All Forum Posts by: Carson Belknap

@Cassi Justiz 

Yep, and I plan on using owner occupied loans as well, that's actually what I'm doing currently! The problem I keep running into is scaling. Do to the inherent time requirements of owner occupied loans it seems they are very limiting especially if I plan on doing multiple deals a year. With that being said, would it be considered "nooby" to lock up that much money trying to purchase a home do to the massive increase in down-payment? The more I learn about RE the more leveraging your money seems to come into play and trying to minimize your initial investment and even pull money out to do more deals makes sense.

At my RE meetups it seems like creative financing is really how all the pros do deals. They don't even seem to think in terms of standard bank financing anymore when analyzing deals. 

Hello, 

I was curious what the community thought on getting an investment property loan on a SFH that will be used as rental. Is it a bad idea because of the much larger down-payment required and therefore the Cash on Cash return is significantly lower?

I own one home I am currently house hacking via a standard owner occupied mortgage, but am trying to buy another for either renting by the room or to an entire family. It just seems really expensive if I go the investment property route especially for a SFH where I can put 5% down and rent by the room for a lot more than if I rented by the house.

Thoughts appreciated!

Hello Everyone,

I am in the process of starting a company and was curious what the community recommended as the best way to form/structure a business?

My Situation:

I currently own one home as a rental in my own name and are mainly looking at long term cash flow properties as I grow my portfolio. I want to limit my personal liability while maximizing my freedom to conduct my business as I see fit. The way I envision it, which could change, is I would have one holding company (this would become my brand) holding several smaller companies (most likely LLC's). Each LLC would own a single property so as to limit ones affect on any other property. From my understanding you really don't want to reuse LLC's so each time I buy a property a new LLC would be created.

Question:

Any recommendations on how to structure it, such as S-Corp vs. LLC? Series LLC, etc?

Update on this. The rentals are going amazing! I ended up on settling with the basic stuff. Two have signed for a year and the other just signed another 3months. IKEA, FB Marketplace, and Amazon have been invaluable.

Hello Everyone,

I just purchased my first property! My plan is to live in one room and rent out the other 3 bedrooms in the house.

My question is what would you guys recommend I add to the bedrooms to spruce them up? I am trying to add value (to command a higher rent), but also not pour too much time or money in as this is an investment and not my personal room.

I have hardwood flooring in all rooms and am going for a contemporary look so as too appeal to young professionals. 

I have the required furniture which is as follows:

1. Bedframe
2. Mattress
3. Nightstand
4. Lamp
5. Table 
6. Chair

Additional Stuff:

1. Artificial Plant 
2. Small desk sculpture
3. Wall Picture (something neutral like a landscape)
4. ....

Let me know if I am missing something on either my core (required) or Additional Stuff list. If it helps, I live in Colorado so most people like the outdoors here.

Regards,

Carson

Everyone, thank you for the insightful replies, I really appreciate it!

I decided I will just go the conventional loan route when I get converted to a W2 employee...which hopefully will be soon, fingers crossed :)

Hello,

I was curious about the possibility of obtaining a mortgage as contract worker, if any of you know a way to get a mortgage in my current situation please let me know.

My situation:

Age: 23 graduated college with BS in Mechanical Engineering

Job: Working as a Mechanical Engineer at Western Digital through a contract agency (5 months in), I will start my second 6 month contract period in late February. The company has expressed a strong desire to want to hire me before or when my second contract expires.

Pay: I make a little over 1K a week (after taxes) with very low reoccurring debt due to me currently living at parents house.

Goal for purchasing house: Buy 4-5 Bedroom house. I will live in one bedroom while renting out the others. The goal is to be cash neutral which should be very reasonable given the budget I put together.

I am expecting to have to drop 5-10k into the house to make it cash neutral. Obviously I don't expect to lose my job but say theoretically if I did I really wouldn't be crippled since my mortgage is covered by my renters. I also have backup money in case I was to lose a tenant and had to take a cash loss for a few months. I have good cash reserves.

I called QuickenLoans who said they would not be able to pre-approve me due to the fact I have not worked as a contractor for at least a year.

Question:

Is there a way I can still get a mortgage, without waiting until I am hired as a regular employee?