All Forum Posts by: Christian Ehlers

There's a New Hampshire Real Estate Investors Meetup tonight at 6pm in Manchester I believe, as well as a Simplified REI Meetup Tomorrow in Portsmouth NH at 6:30-8:30pm. You can find them on Biggerpockets, Meetup.com or by just googling Real Estate Investor Meetup Near Me, or something like that

 I'm assuming you mean when you pay off the remaining loan balance? In that case there is no longer a mortgage so there are no payments to have due on sale clause called on. 

A loan Assumption requires you to get pre-approved for the current in place loan as if you were a regular buyer, however not all loans are assumeable (primarily FHA and VA loans are). Contract for deed is essentially a work around to gain ownership and control of a property, keep the current financing in place but not allow the due on sale clause to be called because the Deed officially transfers to you at a future date (usually when the loan is paid off by selling, refinancing etc).

A good attorney will understand contract for deed in your state and be able to point you in the right direction. 

 2-3 Years is tough as you never know what the market will do, but a live in flip for example is much safer to assume an exit in 2-3 years as you force value through the rehab. If you can keep the property after the 2-3 year mark then I'd say go for that, selling properties is expensive and I'd rather see you keep more of your equity at that point. 

For sure there's tons of options and every lender is slightly different too which can get confusing. It seems like your best bets right now would be a HELOC so you don't lose the great interest rates you have now, and can pay yourself back once the flip is done. Another option would be bringing in a PML instead or OR in addition to your own HELOC funds, if you are worried about being stretched too think personally.

 You're referring to selling the Note itself correct?

If you need a primary residence or are willing to buy something new to live in you could do a "live in flip" to get started. This takes a lot of the pressure off of you because worst case if you don't get the values right on the back end of your first flip you can just live there a little longer until the market catches up, since you need a place to live anyways.

Ideally I'd start there and as you get more comfortable take on bigger projects and straight up flips. 

 Hey Christian I think somebody local to your market may be a better source to answer that specifically. However if a duplex is what can help you get started then go for it, that's the toughest part. If you are expecting you'll have to move far away within 2-3 years I'd be more hesitant to get into a property unless you can still make the numbers work with a property manager on site once you leave. 

rural areas can still be great investments especially if they have higher appreciation, lower rents, newer properties etc. If you are worried about being stuck with the home I'd find something that needs updating so you can improve the value, so you are far less likely to be "Stuck". Nobody knows what the market will be in 3 years but this will help you hedge your bets regardless of which direction it goes

Keep learning from the bigger pockets podcast and I'd recommend Set for Life by Scott Trench as Jerome did, as well as David Greenes new book Pillars of Wealth. 

For now it's about learning as much as you can, making friends with people who have already done it, and getting a good financial base so that you have somewhere to grow from. 

You're on the right track just thinking about these things at this age! I had the same fears when I was an agent at 21 but come to find out there will always be deals and always be business to be had.

Congrats! Getting started is the hardest part. Keep going and don't get caught up in the little details, think long term what this property will be able to do for you!

Hey Nathan glad to have you on the site! I'd be sure to go to some local meetups as well to find investors in your area and offer to do electrical work for them in exchange for helping you learn the business. Contractors are usually hard to find especially if the investor doesn't have a steady flow of projects for them to work on, this should be a great help for them.