? Also I would highly highly recommend using an agent. The legal homework and documents you would need figure out would not be worth it. Remember the agents commission technically comes out of the sellers price not your pocket .