All Forum Posts by: Clay Walker

I need help getting my feet wet..

I’m 24 year old man with great experience in any and all trades of work. I now work a professional career as a Surveyor.

I want to get into Rehab flipping now because it seems impossible to find a turn key property that I can rent immediately...

I just need some guidance. Is anyone here willing to share some knowledge?

@Cameron Tope

Thanks for the input!

I found what looks to be like a great deal. 4bed 4ba near a university.

This would obviously House college kids, I am a recent graduate myself so I think I would be good at screening tenants but:

Do you think I could “manage” the property myself? I would be away a lot, but I do have friends that could handle problems if they arise.

It also comes with an HOA, which could be a good thing, or bad? I've heard HOA can jack up rates and basically do as they please... any idea if I could lock in a rate with an HOA?

Also, I would like to purchase this as a primary residence... but rent out the whole unit. Any idea on the legalities there..?

Thanks everyone for your advice!!!

I’m 24 years old, and after school have been working offshore for 2 years. I make great money for my age. I recently moved back in with my parents after renting 4 years because I am gone often (typically 4 weeks gone and 2 weeks at home on break)

I really want to invest my money in real estate but am just not sure if I should wait for the market to turn as it inevitably will... I have the capability to do BRRR as I am a jack of all trades.

Thoughts..?

I work out of town for around 4 weeks at a time and then typically 2+ weeks off. I have no liabilities or debts.

I’m looking to buy my first “investment” property in 1 of 2 areas, each of which is growing rapidly,

From what I understand if I am to qualify for a low money down FHA loan I have to live in the primary residence for 1 year before being able to rent it out. I could do this with a SFR or a multi family unit up to 4 units, and rent out the other 3.

It seems very difficult to find a good multi home, as they are all snatched up quickly...

So I guess my question is:

Are their any legalities associated with this?

Could I lease out 2 other rooms in my house to help pay the mortgage?

If I was able to qualify for a 20% down conventional loan on an “investment” property, do I lose my first time home buyers loan option?

From what i’ve been hearing a low money down loan would be best for me. If it does happen that I have issue with cash flow I know I can pay for the property with my personal income.

Thoughts..?

Thanks for any input