All Forum Posts by: Account Closed

Wow, this forum has blown up.  Bryan's probably not able to get to a lot of questions. @Joseph Scott, I'm new too, but responding to your question 6 days ago, have you checked out local REI clubs? II have, and it's awesome!! You'll hear a lot about creative financing and more importantly, meet a lot of people who are using it. Could be helpful to get some one on one direction initially.

hey there so I was curious about something, im looking into getting a FHA loan on a multi family property and house hack it in Minnesota in the St. Paul/Minneapolis area. this will be my first property I buy, so since I qualify for the first time home buyer programs could I use one of those down payment assistant loans they offer to help pay for the down payment on the FHA loan? if anyone could give me some answers about this or refer someone to me who might know that would be great!!

Hi Bryant, question about investing and banking. My husband and I are looking to purchase our 1st investment property by the end of summer. Should we open up a separate business checking/savings account? Should we get a Tax ID? Form a general partnership or LLC?

Thank you, 

@Account Closed Thank you very much for opening up this thread and help out rookies.

I immigrated to the U.S. in November 2015 from Switzerland and started working in March last year. My wife and I earn both a very decent income (below 150k/year each) and both above 750 credit score. While the income would let us get most likely a high mortgage, the lack of US tax history on my side seems to be an issue for some conventional lender.
- Do you know what type of banks or other institutions (if possible in the conventional area in order to get a lower % in interest) are rather flexible to lend to such clients like us? We would like to buy a multifamily house with less than 20% down. (I have heard from FHA etc.)

Thanks again!
Sandro

@Account Closed Thank you for lending a helping hand to beginners like us. I am probably at the earliest stage - building credit to qualify for a loan. My first goal is to purchase either a duplex or a triplex in my area...being a recent grad, I am still looking for gainful employment. Is it a requirement for loans that I am gainfully employed at a company for 2 or more years before qualifying? I currently work two part-time jobs and freelance write (trying to save for investments) - while also continuously looking for a job in my field (I graduated with a Bachelors in December 2016). I know loan companies are all different, but is the standard 1-2 years, full time employment? 

Once again, thank you for helping!! 

Hello, Bryant!

Thank you for your post and your willingness to offer your time to beginners. My partner and I are working on what we hope to be our first deal. I have presented an offer letter to the agent we have been working with. We have offered the seller a creative financing deal. We could use traditional financing, but the purchase price is pretty low. The seller is an investor that is planning to retire. The property has been remodeled in the last few years and is in really good condition. We believe the seller may hold the property free and clear. We also believe the seller could benefit from a seller financing option; saving on financial gains tax by only claiming the monthly payments. Our agent tells us that the seller's agent will be out of town until next week. We are worried about losing the deal. Is it reasonable to we worry about someone else's agent (or someone else) being willing to pass the seller's agent and go directly to the seller?  This property would be our first rental property, and we would really like it to be. 

Thank you for your time!

Wow that was very quick, thank you both for the input. My discretionary income would be from my Full time job and my side income job as opposed to the rent I am collecting. Since I locked in my loan at 3.375% I do not believe a refinance would be wise unless the rates stay somewhat low. I believe I will put about 80% to my savings account until I find my first investment property and maybe pay down the principal with the other 20%. Thanks again for your responses

8 years ago I purchased a commercial property to live in and run my business out of, which I did for 5 years, not really thinking of it as an investment but a place to live and work. I rented it while I was in grad school, just moved back and am selling it.  I am going to clear 100k. What is the best way to invest that? I was thinking about getting one rental to hold and try and flip and snowball from there? I would like to get to a place where I can quit my crappy job and just invest within the year. Please help with any advice!

What are some good strategies to get other people to fund a deal.

I currently am in my mid-twenties and own a 3Br Condo in Northern Virginia and rent out one of the bedrooms for 800 and the mortgage is $1,500.  What should I do with my discretionary cash flow?

1. Set up a solo 401k?

2. Pay down principal?

3. Save for second property?